Income Tax Assessment Amendment (Foreign Investment) Act 1992 (190 of 1992)

4   Grossing-up of foreign income

Section 6AC of the Principal Act is amended:

(a) by inserting "or 160AFCK" after "160AFCA" in subsection (3);

(b) by adding at the end the following subsection:

"(6) If a taxpayer is, because of section 160AFCE, 160AFCF, 160AFCG or 160AFCH, taken to have paid an amount of foreign tax in respect of an amount included in the assessable income of the taxpayer under section 529 ('the section 529 amount'), the section 529 amount is taken, for the purposes of this Act (other than sections 160AFCE, 160AFCF, 160AFCG, 160AFCH and 605) to be increased by the amount of that tax.".