“Outdated rules for reducing Branch Equivalent Tax Accounts no longer apply”
This part of the law used to be about BETA reductions. BETA stands for Branch Equivalent Tax Account. The law talked about how to reduce this account. However, this part of the law doesn’t exist anymore. The government got rid of it on 1 July 2012. This means that from that date, you don’t need to worry about BETA reductions when dealing with your taxes.
“Removed rules about reducing credits in a company's tax account”
Part O
Memorandum accounts
Terminating provisions
OZ 16BETA reductions (Repealed)
Notes
Section OZ 16: repealed, on (applying for income years beginning on or after that date), by section 125(1) of the Taxation (International Investment and Remedial Matters) Act 2012 (2012 No 34).
