Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 1   New foreign income tax offset rules

Part 4   Consequential and other amendments

Income Tax Assessment Act 1936

84   Section 317 (definition of tainted interest income )

Omit all the words after "factoring income;", substitute:

but does not include:

(d) income (being interest, fees, commission or other amounts) derived by a person in respect of offshore banking transfers of the person; or

(e) income consisting of dividends or non-share dividends paid to a person by a company out of profits derived from the making of offshore banking transfers.