Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 207.158

Distributions entitled to a foreign income tax deduction

  (1)   This section applies to a * franked distribution if all or part of the distribution gives rise to a * foreign income tax deduction.

Exception for distributions made under certain regulatory capital instruments

  (2)   However, this section does not apply to a distribution made in respect of an * equity interest if the interest forms part of Additional Tier 1 capital for the purposes of:

  (a)   applicable * prudential standards; or

  (b)   applicable prudential standards determined by * APRA and in force under section   32 of the Insurance Act 1973 ; or

  (c)   applicable prudential standards determined by APRA and in force under section   230A of the Life Insurance Act 1995 .


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