The Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Bill 2005 was referred to the Senate Economics Legislation Committee for inquiry and the report was tabled on 10 November 2005.
This Bill will amend the taxation law, amongst others. to reform the loss recoupment rules for companies and provide tax relief for conduit foreign income.
Foreign loss and FTC quarantining proposed removal
Generally, under the existing foreign loss and foreign tax credit measures…