Div 9A inserted by No 191 of 1992. Former Div 9A (Friendly Society Dispensaries) repealed by No 154 of 1981.

S 121B(2) amended by No 70 of 2015, s 3 and Sch 3 item 9, by substituting para (b), applicable in relation to years of income starting on or after 1 July 2015. Para (b) formerly read:

(b) special assessable income and allowable deduction definitions relating to OB activities (sections 121EE and 121EF ).

S 121B(2) amended by No 70 of 2015, s 3 and Sch 3 item 3, by substituting para (a), applicable in relation to a thing an OBU does on or after 1 July 2015. Para (a) formerly read:

(a) OB activity (section 121D ) together with the related definition of offshore person (section 121E ) and the OBU requirement in section 121EA ; and

S 121B(3) amended by No 110 of 2021, s 3 and Sch 2 item 2, by repealing para (a) and (b), effective 1 October 2021 and applicable in relation to assessments for the 2023-24 year of income and later years of income. Para (a) and (b) formerly read:

(a) an OBU's income from OB activities is taxed at only 10%;

(b) there is a loss of the concession where there is excessive use of non-OB money;

S 121B(3) amended by No 143 of 2007 , s 3 and Sch 1 items 55 and 56, by repealing para (c) and omitting " unless it is taken to have a foreign source because it has been subject to foreign tax " after " Australian sourced " in para (d), 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 . Para (c) formerly read:

(c) a deduction is allowable for foreign tax on amounts derived from OB activities (unless a foreign tax credit under Division 18 is obtained);

S 121B(3) amended by No 93 of 1999.

S 121B inserted by No 191 of 1992.