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Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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S 160AFE repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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

SECTION 160AFE CARRYING FORWARD EXCESS FOREIGN TAX CREDITS  
160AFE(1)
This section operates if the amount (the current foreign tax amount ) worked out under paragraph 160AF(1)(d) for a taxpayer for a year of income (the current year ) falls short of the amount worked out under paragraph 160AF(1)(e) for the taxpayer for the current year.

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S 160AFE(1) amended by No 83 of 2004.

160AFE(2)
The taxpayer ' s excess foreign tax credits from earlier years of income (see subsection (4)) are applied in accordance with subsection (3) to increase the current foreign tax amount.

160AFE(3)
Apply those credits according to the following rules:

(a) only apply credits from the most recent 5 years of income ending before the current year;

(b) apply credits from an earlier year of income before applying credits for a later year of income;

(c) do not apply credits beyond the extent of the shortfall mentioned in subsection (1);

(d) do not apply credits to the extent that the credits have already been applied under a previous operation of this section.

160AFE(4)
The taxpayer has excess foreign tax credits from an earlier year of income (the earlier year ) if the amount worked out under paragraph 160AF(1)(d) for the taxpayer for the earlier year exceeds the amount worked out under paragraph 160AF(1)(e) for the taxpayer for the earlier year. The amount of the credits equals the excess.

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S 160AFE(4) amended by No 83 of 2004.

160AFE(5)
This section operates separately in relation to each class of foreign income identified in subsection 160AF(7) , as if the taxpayer ' s foreign income of that class for a year of income were the whole of the taxpayer ' s foreign income for that year.

S 160AFE substituted by No 90 of 2002 and amended by No 101 of 1992, No 5 of 1991, No 78 of 1988, No 11 of 1988 and No 138 of 1987.