Document ID: chunk:federal_register_of_legislation:C2005C00443:clause:2_43
Version: federal_register_of_legislation:C2005C00443
Segment Type: clause
Provision Reference: sch 2 cl 43
Character Range: 55308–56298

43  Subsection 160AFCJ(4) (definition of UT or underlying tax)
Repeal the definition, substitute:

UT or underlying tax means:
 (a) any foreign tax that, disregarding this section, the taxpayer is taken, for the purposes of this Division, to have paid, and to have been personally liable for, under subparagraph 6AB(3)(a)(ii); or
 (b) where the taxpayer is a company and the FIF attribution account payment is a non‑portfolio dividend, the amount by which the section 23AK non‑assessable part would have been greater if:
 (i) the FIF attribution account entity had not paid any foreign tax on its profits; and
 (ii) any other FIF attribution account entity, in relation to which the taxpayer has a FIF attribution debit for a FIF attribution account payment that is a non‑portfolio dividend, had not paid any foreign tax on its profits; and
 (iii) each of those FIF attribution account entities had distributed the same percentage of its distributable profits as was actually distributed.