Income Tax Assessment Act 1936

Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A .

Div 18 substituted by No 51 of 1986.

Div 18 amended by No 108 of 1981, No 87 of 1978, No 117 and No 80 of 1975, No 126 of 1974, No 164 and No 51 of 1973, No 47 of 1972, No 85 and No 76 of 1967, No 50 of 1966, No 143 of 1965, No 110 of 1964 and No 94 of 1961.

S 160AFCD repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A . S 160AFCD formerly read:

SECTION 160AFCD FOREIGN TAX IN RESPECT OF AMOUNTS THAT ARE NON-ASSESSABLE NON-EXEMPT INCOME UNDER SECTION 23AI  
160AFCD(1)
If an attribution account payment made to a resident taxpayer by an attribution account entity in a year of income is, in whole or in part (the section 23AI non-assessable part ), not assessable income and not exempt income under section 23AI , these provisions have effect:

(a) the section 23AI non-assessable part is taken, for the purposes of paragraph 160AF(1)(a) but not paragraph 160AF(1)(e) , to be included in the assessable income of the taxpayer of the year of income;

(b) the taxpayer is taken for the purposes of this Division to have paid, and to have been personally liable for, in respect of the section 23AI non-assessable part, in the year of income, an amount of foreign tax calculated using the formula:

(EP   ×   DT)   +   (AEP   ×   UT)   −   AT

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S 160AFCD(1) amended by No 105 of 2004.

160AFCD(2)
In this section:

AEP or adjusted exempt percentage
means the percentage that would be the exempt percentage if the attribution account payment were reduced by any part of that payment that is non-assessable non-exempt income under section 23AJ .

AT or attributed tax
means the amount of any attributed tax account debit arising for the attribution account entity in relation to the taxpayer on the making of the attribution account payment, to the extent that the amount of the debit does not exceed the multiple of the adjusted exempt percentage and the underlying tax.

DT or direct tax
means any foreign tax that, disregarding this section, the taxpayer is taken for the purposes of this Division to have paid, and to have been personally liable for, in respect of the attribution account payment.

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Definition of ``DT or direct tax'' amended by No 96 of 2004.

EP or exempt percentage
means the percentage of the attribution account payment represented by the section 23AI non-assessable part.

UT or underlying tax
, where the taxpayer is a company and the attribution account payment is a non-portfolio dividend, means the amount by which the section 23AI non-assessable part would have been greater if:

(a) the attribution account entity had not paid any foreign tax on its profits; and

(b) any other attribution account entity, in relation to which the taxpayer has an attribution debit for an attribution account payment that is a non-portfolio dividend, had not paid any foreign tax on its profits; and

(c) each of those attribution account entities had distributed the same percentage of its distributable profits as was actually distributed.

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Definition of " UT or underlying tax " substituted by No 96 of 2004.

S 160AFCD substituted by No 66 of 2003 and inserted by No 5 of 1991.