Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 417.125

  (1)   If:

  (a)   you are entitled to a * tax offset under Subdivision   770 - A for an income year for * foreign income tax; and

  (b)   the foreign income tax is payable on income you earned as an employee in relation to * transitioned petroleum activities undertaken, or to be undertaken, in relation to the * JPDA;

the amount of the offset is to be worked out in accordance with the Taxation Code in Annex G under Article 13(b) of the Treaty (within the meaning of that Act), as if that Taxation Code applied in relation to the income.

  (2)   Subdivision   770 - B does not apply in relation to the amount of the offset.

Table of sections

417 - 140   Transfer pricing benefits relating to transitioned petroleum activities