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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 8 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 513 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 513 formerly read:

SECTION 513 EXEMPTIONS  
513(1)
The operative provision does not apply to a taxpayer in respect of an interest in:

(a) an entity that is treated as a corporation, and is subject to tax on its worldwide income, under the Internal Revenue Code of 1986 of the United States of America; or

(b) a company or trust that is treated as a regulated investment company, or a real estate investment trust, for the purposes of the Internal Revenue Code of 1986 of the United States of America.

513(2)
The operative provision does not apply to a taxpayer in respect of an interest in one of the following entities if the conditions in subsection (3) or (4) are satisfied:

(a) an entity that is a limited partnership, or a limited liability company under a law of the United States of America or a law of a State of the United States of America;

(b) an entity that is treated as a common trust fund for the purposes of the Internal Revenue Code of 1986 of the United States of America.

513(3)
The condition in this subsection is that the taxpayer satisfies the Commissioner that:

(a) the interest that the taxpayer holds at the end of the entity's notional accounting period is held for the sole purpose of investing directly, or indirectly through one or more interposed entities, in:

(i) a business conducted in the United States of America; or

(ii) real property located in the United States of America; and

(b) the entity does not directly, or indirectly through one or more interposed entities (other than through an entity covered by paragraph (1)(a) or (b)):

(i) have an interest in income or gains derived from sources outside of the United States of America; or

(ii) hold an interest in a FIF that is not resident in the United States of America; or

(iii) hold real property that is not located in the United States of America.

513(4)
The condition in this subsection is that the taxpayer satisfies the Commissioner that:

(a) the interest that the taxpayer holds at the end of the entity's notional accounting period is held for the sole purpose of investing directly, or indirectly through one or more interposed entities, in:

(i) a business conducted in the United States of America; or

(ii) real property located in the United States of America; and

(b) throughout the entity's notional accounting period, the total value of:

(i) any interests that the entity has in income or gains derived from sources outside the United States of America; and

(ii) any interests that the entity has in FIFs that are not resident in the United States of America; and

(iii) any real property held by the entity that is not located in the United States of America;

being interests or real property that the entity has or holds directly, or indirectly through one or more interposed entities (other than through an entity covered by paragraph (1)(a) or (b)), does not exceed 5% of the total value of all interests held by the entity in other entities; and

(c) throughout the entity's notional accounting period, the value of assets held by the entity that:

(i) produce income from sources outside the United States of America; or

(ii) if disposed of would give rise to a gain from a source outside the United States of America;

do not exceed 5% of the total value of assets held by the entity.

513(5)
For the purposes of subsection (4), the value of FIF interests and the value of assets is to be determined using the accounting records of the entity.

S 513 inserted by No 93 of 1999; repealed by No 155 of 1997 and inserted by No 190 of 1992.