Income Tax Assessment Act 1936

Part IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.

Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.

Div 4A repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.

Div 4A inserted by No 181 of 1994.

S 288B repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 288B formerly read:

SECTION 288B LIABILITY TO TAXATION OF RESIDENT FUND THAT WAS PREVIOUSLY A NON-RESIDENT FUND  
288B(1) [Assessable income]  

If a superannuation fund that is a resident superannuation fund in relation to the year of income (the " current year of income " ) was a non-resident superannuation fund in relation to the immediately preceding year of income, the fund ' s assessable income of the current year of income includes the fund ' s net previous income in respect of previous years of income.

288B(2) [Net previous income]  

The fund ' s net previous income in respect of previous years of income is taken to be the amount worked out using the formula:

Asset values less Members contributions

where:

" Asset values " means the sum of the market values of the fund ' s assets immediately before the start of the current year of income;

" Members contributions " means the amount in the fund immediately before the start of the current year of income that represented the total contributions made by current members of the fund.

S 288B inserted by No 181 of 1994.