Income Tax Assessment Act 1936
View history note
Hide history noteDiv 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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.
(Repealed by No 143 of 2007 )
S 160AFCH repealed by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 160AFCH formerly read:
subsection (3) has effect. S 160AFCH(2) amended by No 41 of 1998.
SECTION 160AFCH FOREIGN TAX IF TAXPAYER HAS INDIRECT INTEREST IN FOREIGN TRUST
160AFCH(1)
This section applies if:
(a)
a taxpayer had an interest in a foreign trust (
``the first tier foreign trust''
) during the whole or a part of the notional accounting period of the first tier foreign trust (
``the relevant period''
) that ended in a year of income of the taxpayer (
``the taxpayer's year of income''
); and
(b)
the first tier foreign trust had an interest in another foreign trust (
``the second tier foreign trust''
) during the whole or a part of the notional accounting period of the second tier foreign trust that ended in the relevant period.
160AFCH(2)
If:
(a)
an amount is included in the notional income of the first tier foreign trust of the relevant period under section
576
; and
(b)
an amount (
``the section
529
amount''
) is included in the assessable income of the taxpayer of a year of income under section
529
;
(c)
the section
529
amount was determined by the application of the calculation method set out in Subdivision D of Division
18
of Part
XI
in respect of the notional accounting period of the first tier foreign trust; and
(d)
an amount (
``the gross deductible amount''
) is a notional deduction under that Subdivision from the second tier foreign trust's notional income of the notional accounting period of the second tier foreign trust because the second tier foreign trust paid an amount in respect of Australian tax or foreign tax;
160AFCH(3)
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
529
amount (in addition to any foreign tax that the taxpayer is taken to have paid, and been personally liable for, under section
160AFCG
), an amount of foreign tax worked out using the formula:
The gross deductible amount
x
Taxpayer's share of calculated profit of second tier foreign trust
Calculated profit of second tier foreign trust
For the purposes of this subsection:
`` Taxpayer's share of calculated profit of second tier foreign trust '' means so much of the taxpayer's share of the calculated profit of the first tier foreign trust in respect of the relevant period as is attributable to the taxpayer's indirect interest in the second tier foreign trust;
`` Calculated profit of first tier foreign trust '' means the calculated profit of that foreign trust in relation to the relevant period as determined by the application of the calculation method set out in Subdivision D of Division 18 of Part XI ;
`` Calculated profit of second tier foreign trust '' means the calculated profit of the second tier foreign trust in respect of the notional accounting period of that foreign trust that ended in the relevant period as determined by the application of the calculation method set out in Subdivision D of Division 18 of Part XI .
S 160AFCH inserted by No 190 of 1992.