Income Tax Assessment Act 1936

Div 3 heading inserted by No 172 of 1978.

S 79D repealed by No 143 of 2007 , s 3 and Sch 1 item 36, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 79D formerly read:

SECTION 79D LIMITATION ON DEDUCTIONS FOR FOREIGN INCOME  
79D(1)
Where:

(a) apart from this section, there are one or more foreign income deductions of a taxpayer in relation to a class of assessable foreign income in relation to a year of income; and

(b) either:

(i) the taxpayer did not derive any assessable foreign income of that class in the year of income; or

(ii) the taxpayer derived assessable foreign income of that class in the year of income and its amount is exceeded by the sum of the foreign income deductions;

then, for the purposes of this Act, those deductions are reduced respectively:

(c) where subparagraph (b)(i) applies - to nil; or

(d) where subparagraph (b)(ii) applies - by amounts proportionate to those deductions and equal in total to the amount of the excess referred to in that subparagraph.

79D(2)
In this section:

"assessable foreign income"
has the same meaning as in section 160AFD ;

"class of assessable foreign income"
has the same meaning as in section 160AFD ;

"foreign income deduction"
has the same meaning as in section 160AFD .

S 79D repealed by No 143 of 2007 . For savings provisions, see note under s 559A .

S 79D substituted by No 5 of 1991 and inserted by No 78 of 1988.