Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT 1988No. 11, 1988 - SECT 29

29. Section 160AF of the Principal Act is amended by omitting subsection (7)
and substituting the following subsection:

"(7) Notwithstanding the preceding provisions of this section, where the
foreign income derived by a taxpayer in a year of income consists of any 2 or
more of the following classes of income:

   (a)  interest income;

   (b)  offshore banking income;

   (c)  other income; the following provisions have effect:

   (d)  this section does not apply in relation to the taxpayer in relation to
        the foreign income as a whole but, instead, applies in relation to the
        taxpayer separately in relation to each of the 2 or more classes of
        income;

   (e)  for the purposes of this section as so applying in relation to each of
        the 2 or more classes of income, that class of the income shall be
        treated as the whole of the foreign income.".