S 375 repealed by
No 143 of 2007
, s 3 and Sch 1 item 89, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s
559A
. S 375 formerly read:
SECTION 375 ATTRIBUTED TAX ACCOUNT CREDIT
375(1)
An attributed tax account credit arises for an attribution account entity in relation to a taxpayer if:
(a)
on the assumption that the reference in section
160AFCA
to notional allowable deductions under section
393
did not include a reference to deductions in respect of Australian tax, the taxpayer would be taken by that section to have paid, and to have been personally liable for, an amount of foreign tax in respect of an amount included in the taxpayer's assessable income under section
456
in respect of a statutory accounting period of the entity; or
(b)
on the assumption that the reference to Australian tax were omitted from paragraph
160AFCB(c)
, the taxpayer would be taken by that paragraph to have paid, and to have been personally liable for, an amount of foreign tax as a result of a change of residence by a CFC to which section
457
applies; or
(c)
(Repealed by No 96 of 2004)
(d)
(Repealed by No 96 of 2004)
(da)
the following subparagraphs apply:
(i)
an amount (
`the section
456
amount
'
) is included in the assessable income of the taxpayer under section
456
in respect of a statutory accounting period of a CFC;
(ii)
the taxpayer is taken by section
160AFCK
to have paid, and to be personally liable for, an amount of foreign tax in relation to the section
456
amount;
(e)
the entity receives an attribution account payment that requires an attributed tax account debit for another entity in relation to the taxpayer.
History
S 375(1) amended by No 96 of 2004 and No 190 of 1992.
375(2)
The amount of the credit is equal to the amount of the foreign tax, or to the amount of the debit, as the case may be.
375(3)
The attributed tax account credit arises:
(a)
in a paragraph (1)(a) case, or a paragraph (1)(da) case, where subsection
319(6)
does not apply to the statutory accounting period referred to in that paragraph
-
at the end of the statutory accounting period; or
(aa)
in a paragraph (1)(a) case, or a paragraph (1)(da) case, where subsection
319(6)
applies to the statutory accounting period referred to in that paragraph
-
at the beginning of the statutory accounting period; or
(b)
in a paragraph (1)(b) or (c) case
-
at the time of the change of residence referred to in that paragraph; or
(c)
in a paragraph (1)(d) case
-
when the dividend referred to in that paragraph is paid; or
(d)
in a paragraph (1)(e) case
-
when the attribution account payment referred to in that paragraph is made.
History
S 375(3) amended by No 170 of 1995 and No 190 of 1992.
S 375 inserted by No 5 of 1991.
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