Income Tax Assessment Act 1997

Pt 3-6 inserted by No 48 of 2002.

Div 202 inserted by No 48 of 2002.

Subdiv 202-C inserted by No 48 of 2002.

S 202-45 amended by No 101 of 2023, s 3 and Sch 4 item 19, by inserting para (k), effective 1 January 2024. No 101 of 2023, s 3 and Sch 4 item 21 contain the following application provisions:

21 Application of amendments  
(1)
The amendments made by this Part apply to a cancellation of a membership interest by a listed public company if:
(a) both:

(i) the cancellation is announced to the market at or before the time the cancellation occurs; and

(ii) the cancellation is first announced to the market on or after 18 November 2022; or

(b) both:

(i) the cancellation is not announced to the market, or the cancellation is first announced to the market after the cancellation occurs; and

(ii) the cancellation occurs on or after 18 November 2022.

(2)
The cancellation is announced to the market if:
(a) the rules of an approved stock exchange require the company to notify the stock exchange of the cancellation for the purpose of release to the market; and
(b) notification of the cancellation is released to the market following such disclosure.

S 202-45 amended by No 101 of 2023, s 3 and Sch 4 items 13 - 18, by substituting " the Income Tax Assessment Act 1936 " for " that Act " in para (c), " *distribution " for " distribution " in para (d), inserting " of this Act " in para (f), " of the Income Tax Assessment Act 1936 " in para (g)(i), substituting " the Income Tax Assessment Act 1936 " for " that Act " in para (h)(i) and inserting " of this Act " in para (j), effective 1 January 2024.

S 202-45 amended by No 101 of 2023, s 3 and Sch 5 item 1, by inserting para (ea), effective 28 November 2023.

S 202-45 amended by No 53 of 2015, s 3 and Sch 1 item 15, by repealing para (b), applicable in relation to the 2016-17 income year and later income years. Para (b) formerly read:

(b) a distribution to which paragraph 24J(2)(a) of the Income Tax Assessment Act 1936 applies that is taken under section 24J of the Income Tax Assessment Act 1936 to be *derived from sources in a prescribed Territory, as defined in subsection 24B(1) of the Income Tax Assessment Act 1936 (distributions by certain *corporate tax entities from sources in Norfolk Island);

S 202-45 amended by No 79 of 2007 , s 3 and Sch 6 item 4, by substituting para (e), applicable in relation to distributions made on or after 1 July 2004. Para (e) formerly read:

(e) a distribution that is taken under subsection 46M(3) or paragraph 46M(4)(a) of that Act not to be a *frankable dividend (dividends paid from certain accounts such as *share capital accounts);

S 202-45 amended by No 79 of 2007 , s 3 and Sch 1 item 41, by repealing para (g)(ii), applicable to assessments for the income year in which 1 July 2006 occurred and later income years. Para (g)(ii) formerly read:

(ii) section 108 of that Act (loans to shareholders and associates);

S 202-45 amended by No 79 of 2007 , s 3 and Sch 1 item 28, by inserting " unless subsection 109RB(6) or 109RC(2) applies in relation to the amount - " before " Division " in para (g)(i), applicable to assessments for the income year in which 1 July 2006 occurred and later income years.

S 202-45 amended by No 55 of 2007 , s 3 and Sch 1 item 58, by inserting " 152-125 or " before " 220-105 " in para (j), applicable to CGT events happening in the 2006-07 income year or later income years.

S 202-45 amended by No 101 of 2006 , s 3 and Sch 2 item 709, by amending the reference to a repealed inoperative provision in para (b), effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 202-45 amended by No 101 of 2003, No 67 of 2003, No 117 of 2002, No 90 of 2002 and inserted by No 48 of 2002.