Income Tax Assessment Amendment (Foreign Investment) Act 1992 (190 of 1992)

6   After section 26C of the Principal Act the following section is inserted

Assessable income of taxpayer to include foreign tax in certain circumstances

"26D. If a taxpayer is taken under subsection 160AFCJ(3) for the purposes of the application of Division 18 of Part III in relation to a year of income to have paid, and to have been personally liable for, an amount of foreign tax worked out using the formula referred to in that subsection, the taxpayer's assessable income of the year of income includes an amount equal to so much of the amount of the foreign tax as the taxpayer would be taken under subsection 160AFCJ(3) for the purposes of the application of that Division to have paid, and to have been personally liable for, if the formula referred to in that subsection had not included the components (EP x DT).".