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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 16 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 529 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 529 formerly read:

SECTION 529 FOREIGN INVESTMENT FUND INCOME TO BE INCLUDED IN ASSESSABLE INCOME  
529(1)
The circumstances in which this section applies to a taxpayer in relation to a FIF or FLP in respect of a notional accounting period of the FIF or FLP are as set out in section 485 .

529(2)
If foreign investment fund income accrued to a taxpayer to whom this section applies from a FIF or a FLP in respect of a notional accounting period of the FIF or FLP, the taxpayer's assessable income of the year of income in which the notional accounting period ended includes:

(a) if the taxpayer was a resident throughout the whole of the notional accounting period - the foreign investment fund income; or

(b) if the taxpayer was a resident throughout a part or parts of the notional accounting period - so much of the foreign investment fund income as is worked out using the formula:

Foreign investment fund income

×

Number of days of residence Total number of days

In the formula in paragraph (b):

foreign investment fund income means the amount of the foreign investment fund income that accrued to the taxpayer from the FIF or FLP in respect of the notional accounting period.

number of days of residence means the number of days in the notional accounting period throughout which the taxpayer was a resident.

total number of days means the number of days in the notional accounting period.

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History

S 529(2) substituted by No 76 of 1996.

S 529 inserted by No 190 of 1992.