Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

PART 3   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 7   Amendments relating to foreign investment

Subdivision M   Reduction of FIF attribution debits

50   FIF attribution debit

Section 606 of the Principal Act is amended by omitting paragraph (2) (b) and substituting the following paragraph:

"(b) whichever of the following is applicable:

(i) if the attribution account payment is made to the taxpayer-the FIF attribution account payment;

(ii) in any other case-the taxpayer's FIF attribution account percentage (for the FIF attribution account entity to which the payment is made) of the FIF attribution account payment;

reduced by any attribution debit that arises under section 372 for the entity in relation to the taxpayer as a result of the making of the payment.".