Income Tax Assessment Act 1936
(a) an amount of interest is taken under section 160ZZZA to be paid to, and derived by, a foreign bank by an Australian branch of the bank; and
(b) apart from this section, section 128B of this Act, and Subdivision 12-F in Schedule 1 to the Taxation Administration Act 1953 , would apply to an amount (the taxable amount ) that comprises the whole or a part of the amount so taken to be paid;
the following subsections have effect.
Section 128B of this Act, and Subdivision 12-F in Schedule 1 to the Taxation Administration Act 1953 , apply only to the amount worked out using the formula:
An amount to which section 128B applies because of subsection (2) of this section is taken, for the purposes of section 128C , to be income that was derived by the bank when the amount of interest referred to in paragraph (1)(a) is taken to have been paid to the bank.
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