Section GC 11 — Income Tax Act 2007: Requests for matching treatment

GC 11 Requests for matching treatment When this section applies (1) This section applies when— (a) an arm’s length amount of consideration is substituted under section GC 7 or GC 8 in relation to a transfer pricing arrangement entered into by a person (the taxpayer ); and (b) the other party to the arrangement or, if the other party is a controlled foreign company (CFC), a person with an income interest in the CFC, applies to the Commissioner in writing within 6 months after an assessment is made for the taxpayer which reflects the substitution; and (c) the Commissioner considers it is fair and reasonable to apply subsection (2), having regard to an adjustment made under a double tax agreement or any other matter; and (d) the Commissioner has notified the other party. Substitution applying for other party (2) The substitution applies for the purposes of the application of this Act to the other party— (a) excluding the determination of the extent to which the other party has derived or been paid a dividend; and (b) including, when the other party is a CFC, the calculation of net attributable CFC income or net attributable CFC loss in relation to the other party, and the resultant calculation of the attributed CFC income or an attributed CFC loss or attributed CFC net loss of a person. Defined in this Act: amount , arrangement , assessment , attributed CFC income , attributed CFC loss , attributed CFC net loss , CFC , Commissioner , dividend , double tax agreement , income interest , net attributable CFC income , net attributable CFC loss , taxpayer , transfer pricing arrangement Compare: 2004 No 35 s GD 13(11) Section GC 11(2)(b): substituted (with effect on 30 June 2009), on 6 October 2009, by section 248(1) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section GC 11 list of defined terms branch equivalent income : repealed (with effect on 30 June 2009), on 6 October 2009, by section 248(2)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section GC 11 list of defined terms branch equivalent loss : repealed (with effect on 30 June 2009), on 6 October 2009, by section 248(2)(a) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section GC 11 list of defined terms net attributable CFC income : inserted (with effect on 30 June 2009), on 6 October 2009, by section 248(2)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34). Section GC 11 list of defined terms net attributable CFC loss : inserted (with effect on 30 June 2009), on 6 October 2009, by section 248(2)(b) of the Taxation (International Taxation, Life Insurance, and Remedial Matters) Act 2009 (2009 No 34).