S 15 repealed by No 59 of 2019, s 3 and Sch 2 item 21, effective 30 August 2019. S 15 formerly read:
SECTION 15 Calculation of gross tax payable for the purposes of rebate calculations under the taxation code
(1)
This section applies where, under Article 5, 12, 13 or 14 of the taxation code, a taxpayer is entitled to a rebate against income tax of 90% of the gross tax payable in Australia on particular profits, or particular income, derived by the taxpayer in a year of income.
(2)
In determining that rebate, the gross tax payable in Australia on those profits or that income is calculated using the formula:
| |
Notional Australian tax
Taxable income |
×
Rebatable amount |
where:
notional Australian tax
means the amount of income tax that would be assessed under the
Income Tax Assessment Act 1936
and the
Income Tax Assessment Act 1997
in respect of the taxpayer's taxable income of the year of income if the taxpayer was not entitled to any rebate of income tax or credit against the taxpayer's liability for income tax.
rebatable amount
means so much of the taxpayer's taxable income of the year of income as is attributable to those profits or to that income, as the case may be.
taxable income
means the number of whole dollars in the taxpayer's taxable income of the year of income.
(3)
A reference in this section to income tax is a reference to income tax imposed as such by any Act.
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