Treasury Laws Amendment (Multinational - Global and Domestic Minimum Tax) (Consequential) Act 2024 (134 of 2024)

Schedule 1   Amendments

Income Tax Assessment Act 1936

5   After subsection 393(1)

Insert:

(2) For the purposes of subsection (1), foreign tax mentioned in that subsection does not include any of the following:

(a) foreign IIR tax (within the meaning of the Income Tax Assessment Act 1997);

(b) foreign UTPR tax (within the meaning of that Act);

(c) a tax specified in regulations made for the purposes of this paragraph.