S160AGA repealed by
No 143 of 2007
, s 3 and Sch 1 item 65, 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 160AGA formerly read:
SECTION 160AGA CREDITS IN RESPECT OF OVERSEAS TAX PAID ON CERTAIN FILM INCOME
160AGA(1)
Subject to subsection (2), where
-
(a)
a non-resident taxpayer derives an amount from sources outside Australia; and
(b)
the amount or a part of the amount (which amount or part is the
eligible amount
) is included in the taxpayer
'
s assessable income of a year of income under subsection
26AG(2)
; and
(c)
an amount of income tax (in this section referred to as the
'
overseas tax
'
) for which the person was personally liable has been paid in respect of the eligible amount, either directly or by deduction, under the income tax laws of the country from sources in which the eligible amount was derived,
the taxpayer is, subject to this Act, entitled to a credit of tax of an amount determined in accordance with subsection (3).
History
Archived:
S 160AGA(1)(a) and (b) substituted by
No 101 of 2006
, s 3 and Sch 2 item 400, effective 14 September 2006. For
application and savings provisions
and for former wording see the
CCH Australian Income Tax Legislation archive
.
History
S 160AGA(1)(b) amended by No 51 of 1986.
160AGA(2)
A taxpayer is not entitled to a credit of tax under this section in respect of tax paid in respect of an amount of income if, under a provision of this Act other than this section, the taxpayer is entitled to a credit in respect of tax paid in respect of that income.
160AGA(3)
The amount of the credit is
-
(a)
the amount of the overseas tax, as reduced by the amount of any refund of, or credit in respect of, the overseas tax; or
(b)
the amount of the Australian tax paid in respect of the eligible amount;
whichever is the less.
History
Archived:
S 160AGA(3)(b) substituted by
No 101 of 2006
, s 3 and Sch 2 item 401, effective 14 September 2006. For
application and savings provisions
and for former wording see the
CCH Australian Income Tax Legislation archive
.
160AGA(4)
For the purposes of subsection (3), the Australian tax in respect of the eligible amount or a part of the eligible amount is the amount of Australian tax that would be ascertained for the purposes of section
160AF
if that section applied and the eligible amount or that part of the eligible amount were the taxpayer
'
s foreign income for the purposes of that section.
History
S 160AGA(4) substituted by No 51 of 1986.
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