Document ID: chunk:federal_register_of_legislation:C2010C00645:clause:1_49
Version: federal_register_of_legislation:C2010C00645
Segment Type: clause
Provision Reference: sch 1 cl 49
Character Range: 15658–16499

49  Subsection 160AF(1)
Repeal the subsection, substitute:

 (1) If:
 (a) the assessable income of a year of income of a resident taxpayer includes:
 (i) income that is foreign income; or
 (ii) income, or a profit or gain, that is derived from a source in an area covered by an international tax sharing treaty to the extent to which that income, profit or gain is taxed in Australia; and
 (b) the taxpayer has paid foreign tax in respect of that income, profit or gain; and
 (c) the taxpayer was personally liable for that tax;
the taxpayer is, subject to this Act, entitled to a credit of:
 (d) the amount of that foreign tax, reduced in accordance with any relief available to the taxpayer under the law relating to that tax; or
 (e) the amount of Australian tax payable in respect of that income, profit or gain;
whichever is the less.