Taxation Laws Amendment Act (No. 4) 2003 (66 of 2003)

Schedule 3   Non-assessable non-exempt income

Income Tax Assessment Act 1936

8   Subsection 23AH(2)

Repeal the subsection, substitute:

(2) If the original taxpayer in relation to the foreign branch income is a company, so much of the foreign branch income as is attributable to a period when the company was a resident is not assessable income and is not exempt income of the company.

Note: The heading to section 23AH is replaced by the heading " Foreign branch profits of Australian companies not assessable ".