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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 558 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 558 formerly read:

SECTION 558 PROCEDURE FOR DETERMINING FOREIGN INVESTMENT FUND INCOME BY CALCULATION METHOD  
558(1)
This Subdivision sets out the procedure for determining by the calculation method whether any foreign investment fund income accrued to a person ( ``the taxpayer'' ) from a particular FIF in respect of a notional accounting period ( ``the relevant period'' ).

558(2)
The procedure is to be applied separately for each taxpayer.

558(3)
The procedure involves:

(a) determining whether, for the purposes of the application of this Subdivision in relation to the taxpayer, there is any calculated profit or calculated loss in respect of the FIF in respect of the relevant period; and

(b) if there is such a calculated profit, determining the share of that calculated profit to which the taxpayer is entitled; and

(c) if there is such a calculated loss, taking the calculated loss into account in respect of later notional accounting periods as provided in section 572 .

S 558 inserted by No 190 of 1992.