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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 4 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 503 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 503 formerly read:

SECTION 503 EXEMPTION FOR INTEREST IN FOREIGN BANK  
503
If:

(a) at the end of the notional accounting period of a foreign company the taxpayer had an interest in the foreign company that consisted of shares included in a class of shares that were quoted on the stock market of an approved stock exchange; and

(b) throughout that period, or the part of that period in which the taxpayer had that interest, as the case may be:

(i) shares in the foreign company were widely held, and actively traded on a regular basis, on a stock market of an approved stock exchange; and

(ii) the foreign company was authorised under the law of its place of residence to carry on banking business; and

(iii) the foreign company was principally engaged in the active carrying on of banking business;

the interest referred to in paragraph (a) is disregarded for the purposes of the application of the operative provision to the taxpayer in relation to the foreign company in respect of that notional accounting period.

S 503 inserted by No 190 of 1992.