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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv B repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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.

S 538 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 538 formerly read:

SECTION 538 STEP 1 - CALCULATION OF FOREIGN INVESTMENT FUND AMOUNT  
538(1)
The first step in the procedure is to work out the foreign investment fund amount in relation to the taxpayer in respect of the relevant period.

538(2)
This is done as follows:

(a) first, determine the market value of the taxpayer ' s interest, or the sum of the market values of all the taxpayer ' s interests in the relevant class or classes, on the last day of the period;

(b) secondly, add the amount or value of each distribution (if any) in respect of the interest, or any of the interests, held on that day that was made by the FIF to the taxpayer during the period;

(c) thirdly, if the taxpayer had that interest or any of those interests on the day immediately before the first day of the period, deduct:

(i) if subparagraph (ii) does not apply - the market value of the interest or interests on that day; or

(ii) if the deemed rate of return method was applied, in respect of the taxpayer ' s interest or interests in the FIF, in respect of the notional accounting period immediately before the relevant period - the value, determined under section 551 in accordance with that method, of the group or groups of interests of the taxpayer in the FIF on that day;

(d) fourthly, if the taxpayer acquired that interest or any of those interests during the period, deduct the amount or value of the consideration paid or given by the taxpayer in respect of the acquisition;

(e) fifthly, if the taxpayer disposed of any interest or interests in the relevant class or classes during the period, add the amount or value of each distribution (if any) in respect of that interest or those interests made by the FIF to the taxpayer during the period.

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History

S 538(2) amended by No 18 of 1993.

538(3)
Unless the taxpayer has made an election under subsection (4) in relation to the FIF, each amount resulting from the application of one of the paragraphs of subsection (2) is to be expressed in the currency used in determining the market value referred to in paragraph (2)(a).

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S 538(3) amended by No 18 of 1993.

538(4)
The taxpayer may elect that each amount required to be calculated under any paragraph of subsection (2) is to be expressed in Australian currency at the exchange rate applicable:

(a) in the case of paragraph (2)(a) - on the day referred to in that paragraph; and

(b) in the case of paragraph (2)(b) or (e) - at the time of each distribution referred to in that paragraph; and

(c) in the case of paragraph (2)(c) - on the day when the taxpayer had the interests as mentioned in that paragraph; and

(d) in the case of paragraph (2)(d) - at the time when the consideration referred to in that paragraph is paid or given.

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S 538(4) inserted by No 18 of 1993.

538(5)
If the taxpayer makes the election:

(a) it applies in relation to all of the taxpayer ' s interests in the FIF in relation to the relevant period and all later relevant periods; and

(b) it is irrevocable.

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History

S 538(5) inserted by No 18 of 1993.

S 538 inserted by No 190 of 1992.