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
14 At the end of section 121EI
No deduction if foreign tax credit is available
(2) However, foreign tax paid by the OBU on those amounts is not an allowable deduction if the OBU is entitled to a credit under Division 18 in respect of the foreign tax.
Note: The following heading to subsection 121EI(1) is inserted: "Deduction for foreign tax".