Section OE 19 — Income Tax Act 2007: BETA person’s payment of income tax on foreign income

OE 19 BETA person’s payment of income tax on foreign income Credit (1) A BETA person has a branch equivalent tax credit for an income year for an amount calculated using the formula— tax liability × (CFC or taxable income) − foreign tax credits. (taxable income) Definition of items in formula (2) In the formula,— (a) tax liability is the person’s income tax liability for the income year: (b) CFC or taxable income is the lesser of the person’s— (i) attributed CFC income derived during the income year; or (ii) taxable income for the income year: (c) taxable income is the person’s taxable income for the income year: (d) foreign tax credits is the foreign tax credits allowed for the income year under sections LK 1 to LK 7 (which relate to tax credits relating to attributed CFC income). Table reference (3) The branch equivalent tax credit in subsection (1) is referred to in table O9: person’s branch equivalent tax credits, row 2 (payment of income tax on foreign income). Credit date (4) The credit date is the day the person files the return of income for the tax year corresponding to the income year. Defined in this Act: amount , attributed CFC income , BETA person , branch equivalent tax account , branch equivalent tax credit , foreign tax , income tax , income tax liability , income year , return of income , tax year , taxable income , Compare: 2004 No 35 ss MF 13(1), (2) , MF 14