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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 14 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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.

Div 14 (heading) substituted by No 73 of 2004.

S 525 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 525 formerly read:

SECTION 525 EXEMPTION  
525(1)
If:

(a) at the end of the notional accounting period of a FIF, or the end of the notional accounting periods of FIFs, that ended in the year of income a taxpayer had an interest in that FIF or interests in those FIFs; and

(b) apart from this Division the operative provision would apply to the taxpayer in relation to that FIF or those FIFs in respect of that notional accounting period or those notional accounting periods; and

(c) the value or the sum of the values of the taxpayer's interest or interests in that FIF or those FIFs at the end of that year of income did not exceed 10% of the sum of the values of all the taxpayer's interests in FIFs at the end of that year of income (other than interests in relation to which the operative provision does not apply to the taxpayer in respect of notional accounting periods that ended in that year of income because of Division 2 or 11 );

the operative provision does not apply to the taxpayer in relation to the FIF or FIFs referred to in paragraph (a) in respect of the notional accounting period or notional accounting periods referred to in that paragraph.

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History

S 525(1) amended by No 73 of 2004.

525(2)
For the purposes of subsection (1), the value at the end of the year of income of a person's interests in a FIF is taken to be:

(a) the cost incurred by the person in acquiring the interest in the FIF; or

(b) the market value of the interest in the FIF at the end of the year of income;

whichever is the greater amount.

S 525 inserted by No 190 of 1992.