Document ID: chunk:federal_register_of_legislation:C2014C00749:clause:9_2:p2
Version: federal_register_of_legislation:C2014C00749
Segment Type: clause
Provision Reference: sch 9 cl 2 (pt 2/2)
Character Range: 92090–93507

Act 1997) in the current year.
 (2) The condition is that the joining entity and the head company of the consolidated group were members of the same wholly‑owned group:
 (a) if the joining time was the start of the current year or the time the joining entity came into existence—at the joining time; or
 (b) otherwise—throughout the period:
 (i) beginning at the start of the current year, or the time the joining entity came into existence (whichever is later); and
 (ii) ending at the joining time.
 (3) Section 160AFE of the Income Tax Assessment Act 1936 operates in relation to the head company of the consolidated group for the current year as if:
 (a) subsection 160AFE(4) of that Act provided that the amount of the excess foreign tax credits mentioned in paragraph (1)(f) of this section was the amount of the head company's excess foreign tax credits from an earlier year of income (the notional year); and
 (b) paragraphs 160AFE(3)(a) and (b) of that Act provided that the excess foreign tax credits from the notional year should be applied before the other credits mentioned in those paragraphs.

717‑25  No double counting of foreign tax
  To avoid doubt, sections 717‑15 and 717‑20 do not operate so as to result in an amount of foreign tax (within the meaning of the Income Tax Assessment Act 1936) being counted twice for the purposes of section 160AF of that Act.
[The next Division is Division 820.]