S 121EI repealed by
No 143 of 2007
, s 3 and Sch 1 item 59, 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 121EI formerly read:
SECTION 121EI DEDUCTION FOR FOREIGN TAX ON AMOUNTS INCLUDED IN ASSESSABLE OB INCOME
121EI(1)
Deduction for foreign tax.
Foreign tax paid during a year of income by an OBU on amounts included in the OBU's assessable OB income of any year of income is an allowable deduction for the year of income in which it is paid.
121EI(2)
No deduction if foreign tax credit is available.
However, foreign tax paid by the OBU on those amounts is not an allowable deduction if the OBU is entitled to a credit under Division
18
in respect of the foreign tax.
History
S 121EI(2) inserted by No 76 of 1996.
S 121EI inserted by No 191 of 1992.
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