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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv B repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 542 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 542 formerly read:

SECTION 542 STEP 2 - CALCULATION OF FOREIGN INVESTMENT FUND INCOME  
542(1)
The second step in the procedure is to work out under this section the amount of any foreign investment fund income in relation to the taxpayer in respect of the relevant period.

542(2)
If:

(a) there is, under section 540 , any gross foreign investment fund income in relation to the taxpayer from the FIF in respect of the relevant period; and

(b) that gross foreign investment fund income exceeds the total of any unapplied previous foreign investment fund losses incurred by the taxpayer from the FIF in respect of a notional accounting period or notional accounting periods before the relevant period;

the following provisions have effect.

542(3)
If no election is made under subsection 538(4) in relation to the FIF, the excess referred to in paragraph (2)(b) is to be converted to the corresponding amount in Australian currency in accordance with the rate of exchange applicable at the end of the relevant period.

 View history note

 Hide history note

History

S 542(3) amended by No 18 of 1993.

542(4)
Foreign investment fund income equal to that corresponding amount is taken to have accrued to the taxpayer from the FIF in respect of the relevant period.

542(5)
The reference in paragraph (2)(b) to an unapplied foreign investment fund loss incurred by the taxpayer from the FIF in respect of a notional accounting period before the relevant period is a reference to so much of the undeducted amount of a foreign investment fund loss under section 541 that was incurred by the taxpayer from the FIF in respect of any such notional accounting period as exceeds the sum of the amounts (if any) worked out under the following paragraphs in respect of each referable notional accounting period of the FIF:

(a) if paragraph (b) does not apply to the referable notional accounting period concerned - any amount that under section 540 was gross foreign investment fund income in relation to the taxpayer from the FIF in respect of that period; or

(b) if the operative provision did not apply to the taxpayer in respect of the referable notional accounting period concerned, or the application of the operative provision to the taxpayer in respect of that period was affected, because of any of Divisions 2 to 9 and 11 to 15:

(i) any amount that under section 540 would have been gross foreign investment fund income in relation to the taxpayer from the FIF in respect of that period; or

(ii) any amount by which the amount that under section 540 was gross foreign investment fund income in relation to the taxpayer from the FIF in respect of that period would have been increased; or

(iii) any amount by which the amount that under section 541 was a foreign investment fund loss in relation to the taxpayer from the FIF in respect of that period would have been reduced;

if the operative provision had applied to the taxpayer in respect of that period or the application of the operative provision to the taxpayer in respect of that period had not been so affected, as the case may be.

542(6)
In subsection (5):

"undeducted amount"
, in relation to a foreign investment fund loss, means so much of that loss as has not been allowed, and is not allowable, as a deduction under section 532 from the taxpayer's assessable income of any year of income preceding the year of income in which the relevant period ends;

"referable notional accounting period"
, in relation to a FIF, means a notional accounting period of the FIF that occurred after the notional accounting period in which the foreign investment fund loss was incurred and before the relevant period.

542(7)
In calculating under subsection (5) the extent (if any) to which a foreign investment fund loss that was incurred by the taxpayer from a FIF in respect of a notional accounting period is an unapplied previous foreign investment fund loss, an amount worked out under paragraph (5)(a) or subparagraph (5)(b)(i), (ii) or (iii) does not include any part of that amount that has been, or is to be, taken into account in calculating the extent to which a foreign investment fund loss under section 541 that was incurred by the taxpayer from the FIF in respect of a notional accounting period before the first-mentioned notional accounting period was an unapplied previous foreign investment fund loss.

542(8)
For the purposes of applying subsections (5), (6) and (7) in working out the amount of an unapplied previous foreign investment fund loss, if any amount that is to be taken into account under any of those subsections in relation to a notional accounting period is not expressed in the same currency as the gross foreign investment fund income mentioned in paragraph (2)(a), the amount is to be converted to the corresponding amount in that currency in accordance with the rate of exchange applicable at the end of that notional accounting period.

 View history note

 Hide history note

History

S 542(8) inserted by No 138 of 1994.

S 542 inserted by No 190 of 1992.