Income Tax Assessment Act 1997

Chapter 4 inserted by No 162 of 2001.

Part 4-5 inserted by No 162 of 2001.

Div 768 heading substituted by No 110 of 2014, s 3 and Sch 2 item 3, applicable to distributions and non-share dividends made after 16 October 2014. Div 768 heading formerly read:

Division 768 - Exempt foreign income and gains

Div 768 inserted by No 96 of 2004.

Subdiv 768-H repealed by No 168 of 2006 , s 3 and Sch 4 item 87, applicable to CGT events that happen on or after 12 December 2006.

Subdiv 768-H inserted by No 21 of 2005.

S 768-615 repealed by No 168 of 2006 , s 3 and Sch 4 item 87, applicable to CGT events that happen on or after 12 December 2006. S 768-615 formerly read:

SECTION 768-615 Foreign resident companies  
768-615
If a company ' s assessable income for an income year includes an amount under subsection 98A(1) of the Income Tax Assessment Act 1936 because it is a beneficiary described in subsection 98(3) of that Act, the company can deduct for the income year the amount of a *capital gain that would be disregarded for it under this Subdivision for that year had section 115-215 of this Act applied to it for that year.

Note 1:

Section 98A of the Income Tax Assessment Act 1936 deals with taxing beneficiaries who are foreign residents at the end of an income year.

Note 2:

Subsection 98(3) of that Act makes the trustee liable for tax on the share of the income of the trust to which a foreign resident company is presently entitled.

Note 3:

Section 115-215 treats a portion of a trust ' s capital gain as a capital gain made by a beneficiary, and applies the CGT discount to that portion as if the gain were made directly by the beneficiary.

S 768-615 inserted by No 21 of 2005.