Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 1   New foreign income tax offset rules

Part 4   Consequential and other amendments

Income Tax Assessment Act 1997

143   Subsection 63-10(1) (after table item 20)

Insert:

22

*Tax offset for *foreign income tax under Division 770

You cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year