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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 570 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 570 formerly read:

SECTION 570 NOTIONAL DEDUCTIONS - AMORTISATION OF EXPENDITURE IN ACQUIRING PROPERTY  
570(1)
Subject to subsection (1A), if:

(a) the accounts of the FIF in respect of the relevant period include an amount in respect of the amortisation of the expenditure incurred in the acquisition of:

(i) a depreciating asset within the meaning of Division 40 of the Income Tax Assessment Act 1997 ; or

(ii) industrial property within the meaning of former Division 10B of Part III of this Act; or

(iii) any other prescribed class of property; and

(b) the amortisation is based on the effective life of the depreciating asset or industrial or other property; and

(c) the accounts were prepared in accordance with generally accepted accounting principles and give a true and fair view of the financial position of the FIF;

the amount so included is, subject to section 574 , a notional deduction from the notional income of the FIF of the relevant period.

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Archived:

S 570(1)(a)(i) and (ii) substituted by No 101 of 2006 , s 3 and Sch 2 item 494, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

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S 570(1) amended by No 164 of 2007, s 3 and Sch 10 item 47, by inserting " former " after " meaning of " in para (a)(ii), effective 1 July 2010.

S 570(1) amended by No 101 of 2006 , s 3 and Sch 2 item 495, by omitting " plant, articles " before " depreciating asset " in para (b), effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 570(1) amended by No 77 of 2001, No 46 of 1998, No 121 of 1997, No 18 of 1993.

570(1A)
If:

(a) the accounts of the FIF in respect of one or more accounting periods include an amount in respect of the amortisation of the expenditure incurred in the acquisition of a class of property prescribed for the purposes of subparagraph (1)(a)(iii); and

(b) the regulations prescribing the class also prescribe a percentage as the annual amortisation percentage in relation to the class, or a category of property included in the class;

then subsection (1) must be applied, in relation to each notional accounting period that is appropriate, as if the accounts had amortised the expenditure in relation to the class or the category on the basis of the prescribed annual amortisation percentage.

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S 570(1A) inserted by No 18 of 1993.

570(2)
Except as provided in subsection (1), no amount in respect of the amortisation of expenditure in the acquisition of any property is a notional deduction from the notional income of the FIF of the relevant period.

S 570 inserted by No 190 of 1992.