Document ID: chunk:federal_register_of_legislation:C2010C00673:body:0:p60
Version: federal_register_of_legislation:C2010C00673
Segment Type: other
Provision Reference: 
Character Range: 149672–152278

be required to be made under that section (as so
affected) if the requirements of paragraph (b) of that section
were met; and
  (b) in relation to a year of income of an instalment taxpayer
- the day by which the final instalment for the year of income
is liable to be paid under section 221AZK;
  'income tax crediting amount', in relation to income tax
payable by a person for a year of income, means any amount that
is required or permitted to be credited or applied against the
income tax under:
  (a) section 159GDA, 160AQK, 220AZC, 221AZF, 221AZM, 221H,
221K, 221YE, 221YHG, 221YHZL, 221YT, 221ZG or 221ZT of the Tax
Act; or
  (b) section 160AN of the Tax Act, provided that, only in the
case where the applying of the amount is to provide correlative
relief in respect of the taxing of an amount under a law of a
foreign country, the following requirements are met:
    (i) the law of the foreign country requires the payment of
late payment interest in respect of the amount taxed; and
    (ii) the late payment interest was paid by the time the
applying of the amount took place;
  'FS assessment debt' has the meaning given by subsection 3(1)
of the Student Assistance Act 1973;
  'HEC assessment debt' has the meaning given by subsection
34(1) of the Higher Education Funding Act 1988;
  'instalment taxpayer' means an instalment taxpayer within the
meaning of section 221AZH of the Tax Act;
  'late payment interest', in respect of an amount, means
interest payable solely to compensate for the time value of the
amount;
  'provide correlative relief' has the meaning given by section
3A;
  'relevant entity' means a relevant entity within the meaning
of section 221AK of the Tax Act;
  'Tax Act' means the Income Tax Assessment Act 1936.".
  10. After section 3:
Insert in Part I:
Provision of correlative relief
  "3A. (1) For the purposes of this Act, a decision to which
this Act applies is made, or the applying of an income tax
crediting amount takes place, to 'provide correlative relief'
in respect of the taxing of an amount under a law of a foreign
country if:
  (a) there is a double tax agreement between Australia and the
foreign country; and
  (b) a provision of the double tax agreement has been
prescribed, or the manner of operation of a provision of the
double tax agreement has been prescribed, for the purposes of
this paragraph; and
  (c) the decision is made, or the applying of the income tax
crediting amount takes place, in giving effect, or in
circumstances that would enable effect to be given, to the
provision mentioned in paragraph (b), or to that provision in
its