Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

PART 4-5 - GENERAL  

Division 770 - Foreign income tax offsets  

Guide to Division 770  

SECTION 770-5   Object  

770-5(1)  
The object of this Division is to relieve double taxation where:


(a) you have paid foreign income tax on amounts included in your assessable income; and


(b) you would, apart from this Division, pay Australian income tax on the same amounts.

770-5(2)  
To achieve this object, this Division gives you a tax offset to reduce or eliminate Australian income tax otherwise payable on those amounts.

Note 1:

This Division applies in relation to Medicare levy and Medicare levy (fringe benefits) surcharge in the same way as it applies to Australian income tax. See section 90-1 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:

The tax offset under this Division can be applied against your Medicare levy and Medicare levy (fringe benefits) surcharge liability for the year, if an amount of it remains after you apply it against your basic income tax liability. See item 22 of the table in subsection 63-10(1) .


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