Income Tax Assessment Act 1936

Div 1A repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years.

Division 1A comprising s 24B to s 24N inserted by No 164 of 1973.

S 24M repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years. S 24M formerly read:

SECTION 24M CERTAIN INCOME DEEMED NOT TO BE DERIVED FROM SOURCES IN A PRESCRIBED TERRITORY OR OUTSIDE AUSTRALIA  
24M(1)
Income (not being a dividend) that would, but for this subsection, be taken to be derived from a source in a prescribed Territory shall be deemed, for the purposes of this Division, not to be derived from such a source to the extent to which the income is received or accrues, directly or indirectly, in pursuance of an agreement or transaction that:

(a) was not a genuine commercial or family agreement or transaction; or

(b) was entered into for the purpose, or for purposes that included the purpose, of avoiding liability to taxation.

Note:

Section 960-255 of the Income Tax Assessment Act 1997 may be relevant to determining family relationships for the purposes of paragraph (1)(a).

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History

S 24M(1) amended by No 144 of 2008, s 3 and Sch 14 item 11, by inserting the note at the end, applicable in relation to the 2009-2010 year of income and later years of income.

24M(2)
Income that would, but for this subsection, be taken to be derived from a source outside Australia shall be deemed, for the purposes of this Division, not to be derived from such a source to the extent to which the income is received or accrues, directly or indirectly, in pursuance of an agreement or transaction that:

(a) was not a genuine commercial or family agreement or transaction; or

(b) was entered into for the purpose, or for purposes that included the purpose, of avoiding liability to taxation.

Note:

Section 960-255 of the Income Tax Assessment Act 1997 may be relevant to determining family relationships for the purposes of paragraph (2)(a).

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 Hide history note

History

S 24M(2) amended by No 144 of 2008, s 3 and Sch 14 item 12, by inserting the note at the end, applicable in relation to the 2009-2010 year of income and later years of income.

S 24M inserted by No 164 of 1973.

Archived:

S 24N repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 50, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .