Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 4   Foreign dividend accounts

Income Tax Assessment Act 1936

1   Paragraph 128TB(1)(b)

Repeal the paragraph, substitute:

(b) the company incurs expenditure that:

(i) is not an allowable deduction of the company for any year of income (or would not be apart from section 25-90 of the Income Tax Assessment Act 1997); but

(ii) would be such a deduction to any extent if section 23AJ of this Act were disregarded; or