Treasury Laws Amendment (Multinational - Global and Domestic Minimum Tax) (Consequential) Act 2024 (134 of 2024)

Schedule 1   Amendments

Income Tax Assessment Act 1997

24   At the end of Subdivision 830-A

Add:

830-17 References to foreign income tax in section 830-10 or 830-15 do not include certain taxes

(1) Treat a reference in section 830-10 or 830-15 to foreign income tax as not including any of the following:

(a) *credit absorption tax;

(b) *unitary tax;

(c) *foreign GloBE tax or other foreign minimum tax.

(2) Foreign minimum tax mentioned in paragraph (1)(c) includes a tax specified in regulations made for the purposes of paragraph 393(2)(c) of the Income Tax Assessment Act 1936.