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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv C repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 487 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 487 formerly read:

SECTION 487 NOTIONAL ACCOUNTING PERIOD OF A FLP  
487(1)
This section sets out what is a notional accounting period of a FLP for the purposes of the application of this Part to a taxpayer in relation to the FLP.

487(2)
Subject to this section, each period of 12 months ending on 30 June is a notional accounting period of a FLP.

487(3)
If cash surrender values for interests in a FLP are available on a day (a " relevant day " ) during the same month (being one of the 12 months of the calendar year) in each calendar year (whether or not cash surrender values for such interests are also available at other times), the taxpayer may elect that the notional accounting periods of the FLP are to be the periods ascertained under the following provisions of this section.

487(4)
An election made under subsection (3) is irrevocable so long as the taxpayer continues to have an interest in the FLP.

487(5)
Subject to subsection (6), if an election is made under subsection (3):

(a) the period ( " the first elective period " ) beginning immediately after the end of the month in which the last relevant day before the election occurred and ending at the end of the month in which the next relevant day occurs is a notional accounting period of the FLP; and

(b) each later period beginning after the end of the month in which a relevant day occurs and ending at the end of the month in which the next relevant day occurs is a notional accounting period of the FLP; and

(c) the period beginning on 1 July immediately preceding the first elective period and ending immediately before the beginning of the first elective period is a notional accounting period of the FLP.

487(6)
If, after the making of an election under subsection (3), a cash surrender value is not available for the taxpayer ' s interest in a FLP in respect of a relevant day:

(a) neither the period of 12 months ending on that day nor any following period of 12 months ending on a relevant day is a notional accounting period of the FLP; and

(b) the period of 12 months beginning on 1 July immediately preceding the period of 12 months first mentioned in paragraph (a) is a notional accounting period of the FLP; and

(c) all later periods of 12 months beginning on 1 July are notional accounting periods of the FLP.

487(7)
Despite the preceding provisions of this section, the first notional accounting period of a FLP is the period that:

(a) if the FLP was in existence before 1 January 1993 - began on that day; or

(b) if the FLP came into existence on or after that day - began on the day on which the FLP came into existence;

and ended on the next day that is the last day of a notional accounting period of the FLP under whichever of the preceding provisions of this section is applicable.

487(8)
If the taxpayer disposes of the taxpayer ' s interest or all of the taxpayer ' s interest in a FLP, the notional accounting period of the FLP during which the disposal took place ends immediately after the disposal took place.

S 487 inserted by No 190 of 1992.