Income Tax Assessment Act 1936
PART X
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ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES
Division 1
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Preliminary
SECTION 325
WHEN DIVIDENDS ETC. TAXED IN A COUNTRY AT NORMAL COMPANY TAX RATE
325(1)
For the purposes of this Part, a dividend or other amount of a particular kind is to be taken to be taxed in a listed country at the country ' s normal company tax rate if, and only if: (a) foreign tax is payable under a tax law of the listed country in respect of the dividend or the other amount of a particular kind at the same rate as, or a higher rate than, is payable under the tax law in respect of non-dividend income, or non-dividend amounts not of that particular kind, as the case may be, included in the tax base of a company that is a resident of the listed country; and (b) the tax law of the listed country does not provide for any credit, rebate or other tax concession in respect of the dividend or the other amount of a particular kind, other than for foreign tax payable under a tax law of a different listed or an unlisted country.
325(2)
For the purposes of this Part, a dividend or other amount of a particular kind is taken to be taxed in an unlisted country at the country ' s normal tax rate if, and only if: (a) foreign tax is payable under a tax law of the unlisted country in respect of the dividend or the other amount of a particular kind at the same rate as, or a higher rate than, is payable under the tax law in respect of non-dividend income, or non-dividend amounts not of that particular kind, as the case may be, included in the tax base of a company that is a resident of the unlisted country; and (b) the tax law of the unlisted country does not provide for any credit, rebate or other tax concession in respect of the dividend or the other amount of a particular kind, other than for foreign tax payable under a tax law of a different unlisted or a listed country.
325(3)
For the purposes of this section, treat foreign GloBE tax (within the meaning of the Income Tax Assessment Act 1997 ) as not being foreign tax.
View history note
Hide history noteFor the purposes of this Part, a dividend or other amount of a particular kind is to be taken to be taxed in a listed country at the country ' s normal company tax rate if, and only if: (a) foreign tax is payable under a tax law of the listed country in respect of the dividend or the other amount of a particular kind at the same rate as, or a higher rate than, is payable under the tax law in respect of non-dividend income, or non-dividend amounts not of that particular kind, as the case may be, included in the tax base of a company that is a resident of the listed country; and (b) the tax law of the listed country does not provide for any credit, rebate or other tax concession in respect of the dividend or the other amount of a particular kind, other than for foreign tax payable under a tax law of a different listed or an unlisted country.
325(2)
For the purposes of this Part, a dividend or other amount of a particular kind is taken to be taxed in an unlisted country at the country ' s normal tax rate if, and only if: (a) foreign tax is payable under a tax law of the unlisted country in respect of the dividend or the other amount of a particular kind at the same rate as, or a higher rate than, is payable under the tax law in respect of non-dividend income, or non-dividend amounts not of that particular kind, as the case may be, included in the tax base of a company that is a resident of the unlisted country; and (b) the tax law of the unlisted country does not provide for any credit, rebate or other tax concession in respect of the dividend or the other amount of a particular kind, other than for foreign tax payable under a tax law of a different unlisted or a listed country.
325(3)
For the purposes of this section, treat foreign GloBE tax (within the meaning of the Income Tax Assessment Act 1997 ) as not being foreign tax.
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