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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv C repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 544 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 544 formerly read:

SECTION 544 STEP 1 - GROUPS OF INTERESTS  
544(1)
The first step in the procedure is to determine:

(a) whether the taxpayer had only one interest, or had 2 or more interests, in the FIF during the relevant period; and

(b) if the taxpayer had 2 or more such interests - whether any of the interests form a group or groups within the meaning of subsection (4) or (5).

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History

S 544(1) amended by No 58 of 2006 , s 3 and Sch 7 item 50, by substituting " form a group " for " from a group " in para (b), effective 22 June 2006.

544(2)
Subject to subsection (6), if the taxpayer had only one interest in a FIF during the relevant period, the procedure applies in respect of the interest and so applies as if the interest were a group.

544(3)
If the taxpayer had 2 or more interests in a FIF during the relevant period, the procedure:

(a) applies separately in respect of each interest (if any) that is not included in a group and so applies as if each such interest were a separate group; and

(b) if any of the interests form a group or groups - applies separately in respect of the group or each of the groups.

544(4)
Interests in a FIF which are of the same class and which the taxpayer had throughout the relevant period form a group.

544(5)
Subject to subsection (6), interests in a FIF which are of the same class and which the taxpayer had throughout the same part of the relevant period form a group.

544(6)
Any interest in a FIF that the taxpayer ceased to have before the end of the relevant period is to be disregarded.

S 544 inserted by No 190 of 1992.