Income Tax Assessment Act 1936

Pt X inserted by No 5 of 1991.

S 371(1) amended by No 114 of 2010, s 3 and Sch 1 item 20, by omitting paras (aa) and (ab), applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income. Paras (aa) and (ab) formerly read:

(aa) both the following conditions apply:

(i) an amount is included in the taxpayer ' s assessable income under section 456 in respect of the attributable income of another attribution account entity ( the other entity ) for a statutory accounting period of the other entity;

(ii) that amount was calculated by reference to another amount ( the Part XI amount ) that under Part XI was included in the attributable income of the other entity because the other entity had an interest in the eligible entity; or

(ab) each of the following conditions applies:

(i) an amount is included in the taxpayer ' s assessable income under section 456 in respect of the attributable income of another attribution account entity ( the other entity ) for a statutory accounting period of the other entity;

(ii) the amount so included was calculated by reference to another amount that under Part XI was included in the attributable income of the other entity because the other entity had an interest in another attribution account entity ( the interposed entity );

(iii) the other amount referred to in subparagraph (ii) of this paragraph was calculated by reference to an amount ( the section 576 amount ) that under section 576 was included in the notional income of the interposed entity because the interposed entity had an interest in the eligible entity; or

S 371(1) amended by No 96 of 2004 and No 190 of 1992.

S 371(2) amended by No 114 of 2010, s 3 and Sch 1 item 21, by substituting " subsection (4) " for " subsections (2A), (2B), (3) and (4) " , applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income.

S 371(2) amended by No 190 of 1992.

S 371(2A) repealed by No 114 of 2010, s 3 and Sch 1 item 22, applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income. S 371(2A) formerly read:

371(2A)
If an attribution credit arises under paragraph (1)(aa) for an eligible entity, the amount of the attribution credit is to be worked out using the formula:

FIF income   ×   Section 456 amount Notional assessable income

In the formula:

" FIF income " means the amount of the foreign investment fund income included, in relation to the eligible entity, under Part XI in the notional assessable income of the other entity for the statutory accounting period of the other entity referred to in paragraph (1)(aa);

" Section 456 amount " means the amount included in the taxpayer ' s assessable income under section 456 in respect of the statutory accounting period referred to in paragraph (1)(aa) of the other entity;

" Notional assessable income " means the notional assessable income of the other entity under Part X for the statutory accounting period referred to in paragraph (1)(aa).

S 371(2A) inserted by No 190 of 1992.

S 371(2B) repealed by No 114 of 2010, s 3 and Sch 1 item 22, applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income. S 371(2B) formerly read:

371(2B)
If an attribution credit arises under paragraph (1)(ab) for an eligible entity, the amount of the attribution credit is to be worked out using the formula:

FIF income   ×   Section 456 amount Notional assessable income

For the purposes of this subsection:

" FIF income " means the amount worked out using the formula:

FIF income of the eligible entity   ×   Section 529 amount Notional income of the interposed entity

" FIF income of the eligible entity " means the amount of the foreign investment fund income included, in relation to the eligible entity, under section 576 in the notional income of the interposed entity referred to in subparagraph (1)(ab)(ii) for the notional accounting period of the interposed entity that ends during the statutory accounting period of the other entity referred to in subparagraph (1)(ab)(i);

" Section 529 amount " means the amount included in the notional assessable income of the other entity referred to in subparagraph (1)(ab)(i) under section 529 in respect of the statutory accounting period referred to in that subparagraph because of an interest that that other entity holds in the interposed entity;

" Notional income of the interposed entity " means the notional income of the interposed entity referred to in subparagraph (1)(ab)(ii) under Part XI for the notional accounting period of that entity that ends during the statutory accounting period of the other entity referred to in subparagraph (1)(ab)(ii);

" Section 456 amount " means the amount included in the taxpayer ' s assessable income under section 456 in respect of the statutory accounting period referred to in subparagraph (1)(ab)(i) of the other entity referred to in that subparagraph;

" Notional assessable income " means the notional assessable income of the other entity referred to in subparagraph (1)(ab)(i) under Part X for the statutory accounting period referred to in that subparagraph.

S 371(2B) inserted by No 190 of 1992.

S 371(2C) repealed by No 114 of 2010, s 3 and Sch 1 item 22, applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income. S 371(2C) formerly read:

371(2C)
If subsection (2A) applies to a taxpayer in respect of one or more eligible entities in respect of a particular section 456 amount, the amount of the attribution credit arising under paragraph (1)(a) for the other entity referred to in paragraph (1)(aa) is reduced by the attribution credit or the sum of the attribution credits that, except for subsection (2D), would arise for the eligible entity or eligible entities under subsection (2A).

S 371(2C) inserted by No 190 of 1992.

S 371(2D) repealed by No 114 of 2010, s 3 and Sch 1 item 22, applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income. S 371(2D) formerly read:

371(2D)
If subsection (2B) applies to a taxpayer in respect of one or more eligible entities in respect of a particular amount included in the notional income of the interposed entity referred to in subparagraph (1)(ab)(ii), the amount of the attribution credit arising under paragraph (1)(aa) for the interposed entity is to be reduced by the attribution credit or the sum of the attribution credits arising for the eligible entity or eligible entities under subsection (2B).

S 371(2D) inserted by No 190 of 1992.

S 371(5) amended by No 114 of 2010, s 3 and Sch 1 item 23, by omitting paras (aa) and (ab), applicable in relation to statutory accounting periods ending in the 2010-11 year of income and later years of income. Paras (aa) and (ab) formerly read:

(aa) in a paragraph (1)(aa) case - at the end of the notional accounting period of the eligible entity that gave rise to the Part XI amount referred to in subparagraph (1)(aa)(ii); or

(ab) in a paragraph (1)(ab) case - at the end of the notional accounting period of the eligible entity that gave rise to the section 576 amount referred to in subparagraph (1)(ab)(iii); or

S 371(5) amended by No 96 of 2004, No 170 of 1995, No 190 of 1992 and No 216 of 1991.

S 371(6) amended by No 96 of 2004.

S 371(7) amended by No 53 of 2016, s 3 and Sch 5 item 25, by repealing para (a), applicable to assessments for income years starting on or after 1 July 2016. For transitional provision, see note under Pt III Div 6B heading. Para (a) formerly read:

(a) a corporate unit trust within the meaning of Division 6B of Part III; or

S 371(7) amended by No 15 of 2007, s 3 and Sch 1 item 125, by substituting para (c), applicable to the 2007-2008 income year and later years. Para (c) formerly read:

(c) an eligible entity within the meaning of Part IX .

S 371(8) amended by No 41 of 1998 and inserted by No 216 of 1991.

S 371(9) amended by No 41 of 1998 and inserted by No 216 of 1991.