Commonwealth Numbered Acts

PETROLEUM (AUSTRALIA-INDONESIA ZONE OF COOPERATION) ACT 1990 No. 36, 1990 - SECT 16

16. (1) This section applies where, under Article 4, 9, 10 or 11 of the
Taxation Code, a taxpayer is entitled to a rebate against income tax of 50% of
the gross tax payable in Australia on particular profits, or particular
income, derived by the taxpayer in a year of income.

(2) In determining that rebate, the gross tax payable in Australia on those
profits or that income is calculated using the formula:
Notional Australian tax
                                   X   Rebatable amount

Taxable income where:

"Notional Australian tax" means the amount of income tax that would be
assessed under the Income Tax Assessment Act 1936 in respect of the taxpayer's
taxable income of the year of income if:

   (a)  the taxpayer was not entitled to any rebate of income tax or credit
        against the taxpayer's liability for income tax; and

   (b)  the taxpayer was not liable to pay additional tax under Division 7 of
        Part III of that Act;

"Taxable income" means the number of whole dollars in the taxpayer's taxable
income of the year of income;

"Rebatable amount" means so much of the taxpayer's taxable income of the year
of income as is attributable to those profits or to that income, as the case
may be.

(3) A reference in this section to income tax is a reference to income tax
imposed as such by any Act.