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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv B repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 539 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 539 formerly read:

SECTION 539 HOW MARKET VALUE IS ASCERTAINED  
539(1)
For the purposes of the application of section 538 in relation to the taxpayer in respect of the relevant period, the market value of an interest in the FIF on a particular day ( " the relevant day " ) is to be determined in accordance with this section.

539(2)
If the interest is included in a class of interests that were quoted on the relevant day on the stock market of an approved stock exchange, the market value of the interest on that day is the amount worked out on the basis of the quoted price of such an interest on that day on that stock market.

539(3)
If:

(a) an interest in a company or trust is not included in a class of interests that were quoted on the relevant day on the stock market of an approved stock exchange; and

(b) the interest is included in a class of interests for which, at intervals of not more than 12 months:

(i) the company, or the trustee or manager of the trust, offered a buy-back or redemption price; or

(ii) an associate of the company, or of the trustee or manager, offered a purchase price; and

(c) there was on that day such a buy-back, redemption or purchase price, being a price that:

(i) was publicly available and was offered to all persons having interests in that class; and

(ii) was calculated by reference to the market values of the assets of the company or trust; and

(iii) represents an arm ' s length valuation of the interest on that day;

the market value of the interest on that day is the amount worked out on the basis of that price.

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History

S 539(3) amended by No 18 of 1993.

539(4)
If:

(a) the relevant period started on 1 January 1993; and

(b) the relevant day is 31 December 1992; and

(c) neither subsection (2) nor (3) applies to the class of interests in which the interest is included; and

(d) subsection (2) or (3) would apply to the class of interests in both of the following cases:

(i) if the relevant day were instead the last reporting day for the FIF before 1 January 1993;

(ii) if the relevant day were instead the next reporting day for the FIF on or after 1 January 1993, being a reporting day that is not more than 12 months after the one referred to in subparagraph (i);

the market value of the interest on the relevant day is the average of the 2 market values that would be applicable under paragraph (d) on the reporting days referred to in subparagraphs (d)(i) and (ii).

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History

S 539(4) amended by No 18 of 1993.

539(5)
A reference in this section to a quoted price on a particular day of a class of interests on the stock market of an approved stock exchange is, if the class of interests is quoted on that day on 2 or more such stock markets, taken to be a reference to the quoted price on that day of that class of interests on whichever of those stock markets is nominated by the taxpayer.

539(6)
If the taxpayer has nominated a particular stock market for the purposes of the application of this section in respect of the taxpayer ' s interest in a particular FIF, that stock market is taken to continue to be so nominated by the taxpayer unless and until it is no longer practicable to use that stock market for those purposes as, for example, if that stock market ceases to exist or the class of interests in the FIF in which the taxpayer ' s interest is included ceases to be quoted on that stock market.

539(7)
A reference in subsection (4) to a reporting day for a FIF is a reference to a day on which:

(a) in the case of a foreign company - the directors reported to the members on the financial position of the company; or

(b) in the case of a foreign trust - the trustee or manager of the trust reported to the holders of interests in the trust on the financial position of the trust.

S 539 inserted by No 190 of 1992.