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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 19 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 603 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 603 formerly read:

SECTION 603 FIF ATTRIBUTION ACCOUNT PAYMENTS  
603(1)
Each of the following is a FIF attribution account payment:

(a) a dividend paid by a company to a shareholder;

(b) interest paid on a convertible note to the holder of the note;

(c) the individual interest of a partner in the net income (within the meaning of section 90 ) of a partnership of a year of income;

(d) if a beneficiary of a trust is presently entitled to a share of the income of the trust - that share of the net income (within the meaning of section 95 ) of the trust of a year of income;

(e) the whole or part of the net income of a trust of a year of income that is assessable to the trustee under section 99 or 99A ;

(f) an amount of trust property that would be included in the assessable income of a beneficiary of a year of income under section 99B if:

(i) the beneficiary were a resident, within the meaning of section 6 , at a time during the year of income; and

(ii) paragraph 99B(2)(c) were replaced by a paragraph referring to any FIF attribution account payment under paragraph (d) or (e) of this subsection;

(g) a payment made by the person who issued a FLP to a person who has an interest in the FLP;

(h) an amount that is included in assessable income under section 27H of this Act, Division 82 , 301 , 302 , 304 or 305 of the Income Tax Assessment Act 1997 , or Division 82 of the Income Tax (Transitional Provisions) Act 1997 .

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History

S 603(1) amended by No 12 of 2012, s 3 and Sch 6 items 30 and 31, by inserting " section 27H of this Act, " before " Division 82 " in para (h), applicable to the 2007-08 income year and later income years.

S 603(1) amended by No 15 of 2007, s 3 and Sch 1 item 140, by substituting " Division 82, 301, 302, 304 or 305 of the Income Tax Assessment Act 1997 , or Division 82 of the Income Tax (Transitional Provisions) Act 1997 " for " Subdivision AA of Division 2 of Part III " in para (h), applicable on or after 1 July 2007.

S 603(1) amended by No 181 of 1994.

603(2)
The FIF attribution account payment is taken to be made:

(a) in a paragraph (1)(c) case - by the partnership to the partner; and

(b) in a paragraph (1)(d) or (f) case - by the trust to the beneficiary; and

(c) in a paragraph (e) case - by the trust to the trustee;

and, in any such case, to be made at the end of the year of income.

S 603 inserted by No 190 of 1992.