Petroleum (Timor Sea Treaty) (Consequential Amendments) Act 2003 (10 of 2003)

Schedule 1   Consequential amendments

Part 1   Amendments

Income Tax Assessment Act 1936

49   Subsection 160AF(1)

Repeal the subsection, substitute:

(1) If:

(a) the assessable income of a year of income of a resident taxpayer includes:

(i) income that is foreign income; or

(ii) income, or a profit or gain, that is derived from a source in an area covered by an international tax sharing treaty to the extent to which that income, profit or gain is taxed in Australia; and

(b) the taxpayer has paid foreign tax in respect of that income, profit or gain; and

(c) the taxpayer was personally liable for that tax;

the taxpayer is, subject to this Act, entitled to a credit of:

(d) the amount of that foreign tax, reduced in accordance with any relief available to the taxpayer under the law relating to that tax; or

(e) the amount of Australian tax payable in respect of that income, profit or gain;

whichever is the less.