Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)

Schedule 10   Streamlining concessions for Australian films and Australian film production

Part 3   Repeal of Divisions 10B and 10BA

Income Tax Assessment Act 1997

87   Subsection 995-1(1) (definition of net exempt film income )

Repeal the definition, substitute:

net exempt film income for an income year is your *exempt film income for that year reduced by:

(a) any taxes payable in respect of that income in a country or place outside Australia; and

(b) any expenses (not of a capital nature) so far as you incurred them during that year in deriving that income.