Income Tax Assessment Act 1936

Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 .

Div 18 substituted by No 51 of 1986.

Div 18 amended by No 108 of 1981, No 87 of 1978, No 117 and No 80 of 1975, No 126 of 1974, No 164 and No 51 of 1973, No 47 of 1972, No 85 and No 76 of 1967, No 50 of 1966, No 143 of 1965, No 110 of 1964 and No 94 of 1961.

S 160AFCK repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 160AFCK formerly read:

SECTION 160AFCK FOREIGN TAX IF CFC HAS INTEREST IN FIF  
160AFCK(1)
This section applies if:

(a) a taxpayer, being a company, is an attributable taxpayer of a CFC for a statutory accounting period of the CFC ( ``the relevant period'' ) that ended in a year of income of the taxpayer; and

(b) the calculation method set out in Subdivision D of Division 18 of Part XI was used to determine the amount of foreign investment fund income of a FIF that is included in the notional assessable income of the CFC for the relevant period.

160AFCK(2)
If:

(a) an amount ( ``the section 529 amount'' ) is included in the notional assessable income of the CFC for the relevant period under section 529 ; and

(b) an amount ( ``the section 456 amount'' ) is included in the assessable income of the taxpayer of a year of income under section 456 ; and

(c) the section 529 amount was determined by the application of the calculation method set out in Subdivision D of Division 18 of Part XI in respect of the notional accounting period of the FIF; and

(d) an amount ( ``the gross deductible amount'' ) is a notional deduction under that Subdivision from the FIF's notional income of that notional accounting period because the FIF paid an amount in respect of foreign tax; and

(e) if the FIF is a company, the CFC and the FIF were related to the taxpayer at the end of the notional accounting period of the FIF; and

(f) if the FIF is not a company, the CFC is related to the taxpayer at the end of the notional accounting period of the FIF;

subsection (3) has effect.

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History

S 160AFCK(2) amended by No 18 of 1993.

160AFCK(3)
The taxpayer is taken for the purposes of this Division to have paid, and to have been personally liable for, in respect of the section 456 amount (in addition to any foreign tax that the taxpayer is taken to have paid, and to have been personally liable for, under section 160AFCA ), an amount of foreign tax worked out using the formula:

The gross deductible amount	x	Attribution credit arising for the FIF
		Calculated profit of the FIF

The gross deductible amount

x

Calculated profit of the FIF

In the formula:

`` Attribution credit arising for the FIF '' means the attribution credit that, except for subsection 371(2D) , would arise for the FIF under subsection 371(2A) at the end of the relevant period;

`` Calculated profit of the FIF '' means the calculated profit of the FIF in respect of the notional accounting period of the FIF that ended in the relevant period as determined by the application of the calculation method set out in Subdivision D of Division 18 of Part XI .

S 160AFCK inserted by No 190 of 1992.