Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 160ZZZJ

  (1)   If:

  (a)   an amount of interest is taken under section   160ZZZA to be paid to, and derived by, a foreign bank by an Australian branch of the bank; and

  (b)   apart from this section, section   128B of this Act, and Subdivision   12 - F in Schedule   1 to the Taxation Administration Act 1953 , would apply to an amount (the taxable amount ) that comprises the whole or a part of the amount so taken to be paid;

the following subsections have effect.

  (2)   Section   128B of this Act, and Subdivision   12 - F in Schedule   1 to the Taxation Administration Act 1953 , apply only to the amount worked out using the formula:

  (3)   An amount to which section   128B applies because of subsection   (2) of this section is taken, for the purposes of section   128C, to be income that was derived by the bank when the amount of interest referred to in paragraph   (1)(a) is taken to have been paid to the bank.