Income Tax Assessment Act 1936
View history note
Hide history notePart XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. No 114 of 2010, Sch 1 item 95 contains the following saving provisions:
95 Saving of regulations relating to stock exchanges
95
Despite the repeal of the definition of
approved stock exchange
in section 470 of the
Income Tax Assessment Act 1936
by item 37 of this Schedule, regulations made for the purposes of that definition that were in force immediately before this item commences continue in force on and after that commencement as if those regulations had been made for the purposes of the definition of
approved stock exchange
in the
Income Tax Assessment Act 1997
as inserted by item 81 of this Schedule.
96 Saving of elections relating to foreign hybrids
96
Despite the repeal of subsection 485AA(1) of the
Income Tax Assessment Act 1936
by item 37 of this Schedule, elections made under that subsection continue to have effect on and after the commencement of this Schedule as if that repeal had not happened.
Part XI inserted by No 190 of 1992.
Div 16 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part XI heading.
(Repealed by No 114 of 2010)
S 530A repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
XI
heading. S 530A formerly read:
SECTION 530A REDUCTION OF FOREIGN INVESTMENT FUND INCOME BECAUSE OF EMPLOYEE SHARE SCHEME
530A(1)
This section applies if a taxpayer acquires an ESS interest (within the meaning of the
Income Tax Assessment Act 1997
) to which Subdivision
83A-C
of that Act (about employee share schemes) applies.
530A(2)
The foreign investment fund income of the taxpayer for a notional accounting period of the FIF, to the extent that the income relates to the interest, is zero if, for the whole of the period, the following conditions are satisfied:
(a)
the taxpayer holds the interest;
(b)
the interest is an interest in the FIF;
(c)
the ESS deferred taxing point (within the meaning of the
Income Tax Assessment Act 1997
) for the interest has not occurred.
530A(3)
The foreign investment fund income of the taxpayer for a notional accounting period of the FIF is to be reduced by an amount equal to any increase in the market value of the interest during a period (if any):
(a)
that forms part of the notional accounting period; and
(b)
for the whole of which, the following conditions are satisfied:
(i)
the taxpayer holds the interest;
(ii)
the interest is an interest in the FIF;
(iii)
the ESS deferred taxing point (within the meaning of the
Income Tax Assessment Act 1997
) for the interest has not occurred.
530A(4)
Section
83A-315
of the
Income Tax Assessment Act 1997
(about market values of ESS interests) applies to subsection (3) of this section in the same way as it applies to Division
83A
of that Act.
S 530A substituted by No 133 of 2009, s 3 and Sch 1 item 20, applicable in relation to the ESS interests mentioned in subsections
83A-5(1)
and
(2)
of the
Income Tax (Transitional Provisions) Act 1997
. S 530A formerly read:
the foreign investment fund income of the taxpayer, to the extent that it relates to the share or right, for the notional accounting period is zero. S 530A(1A) inserted by No 64 of 2005. the foreign investment fund income of the taxpayer for the notional accounting period is to be reduced by an amount equal to any increase in the market value of the share or right during the reduction period. S 530A(1) amended by No 64 of 2005. S 530A(3) inserted by
No 56 of 2007
, s 3 and Sch 3 item 16, effective 12 April 2007.
No 56 of 2007
, s 3 and Sch 3 item 39 contains the following application provision:
acquisition
S 530A(4) inserted by
No 56 of 2007
, s 3 and Sch 3 item 16, effective 12 April 2007.
No 56 of 2007
, s 3 and Sch 3 item 39 contains the following application provision:
acquisition
SECTION 530A REDUCTION OF FOREIGN INVESTMENT FUND INCOME BECAUSE OF EMPLOYEE SHARE SCHEME SHARES OR RIGHTS
530A(1A)
If:
(a)
a taxpayer acquired a qualifying share or right under an employee share scheme and has not made an election under section
139E
covering the share or right; and
(b)
for the whole of a notional accounting period of a FIF the following conditions are satisfied:
(i)
the taxpayer holds the share or right;
(ii)
the share or right is an interest in the FIF;
(iii)
the cessation time for the share or right has not occurred;
530A(1)
If:
(a)
a taxpayer acquired a qualifying share or right under an employee share scheme and has not made an election under section
139E
covering the share or right; and
(b)
there is a period (the
reduction period
) forming part of a notional accounting period of a FIF in respect of which the following conditions are satisfied:
(i)
the taxpayer holds the share or right;
(ii)
the share or right is an interest in the FIF;
(iii)
the cessation time for the share or right has not occurred;
530A(2)
In the section,
cessation time, market value, qualifying right
and
qualifying share
have the same meanings as in Division
13A
of Part
III
.
530A(3)
This section applies in relation to a stapled security or right to acquire a stapled security that is treated as a qualifying share or qualifying right because of Subdivision
DB
of Division
13A
of Part
III
in the same way as it applies in relation to a share or right.
(1)
The amendment applies to acquisitions of stapled securities, and of rights to acquire stapled securities, on or after 1 July 2006.
(2)
In this item:
has the same meaning as in Division
13A
of Part
III
of the
Income Tax Assessment Act 1936
.
530A(4)
The cessation time for the stapled security or right is the cessation time provided for in that Division.
(1)
The amendment applies to acquisitions of stapled securities, and of rights to acquire stapled securities, on or after 1 July 2006.
(2)
In this item:
has the same meaning as in Division
13A
of Part
III
of the
Income Tax Assessment Act 1936
.
S 530A inserted by No 169 of 1995.
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