Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 417 - Timor Sea petroleum  

Subdivision 417-E - Foreign income tax offset  

SECTION 417-125   Foreign income tax offset  

417-125(1)  
If:


(a) you are entitled to a *tax offset under Subdivision 770-A for an income year for *foreign income tax; and


(b) the foreign income tax is payable on income you earned as an employee in relation to *transitioned petroleum activities undertaken, or to be undertaken, in relation to the *JPDA;

the amount of the offset is to be worked out in accordance with the Taxation Code in Annex G under Article 13(b) of the Treaty (within the meaning of that Act), as if that Taxation Code applied in relation to the income.

417-125(2)  
Subdivision 770-B does not apply in relation to the amount of the offset.


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