Tax Laws Amendment (Election Commitments No. 1) Act 2008 (32 of 2008)

Schedule 1   Distributions of managed investment trust income to foreign residents

Part 3   Consequential amendments

Taxation Administration Act 1953

44   After section 18-30 in Schedule 1

Insert:

18-32 Credit: amount attributable to fund payment

(1) An entity is entitled to a credit if:

(a) the entity’s *ordinary income or *statutory income includes an amount that is represented by or reasonably attributable to a *fund payment; and

(b) the entity has borne all or part of an *amount withheld from the payment under Subdivision 12-H.

(2) The amount of the credit is that amount or part.