S 8J repealed by No 143 of 2007, s 3 and Sch 1 item 219, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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. S 8J formerly read:
SECTION 8J LIMIT ON INTEREST WHERE CORRELATIVE RELIEF IN RESPECT OF FOREIGN TAX
8J(1)
If:
(a)
apart from this section, interest is payable on an excess resulting from the crediting, applying or refunding of one or more income tax crediting amounts; and
(b)
at least one (the
"
correlative relief amount
"
) of the income tax crediting amounts was applied to provide correlative relief in respect of the taxing of an amount under a law of a foreign country; and
(c)
the interest on the excess, to the extent that it is attributable to the correlative relief amount, exceeds by an amount (the
"
reduction amount
"
) the lesser of:
(i)
the amount of the late payment interest mentioned in subparagraph (b)(i) of the definition of
"
income tax crediting amount
"
in subsection
3(1)
, expressed in Australian currency at the exchange rate applicable at the time when the taxing of the amount under the law of the foreign country takes place;
(ii)
the correlative relief amount;
then the interest payable is reduced by the reduction amount.
8J(2)
For the purposes of paragraph (1)(c), so much of the interest payable on the excess mentioned in paragraph (1)(a) as is worked out using the following formula is taken to be attributable to the correlative relief amount:
| |
Correlative relief amount |
×
Excess |
|
| |
Sum of correlative relief amount
and any other income tax crediting amounts |
|
S 8J inserted by No 181 of 1994.
View history note
Hide history note