Income Tax Assessment Act 1936

Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. No 114 of 2010, Sch 1 item 95 contains the following saving provisions:

95 Saving of regulations relating to stock exchanges  
95
Despite the repeal of the definition of approved stock exchange in section 470 of the Income Tax Assessment Act 1936 by item 37 of this Schedule, regulations made for the purposes of that definition that were in force immediately before this item commences continue in force on and after that commencement as if those regulations had been made for the purposes of the definition of approved stock exchange in the Income Tax Assessment Act 1997 as inserted by item 81 of this Schedule. 96 Saving of elections relating to foreign hybrids  
96
Despite the repeal of subsection 485AA(1) of the Income Tax Assessment Act 1936 by item 37 of this Schedule, elections made under that subsection continue to have effect on and after the commencement of this Schedule as if that repeal had not happened.

Part XI inserted by No 190 of 1992.

Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part XI heading.

Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part XI heading.

S 490 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part XI heading. S 490 formerly read:

SECTION 490 CONSIDERATION FOR DISPOSAL OR ACQUISITION  
490(1)
In the circumstances referred to in subsections (2) and (3) it is necessary for the purposes of this Part to make special provision for the calculation of the consideration in respect of the disposal or acquisition of an interest in a FIF or a FLP.

490(2)
If a person disposed of an interest in a FIF or a FLP and:

(a) the person did not receive any consideration in respect of the disposal; or

(b) both of the following subparagraphs apply:

(i) the amount that, apart from this subsection, would be taken to be the consideration received by the person in respect of the disposal is greater or less than the market value of the interest at the time of the disposal;

(ii) the person, and the person to whom the interest was disposed of, were not dealing with each other at arm's length in connection with the disposal;

the person is taken to have received as consideration in respect of the disposal an amount equal to the market value of the interest at the time of the disposal.

490(3)
If a person acquired an interest in a FIF or a FLP and:

(a) the person did not pay or give any consideration in respect of the acquisition; or

(b) both of the following subparagraphs apply:

(i) the amount that, apart from this subsection, would be taken to be the consideration paid or given by the person in respect of the acquisition was greater or less than the market value of the interest at the time of the acquisition;

(ii) the person, and the person from whom the person acquired the interest, were not dealing with each other at arm's length in connection with the acquisition;

the person is taken to have paid or given as consideration in respect of the acquisition an amount equal to the market value of the interest at the time of the acquisition.

S 490 inserted by No 190 of 1992.