Taxation Laws Amendment (Foreign Income Measures) Act 1997 (155 of 1997)
Schedule 1 Foreign source income
Part 1 General amendments
Income Tax Assessment Act 1936
30 At the end of section 325
(2) For the purposes of this Part, a dividend or other amount of a particular kind is taken to be taxed in an unlisted country at the country's normal tax rate if, and only if:
(a) foreign tax is payable under a tax law of the unlisted country in respect of the dividend or the other amount of a particular kind at the same rate as, or a higher rate than, is payable under the tax law in respect of non-dividend income, or non-dividend amounts not of that particular kind, as the case may be, included in the tax base of a company that is a resident of the unlisted country; and
(b) the tax law of the unlisted country does not provide for any credit, rebate or other tax concession in respect of the dividend or the other amount of a particular kind, other than for foreign tax payable under a tax law of a different unlisted or a listed country.
Note: The heading to section 325 of the Income Tax Assessment Act 1936 is altered by omitting " listed ".