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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv A repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 536 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 536 formerly read:

SECTION 536 METHODS APPLICABLE IN RELATION TO FLP  
536(1)
The deemed rate of return method is to be applied in respect of the taxpayer ' s interest in a FLP in respect of a notional accounting period unless, under the following provisions of this section, the cash surrender value method is to be applied in respect of that period.

536(2)
Subject to subsection (3), the taxpayer may elect to apply the cash surrender value method in respect of the taxpayer ' s interest in the FLP in respect of a notional accounting period ( " the relevant notional accounting period " ) if the deemed rate of return method has not already been applied in respect of that interest in respect of that period.

536(3)
The taxpayer is not entitled to make an election under subsection (2) in relation to a FLP unless the taxpayer also makes an election in relation to a FLP under subsection 487(3) .

536(4)
If such an election is made, then, subject to the following provisions of this section, the cash surrender value method is to be applied in respect of the relevant notional accounting period and in respect of every later notional accounting period.

536(5)
An election under subsection (2) is irrevocable.

536(6)
If the cash surrender value method would, apart from this subsection, be required to be applied in respect of a notional accounting period but the taxpayer is unable to provide cash surrender values for the beginning and the end of that period, the cash surrender value is not to be applied in respect of that period or any later notional accounting period.

536(7)
If the deemed rate of return method is to be applied in respect of a notional accounting period because of subsection (6) and the cash surrender value method has been applied in respect of one or more previous notional accounting periods, then subsections (8) and (9) have effect.

536(8)
The application of the deemed rate of return method in respect of the first notional accounting period in respect of which it is to be applied because of subsection (6) ( " the notional accounting period concerned " ) is to be on the same basis as that on which it would have been applied if the cash surrender value method had not been applied in respect of any previous notional accounting period.

536(9)
However, if:

(a) the FLP was issued after 3 November 1992; and

(b) the amount, or the sum of the amounts, of foreign investment fund income ( " the actual FIF income " ) that accrued to the taxpayer from the FLP in respect of the notional accounting period or notional accounting periods in respect of which the cash surrender value method was applied is less than the amount, or the sum of the amounts, of foreign investment fund income ( " the notional FIF income " ) that would have so accrued if the deemed rate of return method had been applied in respect of that period or those periods;

the amount that, apart from this subsection, would have been the foreign investment fund income that accrued to the taxpayer from the FLP in respect of the notional accounting period concerned is increased by the amount worked out using the formula:

The notional FIF income   −   The actual FIF income

S 536 inserted by No 190 of 1992.