INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 1A - Provisions relating to certain external territories  

SECTION 24N   TRANSITIONAL  

24N(1)   [Definitions]  

In this section -

prescribed company
means a company that would be a Territory company in relation to the period of 6 months ending on 30 June 1974 if that period were a year of income.

year of income to which this section applies
means the year of income ending on 30 June 1974 or either of the 2 immediately preceding years of income.

24N(2)   [Commissioner's discretion to treat as Territory company]  

Where a prescribed company is not a Territory company in relation to a year of income to which this section applies, the Commissioner may, if he considers it reasonable in the circumstances to do so, treat the company, for the purposes of sections 24F , 24G , 24J and 24L , as being a Territory company in relation to that year of income, but, in that case, so much only of any income derived by the company during that year of income that is income to which section 24F or 24G applies is exempt from income tax as the Commissioner considers reasonable having regard to the extent to which Territory residents were the beneficial owners of shares in the company at the time when the income was derived.