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

23   Subsection 6AB(2)

Repeal the subsection, substitute:

(2) A reference in this Act to foreign tax is a reference to tax imposed by a law of a foreign country, being:

(a) tax upon income; or

(b) tax upon profits or gains, whether of an income or capital nature; or

(c) any other tax, being a tax that is subject to an agreement having the force of law under the International Tax Agreements Act 1953;

but does not include a unitary tax or a credit absorption tax.