Treasury Laws Amendment (Combating Multinational Tax Avoidance) Act 2017 (27 of 2017)
Schedule 1 Diverted profits tax
Income Tax Assessment Act 1997
35 Subsection 219-15(2) (at the end of the table)
Add:
|
9 |
the company *pays diverted profits tax; and the company satisfies the *residency requirement for the income year for which the tax is paid; and the company is a *franking entity for the whole or part of that income year |
that part of the payment that is attributable to: (a) the *shareholders' share of the income tax liability of the company for that income year; and (b) the period during which the company was a franking entity; multiplied by the proportion worked out under subsection (4) |
on the day on which the payment is made |
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