Income Tax Assessment Act 1936

Div 11B repealed by No 23 of 2018, s 3 and Sch 1 item 10, effective 1 April 2018. No 23 of 2018, s 3 and Sch 1 item 19 contains the following application provision:

19 Application of amendments  
(1)
The amendments made by this Part apply in relation to assessments for:

(a) the 2017-18 year of income; and

(b) later years of income.

(2)
However, the amendments made by this Part do not apply to a taxpayer in relation to a threshold interest that the taxpayer acquired before the commencement of this item.

No 23 of 2018, s 3 and Sch 1 Pt 7 contain the following general application and transitional provisions:

Part 7 - General application and transitional provisions

75 Object  
75
The object of this Part is to ensure that, despite the repeals and amendments made by this Schedule, the full legal and administrative consequences of:

(a) any act done or omitted to be done; or

(b) any state of affairs existing; or

(c) any period ending;

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

76 Making and amending assessments, and doing other things, in relation to past matters  
76
Even though an Act is repealed or amended by this Schedule, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:

(a) making or amending an assessment (including under a provision that is itself repealed or amended);

(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

77 Saving of provisions about effect of assessments  
77
If a provision or part of a provision that is repealed or amended by this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies. 78 Repeals disregarded for the purposes of dependent provisions  
78
If the operation of a provision (the subject provision ) of any Act or legislative instrument depends to any extent on an Act, or a provision of an Act, that is repealed by this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision. 79 Part does not limit operation of section 7 of the Acts Interpretation Act 1901  
79
This Part does not limit the operation of section 7 of the Acts Interpretation Act 1901 .

Div 11B inserted by No 78 of 1996.

S 128TK repealed by No 23 of 2018, s 3 and Sch 1 item 10, effective 1 April 2018. For application provision, and general application and transitional provisions, see note under Pt III Div 11B heading. S 128TK formerly read:

SECTION 128TK SME OR SMALL-MEDIUM ENTERPRISE  
128TK(1)
An SME or small-medium enterprise is a company the total value of whose assets, as determined under this section, is no more than $50 million.

128TK(2)
The total value of the company ' s assets is the total value of its assets (both current and non-current) as shown in the last audited accounts prepared in relation to the company for the purposes of Division 4 of Part 3.6 of the Corporations Act 2001 before the investment is made.

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History

S 128TK(2) amended by No 55 of 2001.

128TK(3)
If:

(a) no such audited accounts have been prepared within the 12 months ending when the shares are issued; or

(b) the last such audited accounts prepared relate to a period that ended more than 18 months before the shares are issued;

then the company is not an SME unless:

(c) before the shares are issued, the taxpayer gets an audited statement (see subsection (4)) showing the total value of the company ' s assets as at a time no more than 12 months before the shares are issued; and

(d) that value is no more than $50 million.

128TK(4)
In subsection (3), an audited statement is a statement audited by a person or firm:

(a) who is appointed as the company ' s auditor in accordance with the Corporations Act 2001 ; or

(b) who is eligible to consent to being so appointed.

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History

S 128TK(4)(a) amended by No 55 of 2001.

S 128TK inserted by No 78 of 1996.