Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 (114 of 2010)

Schedule 1   Repeal of the FIF and deemed present entitlement rules

Part 1   Main amendments

Income Tax Assessment Act 1936

10   Paragraph 102AAU(1)(b)

Repeal the paragraph, substitute:

(b) if the non-resident trust estate is a listed country trust estate in relation to the year of income - the amount that would have been the net income of the non-resident trust estate of the year of income if the exempt income of the trust estate included all income and profits of the trust estate, other than eligible designated concession income in relation to any listed country in relation to the year of income;