Income Tax Assessment Act 1936

Div 19 repealed by No 143 of 2007 , s 3 and Sch 1 item 66, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A .

No 143 of 2007 , s 3 and Sch 1 Part 6 contains the following application provision, effective 24 September 2007:

224 Application rule for credits arising under the International Tax Agreements Act 1953  
224(1)
Despite the repeal of Division 19 of Part III of the Income Tax Assessment Act 1936 , that Division continues to apply, after the commencement of this item, in relation to:

(a) a determination made by a person under the Division before the commencement of this item; or

(b) a credit to which the Division applied before the commencement of this item;

as if the repeal had not happened.

224(2)
The Commissioner may make determinations under that Division as it so continues to apply.

224(3)
Section 24 of the International Tax Agreements Act 1953 , as inserted, applies from the commencement of this item in relation to any income year.

Div 19 inserted by No 18 of 1960.

S 160AO repealed by No 143 of 2007 , s 3 and Sch 1 item 66, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A . S 160AO formerly read:

SECTION 160AO MAXIMUM CREDITS  
160AO(1)
Notwithstanding anything contained in this Act or in the International Tax Agreements Act 1953 , where a credit is or credits are allowable to a person in respect of tax paid or payable in respect of income derived by that person in a year of income, that credit or the sum of those credits, as the case may be, shall not exceed the amount of Australian tax that:

(a) before the allowance of that credit or those credits (as the case may be); and

(b) before the application of any tax offset under section 205-70 of the Income Tax Assessment Act 1997 ;

is payable by the person in respect of the person's taxable income of that year of income.

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History

S 160AO(1) renumbered from s 160AO(2) and amended by No 4 of 2007 , s 3 and Sch 2 items 5 and 6, by substituting " International Tax Agreements Act 1953 " for " Income Tax (International Agreements) Act 1953-1960 " .

Former s 160AO(2) amended by No 107 of 2003, s 3 and Sch 7 item 11, by substituting all the words from and including ``the amount of Australian tax'', applicable in relation to an entity's assessments for the first income year (within the meaning of section 205-75 of the Income Tax (Transitional Provisions) Act 1997 and later income years. The words formerly read:

the amount of Australian tax that, before the allowance of that credit or those credits, as the case may be, is payable by the person in respect of his taxable income of that year of income.

Former s 160AO(2) inserted by No 18 of 1960.

Former s 160AO(1) repealed by No 51 of 1986.

160AO(2)
Notwithstanding anything in this Act or in the International Tax Agreements Act 1953 , where a credit is allowable to a taxpayer in respect of an eligible finance share dividend or widely distributed finance share dividend (within the meaning of Part X ), that credit must not exceed the amount of tax paid by the taxpayer to a foreign country in respect of that dividend.

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History

S 160AO(2) renumbered from s 160AO(3) by No 4 of 2007 , s 3 and Sch 2 item 6, effective 19 February 2007.

Former s 160AO(3) inserted by No 174 of 1997.

Former s 160AO(3) omitted by No 73 of 1989 and inserted by No 87 of 1978.

160AO(4)
(Repealed by No 96 of 2004)

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History

S 160AO(4) inserted by No 174 of 1997.