Section 419 — Income Tax Assessment Act 1936: Modified application of Subdivision 126-B of the Income Tax Assessment Act 1997

(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, Subdivision 126-B of the Income Tax Assessment Act 1997 has effect as if the table in subsection 126-50(5) of that Act were omitted and the following table were substituted: Additional requirements Item The originating CFC’s residency status The recipient company’s residency status This requirement must be satisfied 1 A resident of a listed country at the time of the trigger event Either: (a) a resident of that listed country at that time; or (b) an Australian resident at that time It does not matter what the roll-over asset is 2 A resident of a listed country at the time of the trigger event A resident of a particular unlisted country at that time The asset must have been used (just before that time) in connection with a permanent establishment of the originating CFC in any unlisted country at or through which the originating CFC carried on business just before that time 3 A resident of an unlisted country at the time of the trigger event Either: (a) a resident of an unlisted country at that time; or (b) an Australian resident at that time It does not matter what the roll-over asset is (2) The residency assumption is ignored for the purpose of applying the table in subsection (1).