Income Tax Assessment Act 1997

CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION  

PART 2-1 - ASSESSABLE INCOME  

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History

Pt 2-1 inserted by No 121 of 1997.

Division 15 - Some items of assessable income  

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History

Div 15 inserted by No 121 of 1997.

Operative provisions  

SECTION 15-80   Franked distributions entitled to a foreign income tax deduction - Additional Tier 1 capital exception  

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15-80(1)    
If section 207-158 would, apart from subsection 207-158(2) , apply to a *franked distribution, then an amount equal to the *foreign income tax deduction referred to in subsection (1) of that section is included in the assessable income of the entity that made the distribution for the income year mentioned in subsection (2) of this section.

15-80(2)    
The income year is:

(a) if the *foreign tax period in which the *foreign income tax deduction arises falls wholly within an income year of the entity - that income year; or

(b) if the foreign tax period in which the foreign income tax deduction arises straddles 2 income years of the entity - the later of those income years.

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History

S 15-80 inserted by No 79 of 2020, s 3 and Sch 1 item 62, effective 1 October 2020 and applicable in relation to distributions made on or after 1 January 2019.

Former s 15-80 repealed by No 70 of 2015, s 3 and Sch 1 item 69, effective 1 July 2015. S 15-80 formerly read:

SECTION 15-80 Employer FHSA contributions etc.  
15-80
Your assessable income includes a contribution or expense payment benefit of a kind mentioned in paragraph (hd) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 that, but for that paragraph, would be a *fringe benefit *provided to you.

Former s 15-80 inserted by No 92 of 2008, s 3 and Sch 1 item 13, applicable from 1 October 2008.

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