Income Tax Assessment Act 1997

CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX  

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Chapter 4 inserted by No 162 of 2001.

PART 4-5 - GENERAL  

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Part 4-5 inserted by No 162 of 2001.

Division 768 - Foreign non-assessable income and gains  

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Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:

Division 768 - Exempt foreign income and gains

Div 768 inserted by No 96 of 2004.

Subdivision 768-A - Returns on foreign investment  

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Subdiv 768-A inserted by No 110 of 2014.

SECTION 768-1   What this Subdivision is about  

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If:

(a) an Australian corporate tax entity receives a foreign equity distribution from a foreign company, either directly or indirectly through one or more interposed trusts or partnerships; and

(b) the Australian corporate tax entity holds a participation interest of at least 10% in the foreign company;

the distribution is non-assessable non-exempt income for the Australian corporate tax entity.

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S 768-1 inserted by No 110 of 2014, s 3 and Sch 2 item 4, applicable to distributions and non-share dividends made after 16 October 2014.

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