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
40 Subsection 102AAM(2)
Insert:
FITO (Foreign income tax offset) means so much of any tax offset under Division 770 of the Income Tax Assessment Act 1997 to which the taxpayer is entitled as is attributable to the distributed amount of the non-resident trust's year of income.
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