Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Act 2005 (147 of 2005)

Schedule 2   Foreign residents' income with an underlying foreign source

Part 2   Other amendments

Income Tax Assessment Act 1936

3   At the end of subsection 44(1)

Add:

Note 2: An amount declared to be conduit foreign income is not included in assessable income under paragraph (1)(b) or (c): see section 802-15 of the Income Tax Assessment Act 1997.