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INCOME TAX ASSESSMENT ACT 1997 - SECT 417.125

Foreign income tax offset

             (1)  If:

                     (a)  you are entitled to a * tax offset under Subdivision 770-A for an income year for * foreign income tax; and

                     (b)  the foreign income tax is payable on income you earned as an employee in relation to * transitioned petroleum activities undertaken, or to be undertaken, in relation to the * JPDA;

the amount of the offset is to be worked out in accordance with the Taxation Code in Annex G under Article 13(b) of the Treaty (within the meaning of that Act), as if that Taxation Code applied in relation to the income.

             (2)  Subdivision 770-B does not apply in relation to the amount of the offset.

Table of sections

417-140    Transfer pricing benefits relating to transitioned petroleum activities



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