Document ID: chunk:federal_register_of_legislation:C2010C00184:clause:1_1:p8
Version: federal_register_of_legislation:C2010C00184
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 8/8)
Character Range: 24101–26490

foreign company or foreign trust in respect of the notional accounting period as determined under the calculation method.

Grossing‑up of attributed amount

 (8) For the purposes of this Act except this section and:
 (a) section 371 of the 1936 Act (for a section 456 case or a section 457 case); or
 (b) section 605 of that Act (for a foreign company case or a foreign trust case);
the amount included in the entity's assessable income as described in subsection (2) is taken to be increased by the amount of tax worked out under subsection (7).

Note: Section 371 of the 1936 Act records an amount in an attribution account when the amount is included in the assessable income of an attributable taxpayer in relation to a CFC. Section 605 does the same thing for taxpayers with interests in FIFs.

Rules about when foreign tax is considered not paid

770‑140  When foreign income tax is considered not paid—anti‑avoidance rule

  Despite anything else in this Division, this Act applies to you as if you had not paid an amount of *foreign income tax to the extent that you or any other entity become entitled to:
 (a) a refund of the foreign income tax; or
 (b) any other benefit worked out by reference to the amount of the foreign income tax (other than a reduction in the amount of the foreign income 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.

Part 2—FIF income

Income Tax Assessment Act 1936