Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 160ZZZP

  (1)   For the purposes of paragraphs 160ZZZL(3)(c) and 160ZZZN(1)(c), an amount of income or profits is to be disregarded if:

  (a)   the amount is dual inclusion income; and

  (b)   the amount has been applied by a provision of Division   832 of the Income Tax Assessment Act 1997 .

  (2)   For the purposes of Division   832 of that Act, an amount of dual inclusion income is not available to be applied by a provision of that Division if it has been taken into account under paragraph   160ZZZL(3)(c) or subsection   160ZZZN(2).