Income Tax Assessment Act 1997

Pt 3-6 inserted by No 48 of 2002.

Div 207 inserted by No 48 of 2002.

Subdiv 207-F inserted by No 48 of 2002.

S 207-158 substituted by No 79 of 2020, s 3 and Sch 1 item 63, effective 1 October 2020 and applicable in relation to distributions made on or after 1 January 2019. S 207-158 formerly read:

SECTION 207-158 Distributions entitled to a foreign income tax deduction  
207-158
This section applies to a distribution if all or part of the distribution gives rise to a *foreign income tax deduction.

S 207-158 inserted by No 84 of 2018, s 3 and Sch 2 item 3, effective 1 October 2018 and applicable in relation to distributions made on or after 1 January 2019. No 84 of 2018, s 3 and Sch 2 item 9(3) provides that the amendments in this Schedule do not apply unless the foreign income tax deduction to which all or part of the distribution or foreign equity distribution gives rise arises in a foreign tax period ending on or after 1 January 2019. No 84 of 2018, s 3 and Sch 2 item 10 contains the following application provision:

Application - regulatory capital  
(1)
Subitem (2) applies if:

(a) before 9 May 2017, any of the following occurred:

(i) an ADI issued an Additional Tier 1 capital instrument (within the meaning of the prudential standards determined by APRA under section 11AF of the Banking Act 1959 and as in force at the time this Schedule commences);

(ii) a general insurance company issued an Additional Tier 1 capital instrument (within the meaning of the prudential standards determined by APRA under section 32 of the Insurance Act 1973 and as in force at the time this Schedule commences);

(iii) a life insurance company issued an Additional Tier 1 capital instrument (within the meaning of the prudential standards determined by APRA under section 230A of the Life Insurance Act 1995 and as in force at the time this Schedule commences); and

(b) the instrument is callable, and there is a scheduled call date of the instrument on or after 9 May 2017.

(2)
Despite subitem 9(1), the amendments made by Part 1 of this Schedule do not apply in relation to a distribution on the instrument if:

(a) at the time the distribution is made, the instrument is an Additional Tier 1 capital instrument within the meaning of the applicable prudential standards as in force at that time; and

(b) the distribution is made on or before the first scheduled call date of the instrument that occurs on or after 9 May 2017.

(3)
In determining for the purposes of paragraph (2)(b) whether a call date is the first scheduled call date occurring on or after 9 May 2017, disregard a call date if:

(a) the ADI, general insurance company or life insurance company sought prior written approval from APRA to exercise the call option; and

(b) the prior written approval was not received.