Document ID: chunk:federal_register_of_legislation:C2025C00014:section:47a:p8
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 47A (pt 8/13)
Character Range: 317154–319842

amendment of an assessment at any time for the purposes of giving effect to this subsection.
 (14) If:
 (a) apart from this subsection, a particular eligible benefit (in this subsection called the first eligible benefit) that is covered by subsection (8) or (11) and provided at a particular time is not a distribution benefit in relation to the first company only because of subsection (9) or (12); and
 (b) the recipient referred to in whichever of subsections (8) and (11) is applicable provides an eligible benefit (in this subsection called the second eligible benefit) to:
 (i) the first company; or
 (ii) the provider referred to in whichever of those subsections is applicable; or
 (iii) an associated entity in relation to:
 (A) the first company; or
 (B) that provider; and
 (c) the provision of the first eligible benefit facilitated, directly or indirectly, the provision of the second eligible benefit; and
 (ca) if the second eligible benefit is covered by subsection (8) or (11):
 (i) the second eligible benefit is provided on or after 13 September 1990; or
 (ii) both:
 (A) the second eligible benefit was provided before 13 September 1990; and
 (B) the Commissioner is of the opinion that the provision of the second eligible benefit had, or would be likely to have, the effect of enabling any taxpayer to avoid tax;
the following provisions have effect:
 (d) this section has effect as if subsection (9) or (12), as the case requires, had never applied in relation to the first eligible benefit;
 (e) section 170 does not prevent the amendment of an assessment at any time for the purposes of giving effect to this subsection.
 (15) In determining whether a company has profits at a particular time, it is to be assumed that the accounts of the company had been drawn up immediately before that time.
 (16) For the purposes of this section, where:
 (a) the first company has profits (in this subsection called the original profits) immediately before a distribution time for a distribution benefit in relation to the first company; and
 (b) by virtue of subsection (1), an amount (in this subsection called the original assessable amount) is included in the assessable income of a taxpayer (in this subsection called the original taxpayer) of a year of income (in this subsection called the original year of income) under section 44 in respect of the distribution payment in relation to the distribution time; and
 (c) any of the following subparagraphs applies:
 (i) the original taxpayer is:
 (A) a resident at any time during the original year of income; and
 (B) a company or a natural person (other than a company or a natural person in the capacity of a trustee);