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.