Tax deducted is income received: gross receipts included for tax computation with credit for foreign withholding. Clause 396 deems amounts deducted under the relevant withholding chapter and income tax deducted abroad (where credit is allowed) to be income received ... Summary
Tax deducted is income received: gross receipts included for tax computation with credit for foreign withholding.
Clause 396 deems amounts deducted under the relevant withholding chapter and income tax deducted abroad (where credit is allowed) to be income received for computing an assessee's taxable income, with specified carve out exceptions; this preserves gross income inclusion while permitting credit for taxes withheld and raises interpretative issues about the chapter's scope, the stated exceptions, cross border withholding and transitional treatment.
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