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08 Mar 07 Addendum to TD 1999/37 (Application of former s 103-20 to CFC)

On 7 March 2007, the ATO issued an Addendum to TD 1999/37 (Income tax: does s 103-20 of ITAA 1997 apply in determining the capital gain or loss content of attributable income of a controlled foreign company?)

The Addendum reflects the new translation rule in s 960-50 of ITAA 1997 made by the New Business Tax System (Taxation of Financial Arrangements) Act (No 1) 2003 (Act No 133 of 2003). Act No 133 of 2003 repealed s 103-20 of ITAA 1997 and replaced it with a similar translation rule in table item 5 of s 960-50(6) of ITAA 1997. These changes do not affect the decision in this Determination.

For a copy of TD 1999/37A, go here

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