Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 16E - Accruals assessability, etc., in respect of certain security payments  

SECTION 159GW   EFFECT OF DIVISION IN RELATION TO NON-RESIDENTS  

159GW(1)   [Application of sec 159GQ and 159GS]  

Subject to subsection (2), where during the whole or a part of a year of income (which whole or part is in this subsection referred to as the ``period of non-residence'' ) a taxpayer is not a resident:

(a) no amount shall be included in, or allowable as a deduction from, the assessable income of the taxpayer of the year of income under section 159GQ in relation to the period of non-residence; and

(b) (Omitted by No 82 of 1994)

(c) no amount shall be included in, or allowable as a deduction from, the assessable income of the taxpayer of the year of income under section 159GS in relation to any transfer of the security that occurred during the period of non-residence.

159GW(2)   [Income and deductions for period of non-residence]  

Where:

(a) a payment is made or liable to be made under a qualifying security to a resident taxpayer; and

(b) the taxpayer was not a resident for the whole or a part (which whole or part is in this subsection referred to as the ``period of non-residence'' ) of the period during which the taxpayer held the security,

the following provisions have effect:

(c) there shall be included in the assessable income of the taxpayer of the year of income in which the payment is made or liable to be made an amount equal to the amount that, but for subsection (1), would have been included in the assessable income of the taxpayer of any year or years of income under section 159GQ in respect of the payment in respect of the period of non-residence;

(d) there shall be allowable as a deduction from the assessable income of the taxpayer of the year of income in which the payment is made or liable to be made an amount equal to the amount that, but for subsection (1), would have been allowable as a deduction from the assessable income of the taxpayer of any year or years of income under section 159GQ in respect of the payment in respect of the period of non-residence.