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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv C repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 485 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 485 formerly read:

SECTION 485 TAXPAYERS TO WHOSE INTERESTS IN FIFs AND FLPs THIS PART APPLIES  
485(1)
The operative provision applies to a taxpayer in relation to a FIF or a FLP in accordance with this section. Section 485A also has effect when the operative provision is applied to work out the net income of a partnership or trust estate.

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S 485(1) amended by No 18 of 1993.

485(2)
The application of the operative provision to a taxpayer in relation to a FIF or a FLP is to be worked out separately in relation to each notional accounting period of the FIF or FLP.

485(3)
If:

(a) a taxpayer had an interest or interests in a FIF at the end of a year of income; and

(b) that year of income is the 1992-93 year of income or a later year of income; and

(c) the taxpayer was a Part XI Australian resident at any time in that year of income;

the operative provision applies to the taxpayer in relation to the FIF in respect of the notional accounting period of that FIF that ended in that year of income.

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S 485(3) amended by No 18 of 1993.

485(4)
If:

(a) a taxpayer had an interest or interests in a FLP at any time during the notional accounting period of the FLP that ends in a year of income; and

(b) that year of income is the 1992-93 year of income or a later year of income; and

(c) the taxpayer was a Part XI Australian resident at any time in that year of income;

then, subject to subsection (5), the operative provision applies to the taxpayer in relation to the FLP in respect of that notional accounting period.

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S 485(4) amended by No 18 of 1993.

485(5)
The operative provision does not apply to the taxpayer in relation to a FLP in respect of the 1992-93 year of income if the taxpayer did not have any interest or interests in the FLP at the end of that year of income.

485(6)
Without affecting the circumstances in which, apart from this subsection, a taxpayer would be taken to be a Part XI Australian resident at a time in a year of income, a taxpayer in the capacity of a trustee of a trust that is an Australian trust or a resident superannuation entity at a time in a year of income is taken for the purposes of subsection (3) or (4) to have been a Part XI Australian resident at that time.

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S 485(6) amended by No 15 of 2007, s 3 and Sch 1 item 133, by substituting " resident superannuation entity " for " resident Part IX entity " , applicable to the 2007-2008 income year and later years.

S 485(6) amended by No 18 of 1993.

485(7)
The application of the operative provision to a taxpayer in relation to a FIF or a FLP is subject to Divisions 2 to 15.

S 485 inserted by No 190 of 1992.