Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 2   Measures to deal with abuse of foreign tax credits

Income Tax Assessment Act 1936

3   After paragraph 177C(1)(ba)

Insert:

(bb) a foreign tax credit being allowable to the taxpayer where the whole or a part of that foreign tax credit would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer if the scheme had not been entered into or carried out;