Income Tax Assessment Act 1936

Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A .

Div 18 substituted by No 51 of 1986.

Div 18 amended by No 108 of 1981, No 87 of 1978, No 117 and No 80 of 1975, No 126 of 1974, No 164 and No 51 of 1973, No 47 of 1972, No 85 and No 76 of 1967, No 50 of 1966, No 143 of 1965, No 110 of 1964 and No 94 of 1961.

S 160AEA repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A . S 160AEA formerly read:

SECTION 160AEA PASSIVE INCOME  
160AEA(1)
In this Division:

"passive income"
, in relation to a taxpayer, in relation to a year of income, means:

(a) dividends (within the meaning of section 6 ) paid to the taxpayer in the year of income; or

(b) unit trust dividends (within the meaning of Division 6B or 6C ) paid to the taxpayer in the year of income; or

(c) a distribution made to the taxpayer in the year of income where the distribution is taken to be a dividend because of section 47 ; or

(d) an amount that is taken to be a dividend paid to the company in the year of income because of section 47A or Division 7A of Part III ; or

(e) interest income derived by the taxpayer in the year of income; or

(f) annuities derived by the taxpayer in the year of income; or

(g) rental income derived by the taxpayer in the year of income; or

(h) royalties derived by the taxpayer in the year of income; or

(j) an amount derived by the taxpayer in the year of income as consideration for the assignment, in whole or in part, of any copyright, patent, design, trade mark or other like property or right; or

(k) profits of a capital nature that accrued to the taxpayer in the year of income; or

(m) passive commodity gains that accrued to the taxpayer in the year of income; or

(n) an amount included in the assessable income of the taxpayer of the year of income under section 26D , 102AAZD , 456 , 457 , 459A or 529 ;

but does not include:

(o) offshore banking income; or

(p) an amount that arose from an asset necessarily held by the taxpayer in connection with an insurance business actively carried on by the taxpayer; or

(q) an amount included in the taxpayer's assessable income under Division 13A .

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History

S 160AEA(1) amended by No 79 of 2007 , s 3 and Sch 1 item 37, by omitting " or 108 " after " section 47A " in para (d), applicable to assessments for the income year in which 1 July 2006 occurred and later income years.

S 160AEA(1) amended by No 64 of 2005. For application provision, see note under definition of " eligible foreign remuneration " in s 23AF(18) .

S 160AEA(1) amended by No 96 of 2004, No 47 of 1998; No 190 of 1992 (as amended by No 18 of 1993); and No 48 of 1991.

160AEA(2)
In this Division:

"modified passive income"
, in relation to a taxpayer, in relation to a year of income, means amounts that would be passive income of the taxpayer of the year of income if that passive income did not include interest income of the taxpayer of the year of income.

160AEA(3)
In this section:

"commodity"
means any thing that is capable of delivery under an agreement for its delivery, but does not include an instrument creating or evidencing a chose in action;

"passive commodity gain"
, in relation to a taxpayer, in relation to a year of income, means a gain realised by the taxpayer in a year of income from disposing of a passive commodity investment;

"passive commodity investment"
, in relation to a taxpayer, means:

(a) either of the following contracts:

(i) a forward contract in respect of a commodity;

(ii) a futures contract in respect of a commodity; or

(b) a right or option in respect of such a contract;

except where both of the following conditions are satisfied:

(c) the taxpayer carries on:

(i) a business of producing or processing the commodity; or

(ii) a business that involves the use of the commodity as a raw material in a production process;

(d) the contract, right or option relates to the carrying on of that business;

"rent"
has the same meaning as in Part X ;

"rental income"
means income derived by way of rent.

S 160AEA inserted by No 5 of 1991.