Document ID: chunk:federal_register_of_legislation:C2010C00184:clause:1_57
Version: federal_register_of_legislation:C2010C00184
Segment Type: clause
Provision Reference: sch 1 cl 57
Character Range: 74539–75089

57  After subsection 121EG(3)
Insert:

Only eligible fraction of foreign income tax is taken to be paid

 (3A) Subject to section 121EH, this Act applies to an OBU as if only the eligible fraction of each amount of foreign income tax (within the meaning of the Income Tax Assessment Act 1997) the OBU paid in respect of an amount of assessable OB income had been paid in respect of that income.

Note: The heading to section 121EG is replaced by the heading "Reduction of assessable OB income, allowable OB deductions and foreign income tax paid".