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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 16 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 530 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 530 formerly read:

SECTION 530 REDUCTION OF FOREIGN INVESTMENT FUND INCOME BECAUSE OF INTERIM DIVIDEND OR INTERIM DISTRIBUTION OF TRUST INCOME  
530(1)
If:

(a) a FIF attribution account payment is made by a FIF or a FLP to a taxpayer during a notional accounting period of the FIF or FLP, as the case may be; and

(b) under section 529 an amount of foreign investment fund income that is taken to have accrued to the taxpayer from that FIF or FLP in respect of that period would be included in the taxpayer ' s assessable income of the year of income in which that period ended;

the amount to be included ( " the section 529 amount " ) under that section in that assessable income is reduced by so much of the payment as:

(c) is included in that assessable income; or

(ca) was included in the taxpayer ' s assessable income of the year of income that immediately preceded the year of income referred to in paragraph (b); or

(d) is a non-portfolio dividend (as defined in section 317 ) that is:

(i) non-assessable non-exempt income under section 23AJ ; or

(ii) notional exempt income of the taxpayer under section 23AJ or 404 ;

and does not exceed the section 529 amount.

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History

S 530(1) amended by No 96 of 2004, No 66 of 2003, No 76 of 1996 and No 18 of 1993.

530(2)
If:

(a) an amount of foreign investment fund income that accrued to a taxpayer from a FIF in respect of a notional accounting period of the FIF is included in the taxpayer ' s assessable income of a year of income; and

(b) a residence-change time (within the meaning of section 457 ) in relation to a CFC occurs in that notional accounting period of the FIF; and

(c) section 457 applies to the taxpayer in respect of the taxpayer ' s assessable income of the year of income in which the residence-change time occurs; and

(d) the CFC is the same entity as the FIF;

the amount included in the taxpayer ' s assessable income under section 457 is taken for the purposes of subsection (1) of this section to be a FIF attribution account payment made by the FIF to the taxpayer.

S 530 inserted by No 190 of 1992.