Income Tax Assessment Act 1936

Pt X inserted by No 5 of 1991.

S 424 repealed by No 143 of 2007 , s 3 and Sch 1 item 94, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 424 formerly read:

SECTION 424 CLASSES OF NOTIONAL ASSESSABLE INCOME  
424(1)
For the purposes of this Subdivision but subject to subsection (2), each of the following amounts included in notional assessable income constitutes a single class:

(a) interest income (within the meaning of subsection 160AE(3) );

(b) modified passive income (within the meaning of subsection 160AEA(2) );

(c) offshore banking income (within the meaning of subsection 160AE(4) );

(d) all other amounts.

424(2)
Subsection (1) does not apply to an amount included in notional assessable income under Part 3-1 or 3-3 of the Income Tax Assessment Act 1997 as modified in accordance with Subdivision C.

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History

S 424(2) amended by No 101 of 2006 , s 3 and Sch 2 item 477, by amending references to repealed inoperative provisions, effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 424 amended by No 46 of 1998 and inserted by No 5 of 1991.