Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS  

Division 417 - Timor Sea petroleum  

Subdivision 417-E - Foreign income tax offset  

SECTION 417-125   Foreign income tax offset  

417-125(1)    
If:

(a) you are entitled to a *tax offset under Subdivision 770-A for an income year for *foreign income tax; and

(b) the foreign income tax is payable on income you earned as an employee in relation to *transitioned petroleum activities undertaken, or to be undertaken, in relation to the *JPDA;

the amount of the offset is to be worked out in accordance with the Taxation Code in Annex G under Article 13(b) of the Treaty (within the meaning of that Act), as if that Taxation Code applied in relation to the income.

417-125(2)    
Subdivision 770-B does not apply in relation to the amount of the offset.