Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 2) 1991No. 100, 1991 - SECT 79

79. After section 462 of the Principal Act the following section is inserted:
Keeping of records - section 457

"462A. Subject to this Division, where:

   (a)  subsection 457 (1) applies to a change of residence of a CFC; and

   (b)  at the residence-change time referred to in that subsection, a person
        is an attributable taxpayer in relation to the CFC; the person must
        keep records (in Australia or elsewhere) containing particulars of:

   (c)  the acts, transactions and other circumstances that resulted in the
        person being an attributable taxpayer in relation to the CFC at that
        time; and

   (d)  the basis of the calculation of:

        (i)    the direct attribution interest; and

        (ii)   the aggregate of the indirect attribution interests; in the CFC
               held by the person at that time; and

   (e)  the basis of the calculation of the attribution percentage of the
        person in relation to the CFC at that time; and

   (f)  the basis of the calculation of the amount (including a nil amount)
        included in the assessable income of the person under section 457 in
        relation to the change of residence concerned.".