Document ID: chunk:federal_register_of_legislation:C2020A00079:clause:1_63
Version: federal_register_of_legislation:C2020A00079
Segment Type: clause
Provision Reference: sch 1 cl 63
Character Range: 20803–21591

63  Section 207‑158
Repeal the section, substitute:

207‑158  Distributions entitled to a foreign income tax deduction
 (1) This section applies to a *franked distribution if all or part of the distribution gives rise to a *foreign income tax deduction.

Exception for distributions made under certain regulatory capital instruments
 (2) However, this section does not apply to a distribution made in respect of an *equity interest if the interest forms part of Additional Tier 1 capital for the purposes of:
 (a) applicable *prudential standards; or
 (b) applicable prudential standards determined by *APRA and in force under section 32 of the Insurance Act 1973; or
 (c) applicable prudential standards determined by APRA and in force under section 230A of the Life Insurance Act 1995.