Normally, amounts derived in a listed country are exempt from accruals taxation. This exemption does not apply to amounts of 'eligible designated concession income'. Broadly, an amount may be designated concession income if it is concessionally taxed in a listed country.
What kinds of income or profits are specified as designated concession income?
Income or profits are designated concession income only if:
- they are of a kind specified in the Regulations in relation to a particular listed country, and
- they are derived by an entity that is of a type specified in the Regulations.
The full list of designated concession income has been reproduced in attachment B.