Income Tax Assessment Act 1936

Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A .

Div 18 substituted by No 51 of 1986.

Div 18 amended by No 108 of 1981, No 87 of 1978, No 117 and No 80 of 1975, No 126 of 1974, No 164 and No 51 of 1973, No 47 of 1972, No 85 and No 76 of 1967, No 50 of 1966, No 143 of 1965, No 110 of 1964 and No 94 of 1961.

S 160AFCA repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A . S 160AFCA formerly read:

SECTION 160AFCA FOREIGN TAX IN RESPECT OF AMOUNTS ASSESSABLE UNDER SECTION 456  
160AFCA
If:

(a) an amount (in this section called the ``section 456 amount'' ) is included in the assessable income of a taxpayer, being a company, of a year of income under section 456 in respect of the taxpayer's attribution percentage of the attributable income of a CFC for a statutory accounting period; and

(b) at the end of the statutory accounting period, the CFC was related to the taxpayer;

then the taxpayer is taken, for the purposes of this Division, to have paid, and to have been personally liable for, in respect of the section 456 amount, in the year of income, an amount of foreign tax equal to the attribution percentage of the sum of:

(c) the total amount of the notional allowable deductions under section 393 in relation to the attributable income of the CFC for the statutory accounting period; and

(d) the total of amounts of foreign tax not actually paid, but deemed to have been paid, by the CFC for the statutory accounting period, in relation to a law of a listed country, as mentioned in sub-subparagraph 324(1)(b)(i)(A) or (B).

S 160AFCA amended by No 155 of 1997 and inserted by No 5 of 1991.