Taxation Determination
TD 2006/52A1 - Addendum
Income tax: can a dividend, or part of a dividend, be non-assessable non-exempt income under both section 23AJ and section 23AK of the Income Tax Assessment Act 1936?
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Addendum
This Addendum amends Taxation Determination TD 2006/52 to replace references to the foreign tax credit system with legislative references to the foreign income tax offset rules, which replaced the foreign tax credit system with effect from 1 July 2008.
TD 2006/52 is amended as follows:
(a) Omit '1 July 2006'; substitute '1 July 2008'.
(b) Omit '01/12/2006'; substitute '01/12/2008'.
(c) Omit '01/07/06'; substitute '01/07/2008'.
Omit '1 December 2006'; substitute '1 December 2008'.
(a) Omit 'foreign tax credit'; substitute 'foreign income tax offset'.
(b) Omit 'section 160AFCJ'; substitute 'section 770-10 of the ITAA 1997'.
Omit 'foreign tax credits'; substitute 'foreign income tax offsets'.
(a) Omit the first sentence; substitute:
Subsection 770-10(2) of the ITAA 1997 provides that a resident taxpayer receiving a dividend that is non-assessable non-exempt income under either section 23AI or 23AK of the ITAA 1936 will be entitled to a non-refundable tax offset for the foreign income tax paid on the distribution.
(b) Omit 'foreign tax credit'; substitute 'foreign income tax offset'.
Omit 'foreign tax credits'; substitute 'foreign income tax offsets'.
(a) Omit 'section 160AFCJ'; substitute 'section 770-10 of the ITAA 1997'.
(b) Omit 'foreign tax credit'; substitute 'foreign income tax offset'.
Omit:
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- ITAA 1936 160AF(1)(a)
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- ITAA 1936 160AFCJ
Insert:
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- ITAA 1936 23AI
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- ITAA 1997 770-10
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- ITAA 1997 770-10(2)
This Addendum applies on and from 1 July 2008.
Commissioner of Taxation
22 December 2010
References
ATO references:
NO 1-278QH8L