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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 20 repealed by No 143 of 2007 , s 3 and Sch 1 item 126, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A .

S 612 repealed by No 143 of 2007 , s 3 and Sch 1 item 126, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A . S 612 formerly read:

SECTION 612 FIF ATTRIBUTED TAX ACCOUNT DEBIT  
612(1)
A FIF attributed tax account debit arises for a FIF in relation to another FIF attribution account entity or in relation to a taxpayer if:

(a) the FIF makes a FIF attribution account payment to the taxpayer or to another FIF attribution account entity; and

(b) the FIF attribution account payment requires a FIF attribution debit for the FIF in relation to the taxpayer.

612(2)
The amount of the FIF attributed tax account debit is the amount worked out using the formula:

FIF attribution debit   FIF attribution surplus

×   FIF attributed tax account surplus.

In the formula:

FIF attribution debit means the amount of the FIF attribution debit;

FIF attribution surplus means the amount of the FIF attribution surplus, for the FIF making the FIF attribution account payment, in relation to the taxpayer immediately before the FIF attribution debit arose;

FIF attributed tax account surplus means the amount of the FIF attributed tax account surplus.

612(3)
The FIF attributed tax account debit arises when the FIF attribution account payment is made.

S 612 inserted by No 190 of 1992.