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Div 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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S 160AFAA repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 160AFAA formerly read:

SECTION 160AFAA CERTAIN DIVIDENDS DEEMED TO BE OFFSHORE BANKING INCOME  
160AFAA(1)
Where:

(a) a dividend is paid by a foreign company to a taxpayer in a year of income; and

(b) at any time in the year of income, the foreign company is related to the taxpayer or would be related to the taxpayer if the taxpayer were an Australian company;

then, for the purposes of this Division, so much of the dividend as does not exceed the amount then standing in the transferred offshore banking income pool of the foreign company shall be deemed to be offshore banking income derived by the taxpayer.

160AFAA(2)
For the purposes of subsection (1), the foreign company shall be deemed to have at a particular time a transferred offshore banking income pool consisting of the sum of all amounts of transferred offshore banking income of the company derived at or before that time, reduced by the sum of all amounts deemed under subsection (1) to be offshore banking income derived by the taxpayer before that time.

160AFAA(3)
In subsection (2), ``transferred offshore banking income'' , in relation to the foreign company, means any income derived by the company, where:

(a) the right to receive the income was transferred or assigned to the company by the taxpayer; and

(b) the income would, but for the transfer or assignment of the right, have been offshore banking income of the taxpayer.

S 160AFAA inserted by No 11 of 1988.