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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv E repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 491 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 491 formerly read:

SECTION 491 ASSOCIATES OF AN ENTITY TO BE DETERMINED IN ACCORDANCE WITH SECTION 318 AS MODIFIED  
491(1)
For the purposes of this Part, the associates of an entity are to be determined in accordance with section 318 subject to the modifications made by subsection (2) of this section.

491(2)
The modifications are as follows:

(a) " relative " , in relation to a person, means:

(i) a spouse of the person other than a spouse who is legally married to the person but is living separately and apart from the person and has been so living for at least 12 months; or

(ia) a spouse of the person, other than a spouse within the meaning of paragraph (a) of the definition of spouse in subsection 995-1(1) of the Income Tax Assessment Act 1997 who is living separately and apart from the person and has been so living for at least 12 months; or

(ii) a child of the person; or

(iii) if the person has not reached the age of 18 years:

(A) a parent of the person; or

(B) a brother or sister of the person;

(b) " child " , in relation to a person, means:

(i) a child of the person (other than a child excluded under subsection (3); or

(ii) a child (other than a child referred to in subparagraph (i)) of a spouse of the person, being a child who lives with the person;

(c) " trust " does not include a public unit trust, a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust;

(d) subsections 318(5) and (7) are to be disregarded;

(e) for the purposes of the application of paragraphs 318(6)(a) and (b) in relation to an entity, the references in those paragraphs to interposed companies, partnerships or trusts are taken to be references to any such companies, partnerships or trusts that are associates of the entity.

Note:

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

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History

S 491(2) amended by No 144 of 2008, s 3 and Sch 14 items 42 to 44, by inserting para (a)(ia) after para (a)(i), inserting the note at the end and substituting para (b)(i), applicable in relation to the 2009-2010 year of income and later years of income. Para (b)(i) formerly read:

(i) a child (other than a step-child) of the person; or

S 491(2) amended by No 15 of 2007, s 3 and Sch 1 item 134, by substituting " , a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust " for " or an eligible Part IX entity " in para (c), applicable to the 2007-2008 income year and later years.

491(3)
For the purposes of subparagraph (2)(b)(i), the following children are excluded under this subsection:

(a) a step-child of the person; and

(b) someone who would be the step-child of the person except that the person is not legally married to the person ' s spouse.

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History

S 491(3) inserted by No 144 of 2008, s 3 and Sch 14 item 45, applicable in relation to the 2009-2010 year of income and later years of income.

S 491 inserted by No 190 of 1992.