18‑32 Credit: amount attributable to fun18‑32 Credit: amount attributable to fund payment

18‑32 Credit: amount attributable to fund payment

(1) An entity is entitled to a credit if: (a) the entity’s *ordinary income or *statutory income includes an amount that is represented by or reasonably attributable to a *fund payment; and (b) the entity has borne all or part of: (i) an *amount withheld from the payment under Subdivision 12‑H; or (ii) an amount paid under Division 12A in respect of the fund payment. (2) The amount of the credit is that amount or part. (3) Subsection (4) applies if: (a) all or part of an amount (the fund payment part) is represented by a payment that is a *fund payment; and (b) under subsection 840‑805(4A) of the Income Tax Assessment Act 1997, a *foreign pension fund is taken, in respect of the fund payment part, to be a beneficiary in its own right, and not a beneficiary in the capacity of the trustee of another trust; and (c) there is an *amount withheld from the fund payment under Subdivision 12‑H. (4) For the purposes of paragraph (1)(b): (a) treat the *foreign pension fund as having borne all or part of the amount withheld; and (b) treat a beneficiary of the foreign pension fund as not having borne all or part of the amount withheld.