Income Tax Assessment Act 1936

Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A .

Div 18 substituted by No 51 of 1986.

Div 18 amended by No 108 of 1981, No 87 of 1978, No 117 and No 80 of 1975, No 126 of 1974, No 164 and No 51 of 1973, No 47 of 1972, No 85 and No 76 of 1967, No 50 of 1966, No 143 of 1965, No 110 of 1964 and No 94 of 1961.

S 160AFCG repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A . S 160AFCG formerly read:

SECTION 160AFCG FOREIGN TAX IN RESPECT OF CERTAIN AMOUNTS ASSESSABLE UNDER SECTION 529 FROM INTEREST IN FOREIGN TRUST  
160AFCG(1)
If:

(a) an amount ( ``the section 529 amount'' ) is included in the assessable income of a taxpayer of a year of income under section 529 ; and

(b) the section 529 amount was determined by the application of the calculation method set out in Subdivision D of Division 18 of Part XI in respect of a notional accounting period of a foreign trust; and

(c) an amount ( ``the gross deductible amount'' ) is a notional deduction under that Subdivision from the foreign trust's notional income of the notional accounting period because the foreign trust paid an amount in respect of Australian tax or foreign tax;

subsection (2) has effect.

 View history note

 Hide history note

History

S 160AFCG(1) amended by No 41 of 1998.

160AFCG(2)
The taxpayer is taken, for the purposes of this Division, to have paid, and to have been personally liable for, in respect of the section 529 amount, in the year of income, an amount of foreign tax worked out using the formula:

The gross deductible amount	x	Taxpayer's share of calculated profit of foreign trust
		Calculated profit of foreign trust

In the formula:

`` Taxpayer's share of calculated profit of foreign trust '' means the share of the calculated profit of the foreign trust in respect of the notional accounting period to which the taxpayer is entitled as determined under Subdivision D of Division 18 of Part XI ;

`` Calculated profit of foreign trust '' means the calculated profit of the foreign trust in respect of the notional accounting period as determined under Subdivision D of Division 18 of Part XI .

S 160AFCG inserted by No 190 of 1992.