Document ID: chunk:federal_register_of_legislation:C2010A00114:clause:1_68
Version: federal_register_of_legislation:C2010A00114
Segment Type: clause
Provision Reference: sch 1 cl 68
Character Range: 25034–25763

68  Subsection 770‑135(2)
Repeal the subsection, substitute:
 (2) An amount is included in an entity's assessable income as described in this subsection if the entity is a company and the amount is included under:
 (a) section 456 (a section 456 case) of the 1936 Act in relation to a *CFC and a statutory accounting period; or
 (b) section 457 (a section 457 case) of that Act in relation to a CFC.
Note: Section 456 of the 1936 Act includes, in the assessable income of certain Australian shareholders, amounts that are attributable to the profits of an Australian‑controlled foreign company.
 Section 457 does likewise when a controlled foreign company changes residence from an unlisted to a listed country or to Australia.