Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p18
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 18/20)
Character Range: 6834938–6837628

tax payable in the foreign country;
 (c) the extent (if any) to which the benefit could increase the amount of a *tax offset under this Division;
 (d) the nature of any other benefit specified in the determination.
 (5) A reference in this section to a *Group Entity does not include a reference to a *GloBE Excluded Entity.

770‑150  Meaning of foreign DMT tax
 (1) A tax is a foreign DMT tax if it is any of the following:
 (a) tax that is payable under a *foreign law and is a *Qualified Domestic Minimum Top‑up Tax;
 (b) tax that is payable under a foreign law and would be a Qualified Domestic Minimum Top‑up Tax if paragraph (c) of the definition of Qualified Domestic Minimum Top‑up Tax in the *GloBE Rules were disregarded;
 (c) tax that is payable under a foreign law specified by regulations made for the purposes of this paragraph.
 (2) If regulations made for the purposes of this subsection specify a provision of this Act and a tax that is payable under a foreign law, for the purposes of that provision, that tax is also a foreign DMT tax.

Subdivision 770‑D—Administration

Table of sections
770‑190 Amendment of assessments

770‑190  Amendment of assessments
 (1) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purpose of giving effect to this Division for an income year if:
 (a) an event described in subsection (2) (an amendment event) happens after the time you lodged your *income tax return for that year; and
 (b) the amendment is made at any time during the period of 4 years starting immediately after the amendment event.
Note: Section 170 of that Act specifies the periods within which assessments may be amended.
 (2) The following are amendment events:
 (a) you pay an amount of *foreign income tax that counts towards your *tax offset for the year;
 (b) there is an increase in an amount of foreign income tax you paid that counts towards your offset for the year;
 (c) there is a reduction in an amount of foreign income tax you paid that counts towards your offset for the year.

Division 775—Foreign currency gains and losses

Table of Subdivisions
 Guide to Division 775
775‑A Objects of this Division
775‑B Realisation of forex gains or losses
775‑C Roll‑over relief for facility agreements
775‑D Qualifying forex accounts that pass the limited balance test
775‑E Retranslation for qualifying forex accounts
775‑F Retranslation under foreign exchange retranslation election under Subdivision 230‑D

Guide to Division 775

775‑5  What this Division is about

      Your assessable income includes a forex realisation gain you make as a result of a forex realisation event.
      You can deduct