Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (70 of 2015)

Schedule 3   Offshore banking units

Part 3   Allocation of expenses

Income Tax Assessment Act 1936

14   Subsections 121EE(2) to (3A)

Repeal the subsections, substitute:

Assessable OB income

(2) The assessable OB income of an OBU is so much of the OBU's OB income of the year of income as is assessable income.