Document ID: chunk:federal_register_of_legislation:C2005A00064:clause:2_5
Version: federal_register_of_legislation:C2005A00064
Segment Type: clause
Provision Reference: sch 2 cl 5
Character Range: 9621–10305

5  Subsection 406(1)
Repeal the subsection, substitute:

 (1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the eligible CFC's commencing day is the later of:
 (a) the last day of the most recent period during which there was not an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC; and
 (b) 30 June 1990.

Example: If a taxpayer became an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC at 3 pm on 20 October 2004 and there were no other such attributable taxpayers at that time, the commencing day is 20 October 2004.