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Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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S 160AFCE repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 160AFCE formerly read:

SECTION 160AFCE FOREIGN TAX IN RESPECT OF CERTAIN AMOUNTS ASSESSABLE UNDER SECTION 529 FROM INTEREST IN FOREIGN COMPANY  
160AFCE(1)
If:

(a) an amount ( ``the section 529 amount'' ) is included in the assessable income of a taxpayer, being a company, of a year of income under section 529 ; and

(b) 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 a notional accounting period of a foreign company; and

(c) at the end of the notional accounting period the foreign company was related to the taxpayer; and

(d) an amount ( ``the gross deductible amount'' ) is a notional deduction under that Subdivision from the foreign company's notional income of the notional accounting period because the foreign company paid an amount in respect of Australian tax or foreign tax;

subsection (2) has effect.

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History

S 160AFCE(1) amended by No 41 of 1998.

160AFCE(2)
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 the year of income, an amount of foreign tax worked out using the formula:

The gross deductible amount	x	Taxpayer's share of calculated profit of foreign company
		Calculated profit of foreign company

In the formula:

`` Taxpayer's share of calculated profit of foreign company '' means the share of the calculated profit of the foreign company in respect of the notional accounting period to which the taxpayer is entitled as determined under Subdivision D of Division 18 of Part XI ;

`` Calculated profit of foreign company '' means the calculated profit of the foreign company in respect of the notional accounting period as determined under Subdivision D of Division 18 of Part XI .

S 160AFCE inserted by No 190 of 1992.