Commonwealth Consolidated Regulations

INCOME TAX REGULATIONS 1936 - REG 152B

         (1)   For the definition of designated concession income in section 317 of the Act, if:

                (a)    a listed country is mentioned in column 2 of an item in Part 2 of Schedule 9; and

               (b)    an entity mentioned in column 3 of the item derived income or profits that are:

                          (i)    of a kind specified in column 4 of the item; and

                         (ii)    further described in column 5 of the item;

the income or profits are designated concession income.

         (2)   For subregulation (1), the income or profits of an entity include:

                (a)    the entity's interest in the income or profits of a partnership in which the entity is a partner; and

               (b)    the entity's beneficial interest in the income or profits of a trust estate in which the entity is a beneficiary.