Document ID: chunk:federal_register_of_legislation:C2005C00443:clause:2_41
Version: federal_register_of_legislation:C2005C00443
Segment Type: clause
Provision Reference: sch 2 cl 41
Character Range: 54464–55221

41  Subsection 160AFCD(2) (definition of UT or underlying tax)
Repeal the definition, substitute:

UT or underlying tax, where the taxpayer is a company and the attribution account payment is a non‑portfolio dividend, means the amount by which the section 23AI non‑assessable part would have been greater if:
 (a) the attribution account entity had not paid any foreign tax on its profits; and
 (b) any other attribution account entity, in relation to which the taxpayer has an attribution debit for an attribution account payment that is a non‑portfolio dividend, had not paid any foreign tax on its profits; and
 (c) each of those attribution account entities had distributed the same percentage of its distributable profits as was actually distributed.