Tax Laws Amendment (2007 Measures No. 4) Act 2007 (143 of 2007)

Schedule 1   New foreign income tax offset rules

Part 4   Consequential and other amendments

Income Tax Assessment Act 1936

58   At the end of section 121EH

Add:

; and (e) subsection 121EG(3A) (which limits the OBU's foreign income tax) does not apply to the OBU in relation to an amount of foreign income tax (within the meaning of the Income Tax Assessment Act 1997) the OBU paid in respect of an amount of the OBU's assessable OB income of the year of income.