Taxation Laws Amendment Act (No. 8) 2003 (107 of 2003)

Schedule 7   Tax offset arising from franking deficit tax liability

Part 3   Consequential amendments

Income Tax Assessment Act 1936

11   Subsection 160AO(2)

Omit all the words from and including "the amount of Australian tax", substitute:

the amount of Australian tax that:

(a) before the allowance of that credit or those credits (as the case may be); and

(b) before the application of any tax offset under section 205-70 of the Income Tax Assessment Act 1997;

is payable by the person in respect of the person's taxable income of that year of income.