INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 18A - Credits in respect of overseas tax paid on certain film income  

SECTION 160AGA   CREDITS IN RESPECT OF OVERSEAS TAX PAID ON CERTAIN FILM INCOME  

160AGA(1)    

(a) section 26AG applies to an amount of income derived by a taxpayer in a year of income;

(b) paragraph 23(r) does not apply but would, but for subsection 26AG(8) , apply to that amount or a part of that amount (which amount or part is in this section referred to as the ``eligible amount'' ); and

160AGA(3)    

(b) the amount of the Australian tax payable in respect of -

(i) where no income of the taxpayer of the year of income is exempt from tax by virtue of section 23H - the eligible amount; and

(ii) where income (in this paragraph referred to as the ``exempt income'' ) of the taxpayer of the year of income is exempt from tax by virtue of section 23H - a part of the eligible amount equal to the amount remaining after deducting from the eligible amount so much of the eligible amount as bears to the eligible amount the same proportion as the exempt income bears to the amount, or the sum of the amounts, to which section 26AG applies in relation to the taxpayer in relation to the year of income,