Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)
Schedule 1 New foreign income tax offset rules
Part 4 Consequential and other amendments
Income Tax Assessment Act 1936
85 At the end of section 317
(2) Where, if all offshore borrowings made by persons when they were offshore banking units were taken to be tax exempt loan money of the persons for the purposes of Division 11A of Part III, an offshore loan, or other transfer, of an amount by a person would, for the purposes of that Division, be an offshore loan, or other transfer, of tax exempt loan money of the person, the offshore loan, or other transfer, of the amount is an offshore banking transfer of the person for the purposes of the definition of tainted interest income .