Income Tax Assessment Act 1936

Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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.

Subdiv A repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 469 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 469 formerly read:

SECTION 469 TAXPAYERS TO BE TAXED ON SHARE OF INCOME OF CERTAIN FOREIGN INVESTMENT FUNDS AND FOREIGN LIFE ASSURANCE POLICIES  
469(1)
This Part applies to a taxpayer who has an interest or interests in what is referred to in this Part as a foreign investment fund ( " FIF " ). That expression refers to certain non-resident companies and non-resident trusts.

469(2)
This Part also applies to a taxpayer who has an interest in a foreign life assurance policy ( " FLP " ). That expression refers to certain life assurance policies issued by a non-resident. A taxpayer is regarded as having an interest in a FLP if, and only if, the taxpayer has the legal title to the FLP.

469(3)
The object of this Part is to include in a taxpayer ' s assessable income of a year of income an amount ( " foreign investment fund income " ) that represents income attributable to an interest or interests in a FIF or a FLP held by the taxpayer during the accounting period ( " notional accounting period " ) of the FIF or FLP that ends in that year of income.

469(4)
The provision of this Act ( " the operative provision " ) that includes foreign investment fund income in a taxpayer ' s assessable income is section 529 , which is contained in Division 16 .

469(5)
The operative provision does not apply, or its application is affected, in certain circumstances which are set out in:

(a) Divisions 2 to 15 of this Part; and

(b) section 768-965 of the Income Tax Assessment Act 1997 .

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S 469(5) substituted by No 32 of 2006, s 3 and Sch 1 item 14, applicable for an income year that begins on or after 1 July 2006. S 469(5) formerly read:

469(5)
The operative provision does not apply, or its application is affected, in certain circumstances, which are set out in Divisions 2 to 15.

469(6)
Division 18 contains the provisions for determining whether any foreign investment fund income accrued from a FIF or a FLP to a taxpayer in respect of a notional accounting period.

There are 3 methods provided for making a determination in respect of a FIF. These are called:

(a) the market value method;

(b) the deemed rate of return method;

(c) the calculation method.

The method available to the taxpayer in respect of a particular notional accounting period of a FIF generally depends on the level of detailed information that the taxpayer has about the FIF ' s income and on the method used by the taxpayer to determine whether foreign investment fund income accrued from that FIF in previous notional accounting periods.

There are 2 methods provided for making a determination in respect of a FLP. These are called:

(d) the deemed rate of return method;

(e) the cash surrender value method.

469(7)
Division 19 provides for the keeping of accounts to avoid double taxation in respect of interests in FIFs or FLPs.

469(8)
(Repealed by No 143 of 2007 )

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History

S 469(8) repealed by No 143 of 2007 , s 3 and Sch 1 item 125, 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 469(8) formerly read:

469(8)
Division 20 provides for the recording of the amount of the foreign tax credits allowed in respect of foreign investment fund income.

469(9)
Division 21 contains provisions that apply in certain circumstances if an interest in a FIF or a FLP is disposed of.

469(10)
Division 22 provides for the keeping of records relating to interests in FIFs and FLPs.

S 469 inserted by No 190 of 1992.