Taxation Laws Amendment (Foreign Income Measures) Act 1997 (155 of 1997)

Schedule 1   Foreign source income

Part 1   General amendments

Income Tax Assessment Act 1936

35   After subparagraph 384(2)(d)(i)

Insert:

(ia) if the eligible CFC is a resident of a limited-exemption listed country at the end of the eligible period - amounts that would be included if the only income or other amounts derived by the partnership were income or other amounts that:

(A) are not adjusted tainted income (within the meaning of section 386); and

(B) are not treated as derived from sources in the limited-exemption listed country for the purposes of the tax law of the limited-exemption listed country; and

(C) are not subject to tax in any listed country in a tax accounting period ending before the end of the eligible period or commencing during the eligible period; and