Taxation Laws Amendment Act (No. 2) 1996 (76 of 1996)

Schedule 1   Amendment of the Income Tax Assessment Act 1936: various measures

Part 1   Offshore banking units

13   After subsection 121EE(3)


Reduction of assessable OB income because of certain investment activities

(3A) If OB activities of the OBU or the part of the OBU to which paragraph 121EB(1)(c) applies include an investment activity within the meaning of subsection 121D(6A), any assessable income derived from the investment activity that would otherwise be taken into account under subsection (2) is reduced by the average Australian asset percentage (within the meaning of subsection 121DA(2)) of the portfolio investment concerned.