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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 3 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 501 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 501 formerly read:

SECTION 501 INDIRECT OWNERSHIP OF PAID-UP SHARE CAPITAL OF COMPANY  
501(1)
For the purposes of this section, a company has a direct ownership interest in another company at a particular time equal to the percentage of the paid-up share capital of the other company of which the first-mentioned company is the owner at that time.

501(2)
The percentage of the paid-up share capital of a company ( ``the bottom company'' ) of which another company ( ``the top company'' ) is the indirect owner at a particular time ( ``the indirect ownership interest'' ) is calculated in accordance with this section.

501(3)
If there is only one company interposed between the top company and the bottom company, the indirect ownership interest is calculated by multiplying the direct ownership interest that the top company holds in the interposed company by the direct ownership interest that the interposed company holds in the bottom company.

501(4)
If there are 2 companies interposed between the top company and the bottom company, the indirect ownership interest is calculated:

(a) by multiplying the direct ownership interest that the top company holds in the first interposed company by the direct ownership interest that the first interposed company holds in the second interposed company; and

(b) by multiplying the result of the calculation referred to in paragraph (a) by the direct ownership interest that the second interposed company holds in the bottom company.

501(5)
If there are 3 or more companies interposed between the top company and the bottom company, the indirect ownership interest is calculated:

(a) by multiplying the direct ownership interest that the top company holds in the first interposed company by the direct ownership interest that the first interposed company holds in the second interposed company; and

(b) by multiplying the result of the calculation referred to in paragraph (a) by the direct ownership interest that the second interposed company holds in the third interposed company;

and so on, ending with a multiplication by the direct ownership interest that the last interposed company holds in the bottom company.

S 501 inserted by No 190 of 1992.