Taxation Laws Amendment Act (No. 3) 1998 (47 of 1998)

Schedule 9  

Part 2   Income Tax Assessment Act 1936

7   After section 160AD

Insert:

160ADA Most tax offsets under the 1997 Assessment Act are treated as rebates

A tax offset under a provision of the Income Tax Assessment Act 1997 is taken to be a rebate for the purposes of this Act, unless that provision corresponds to a provision of this Act that provides for a credit.

Note: If the tax offset provision does correspond to a credit provision, the tax offset is treated as a credit: see section 160AHA.