Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 2   Measures to deal with abuse of foreign tax credits

Income Tax Assessment Act 1936

14   After section 177G

Insert:

177H Amendment of foreign tax credit determinations

(1) Section 160AK does not prevent the amendment of a foreign tax credit determination at any time before the end of 6 years after the original determination date if the amendment is for the purposes of giving effect to subsection 177F(1).

(2) Section 160AK does not prevent the amendment of a foreign tax credit determination at any time if the amendment is for the purpose of giving effect to subsection 177F(3).

(3) For the purposes of this section, a foreign tax credit determination is a determination under Division 19 of Part III.

(4) For the purposes of this section, the original determination date for a foreign tax credit determination has the same meaning as in section 160AK.