Subdiv B repealed by No 147 of 2005, s 3 and Sch 2 item 9, effective 14 December 2005. No 147 of 2005, s 3 and Sch 2 items 27 and 28, contains the following application provisions:
27 Income years starting on 1 July 2005 or after that day and before Royal Assent
(1)
This item applies to an entity for whom an income year (the
first year
) starts:
(a)
on 1 July 2005; or
(b)
after that day and before the day on which this Act receives the Royal Assent
[
ie 14 December 2005].
(2)
The entity can only declare an amount to be conduit foreign income under Subdivision 802-A of the
Income Tax Assessment Act 1997
on or after the day on which this Act receives the Royal Assent.
(3)
An FDA surplus that exists for the entity under Subdivision
B
of Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
at the end of the day before the day on which this Act receives the Royal Assent has effect as if it were the entity's conduit foreign income under Subdivision 802-A of the
Income Tax Assessment Act 1997
.
(4)
Any FDA credit under section
128TA
of the
Income Tax Assessment Act 1936
that arises during the period starting on 1 July 2005 and ending on the day before the day on which this Act receives the Royal Assent cannot also be conduit foreign income.
(5)
Section
802-40
of the
Income Tax Asssessment Act 1997
, as inserted by item 1, does not apply to the first year.
28 Later starting income years
(1)
This item applies to an entity for whom an income year (also the
first year
) starts on or after the day on which this Act receives the Royal Assent
[
ie 14 December 2005] and before 1 July 2006.
(2)
The amendment applies from the start of the first year.
(3)
An FDA surplus that exists for the entity under Subdivision
B
of Division
11A
of Part
III
of the
Income Tax Assessment Act 1936
at the start of the first year has effect as if it were the entity's conduit foreign income under Subdivision
802-A
of the
Income Tax Assessment Act 1997
.
...
Subdiv B inserted by No 138 of 1994.
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