Income Tax Assessment Act 1936

PART X - ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES  

Division 7 - Calculation of attributable income of CFC  

Subdivision B - General modifications of Australian tax law  

SECTION 393   NOTIONAL ALLOWABLE DEDUCTION FOR TAXES PAID  

393(1)    
Foreign tax or Australian tax paid by the eligible CFC in respect of amounts included in the notional assessable income of the eligible CFC for the eligible period, whether paid before, during or after that period, is a notional allowable deduction from the notional assessable income of the eligible CFC for the eligible period.

393(2)    

For the purposes of subsection (1) , foreign tax mentioned in that subsection does not include any of the following:

(a)    foreign IIR tax (within the meaning of the Income Tax Assessment Act 1997 );

(b)    foreign UTPR tax (within the meaning of that Act);

(c)    a tax specified in regulations made for the purposes of this paragraph.

393(3)    
(Repealed by No 96 of 2004)

393(4)    

Where a person pays an amount of tax that the person is liable to pay under subsection 148(3) of this Act, in its application apart from this Part, in respect of premiums paid or credited to the eligible CFC, then, for the purposes of subsection (1) , the amount is taken to be Australian tax paid by the eligible CFC in respect of the premiums.