INCOME TAX ASSESSMENT ACT 1936 - SECT 393 Notional allowable deduction for taxes paid
INCOME TAX ASSESSMENT ACT 1936 - SECT 393
Notional allowable deduction for taxes paid(1) Foreign tax or Australian tax paid by the eligible CFC in respect of amounts included in the notional assessable income of the eligible CFC for the eligible period, whether paid before, during or after that period, is a notional allowable deduction from the notional assessable income of the eligible CFC for the eligible period.
(4) Where a person pays an amount of tax that the person is
liable to pay under subsection 148(3) of this Act, in its application
apart from this Part, in respect of premiums paid or credited to the eligible
CFC, then, for the purposes of subsection (1), the amount is taken to
be Australian tax paid by the eligible CFC in respect of the premiums.