New International Tax Arrangements (Participation Exemption and Other Measures) Act 2004 (96 of 2004)

Schedule 2   Foreign branch income, non-portfolio dividends and listed countries

Part 5   Listed countries: consequential amendments

Income Tax Assessment Act 1936

120   Subsection 385(2A)

Repeal the subsection, substitute:

(2A) For the purposes of sub-subparagraphs (2)(a)(ii)(C) and (2)(d)(ii)(C), income or other amounts pass the test set out in this subsection if both:

(a) the income or other amounts are adjusted tainted income (within the meaning of section 386); and

(b) the income or other amounts are not subject to tax in the listed country or in any other listed country in a tax accounting period ending before the end of the eligible period or commencing during the eligible period.