Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (FOREIGN INCOME) ACT 1990 No. 5 of 1991 - SECT 5

5. Section 6AB of the Principal Act is amended:

   (a)  by adding at the end of subsection (1) ", and includes a reference to
        an amount included in assessable income under section 102AAZD, 456,
        457, 458 or 459.";

   (b)  by omitting subsection (2) and substituting the following subsection:

"(2) A reference in this Act to foreign tax is a reference to:

   (a)  tax imposed by a law of a foreign country, being:

   (i)  tax upon income; or

   (ii) tax upon profits or gains, whether of an income or capital nature; or

   (iii) tax deemed by section 160AFC to have been paid in respect of a
        dividend; or

   (iv) any other tax, being a tax that is subject to an agreement having the
        force of law under the Income Tax (International Agreements) Act 1953;
        but does not include a unitary tax or a credit absorption tax; or

   (b)  any of the following:

   (i)  tax that is taken, because of section 160AFCA, to have been paid in
        respect of an amount included in assessable income under section 456;

   (ii) tax that is taken, because of section 160AFCB, to have been paid in
        respect of an amount included in assessable income under section 457;

   (iii) tax that is taken, because of section 160AFCC, to have been paid in
        respect of an amount included in assessable income under section 458;

   (iv) tax that is taken, because of section 160AFCD, to have been paid in
        respect of the section 23AI exempt part of an attribution account
        payment (within the meaning of section 160AFCD).";

   (c)  by inserting after subsection (3) the following subsection:

"(3A) Except as provided by section 160AFCA, 160AFCB, 160AFCC or 160AFCD, a
taxpayer is not taken to have been personally liable for, and to have paid,
foreign tax in respect of:

   (a)  an amount included in assessable income under section 102AAZD, 456,
        457, 458 or 459; or

   (b)  the section 23AI exempt part of an attribution account payment (within
        the meaning of section 160AFCD).".