Under Australian Tax Law, a Multinational Corporation May Not Use

question 11

True/False

Under Australian tax law, a multinational corporation may not use any excess tax credits generated in high-tax foreign countries to offset its net Australian tax liabilities on earnings in low-tax foreign countries.

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Definitions:

Substantial Performance

A legal concept that indicates a party has fulfilled enough of its contractual obligations to warrant payment or consideration, even if minor details remain uncompleted.

Promise to Build a House

An agreement, typically formal and legally binding, where one party commits to constructing a residential dwelling for another.

Constructive Condition

An implied condition in contracts that must be met for the parties' performance obligations to arise, even if not explicitly stated.

Implied-In-Law Condition

A condition in a contract created by the court to ensure fairness, which is not explicitly stated in the contract itself.