Income Tax Assessment Act 1936
View history note
Hide history notePart XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv B repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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.
(Repealed by No 114 of 2010)
S 470 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 470 formerly read:
"accounts"
"acquisition"
"approved stock exchange"
SECTION 470
SECTION 470 DEFINITIONS
470
In this Part, unless the contrary intention appears:
means ledgers, journals, profit and loss accounts and balance-sheets and includes statements, reports and notes attached to, or intended to be read with, any of the above;
, in relation to an interest in a FIF or a FLP, has the meaning given by section
488
;
means:
(a)
a stock exchange named in regulations made for the purposes of this definition; or
(b)
until regulations are so made
-
a stock exchange named in Schedule 3;
"associate"
has the meaning given by Subdivision E;
"Australian entity"
has the meaning given by section
471
;
"Australian partnership"
has the meaning given by section
472
;
"Australian tax"
means income tax or withholding tax;
"Australian trust"
has the meaning given by section
473
;
"balance-sheet"
includes any similar statement and also includes statements, reports and notes attached to, or intended to be read with, a balance-sheet or similar statement;
"calculation method"
has the meaning given by paragraph
534(2)(c)
;
"CFC"
has the same meaning as in Part
X
;
"CFT"
has the same meaning as in Part
X
;
complying superannuation entity
has the same meaning as in the
Income Tax Assessment Act 1997
.
Definition of " complying superannuation entity " inserted by No 73 of 2004.
complying superannuation/FHSA asset
has the same meaning as in the
Income Tax Assessment Act 1997
.
Definition of " complying superannuation/FHSA asset " inserted by No 45 of 2008, s 3 and Sch 7 item 4, effective 26 June 2008.
"convertible note"
:
(a) in relation to a foreign company, has the same meaning as in Division 3A of Part III ; or
(b) in relation to a foreign trust, means an instrument issued by the trustee of the trust, being an instrument that, if the trust were a company, would be a convertible note issued by the company, and includes an instrument that would be a convertible note within the meaning of Division 3A of Part III if:
(i) references in that Division to a company were references to the trust, or to the trustee of the trust, as the context requires; and
(ii) references in that Division to shares were references to interests in the trust;
"deemed rate of return method"
has the meaning given by paragraph
534(2)(b)
in relation to a FIF and the meaning given by paragraph
534(3)(a)
in relation to a FLP;
"disposal"
, in relation to an interest in a FIF or a FLP, has the meaning given by section
488
;
"distribution"
has the meaning given by section
474
;
"entitled to acquire"
has the meaning given by section
475
;
"entity"
means any of the following:
(a) a company;
(b) a partnership;
(c) a person in the capacity of trustee;
(d) any other person;
FIF
or
foreign investment fund
has the meaning given to FIF by section
481
;
fixed entitlement
has the same meaning as in the
Income Tax Assessment Act 1997
.
Definition of " fixed entitlement " inserted by No 73 of 2004.
fixed trust
has the same meaning as in the
Income Tax Assessment Act 1997
.
Definition of " fixed trust " inserted by No 73 of 2004.
"FLP"
or
"foreign life assurance policy"
has the meaning given to FLP by section
482
;
"foreign company"
has the meaning given by section
481
;
"foreign trust"
has the meaning given by section
481
;
"general insurance business"
means insurance business other than life insurance business;
"interest"
, in relation to a FIF or a FLP, has the meaning given by section
483
;
"life insurance business"
has the same meaning as in section 11 of the
Life Insurance Act 1995
;
Definition of " life insurance business " amended by No 5 of 1995.
"Lloyd
'
s"
means The Society of Lloyd
'
s incorporated by the Lloyd
'
s Act 1871 of the United Kingdom;
"market value method"
has the meaning given by paragraph
534(2)(a)
;
"notional accounting period"
:
(a) in relation to a FIF, has the meaning given by section 486 ; or
(b) in relation to a FLP, has the meaning given by section 487 ;
"Part XI Australian resident"
means a resident within the meaning of section
6
but does not include an entity if:
(a) there is a double tax agreement in force in respect of a foreign country; and
(b) that agreement contains a provision that is expressed to apply if, apart from the provision, the entity would, for the purposes of the agreement, be both a resident of Australia and a resident of the foreign country; and
(c) that provision has the effect that the entity is, for the purposes of the agreement, a resident solely of the foreign country;
"profit and loss account"
includes any similar statement and also includes statements, reports and notes attached to, or intended to be read with, a profit and loss account or similar statement;
"quoted price"
has the meaning given by section
476
;
resident superannuation entity
has the meaning given by section
477
.
Definition of " resident superannuation entity " substituted for the definition of " resident Part IX entity " by No 15 of 2007, s 3 and Sch 1 item 128, applicable to the 2007-08 income year and later years. The definition of " resident Part IX entity " formerly read:
"resident Part IX entity"
has the meaning given by section 477 ;
segregated exempt assets
has the same meaning as in the
Income Tax Assessment Act 1997
.
Definition of " segregated exempt assets " inserted by No 73 of 2004.
"share"
, in relation to a foreign company, includes any interest in the capital of the company that is in the nature of a share or stock, including such an interest in the nature of a preference share (whether or not redeemable), a bonus share or a share with deferred rights;
"statutory accounting period"
has the same meaning as in Part
X
;
"tax detriment"
has the meaning given by section
478
;
"the operative provision"
means section
529
;
"trading stock"
(Omitted by No 18 of 1993)
"trust"
means:
(a) an entity in the capacity of trustee (including an entity that manages a trust if there is no trustee); or
(b) as the case requires, a trust or a trust estate;
Definition of " trust " amended by No 15 of 2007, s 3 and Sch 1 item 129, by substituting para (a), applicable to the 2007-08 income year and later years. Para (a) formerly read:
(a) an entity in the capacity of trustee (including an entity that is taken to be a trustee because of section 268 ); or
trustee
, in relation to a fund that has no trustee, means the person who manages the fund.
Definition of " trustee " substituted by No 15 of 2007, s 3 and Sch 1 item 130, applicable to the 2007-08 income year and later years. The definition formerly read:
trustee
, in relation to a fund that has no trustee, means a person who is a trustee of the fund for the purposes of Part IX .
Definition of " trustee " inserted by No 73 of 2004.
virtual PST asset
(Repealed by No 45 of 2008)
Definition of " virtual PST asset " repealed by No 45 of 2008, s 3 and Sch 7 item 3, effective 26 June 2008. The definition formerly read:
virtual PST asset
has the same meaning as in the Income Tax Assessment Act 1997 .
Definition of " virtual PST asset " inserted by No 73 of 2004.
"wholly-owned subsidiary"
has the meaning given by section
479
.
S 470 inserted by No 190 of 1992.
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