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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 574 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 574 formerly read:

SECTION 574 NOTIONAL DEDUCTIONS - CERTAIN AMOUNTS TO BE EXCLUDED  
574(1)
The following expenditure incurred by the FIF during the relevant period is not a notional deduction from the notional income of the FIF of that period:

(a) expenditure incurred in the acquisition of:

(i) plant, articles, depreciating asset or industrial or other property referred to in paragraph 570(1)(a) ; or

(ii) land or buildings; or

(iii) goodwill; or

(iv) gold, silver or other precious metals; or

(v) any other capital asset;

except to the extent that the expenditure is incidental to the acquisition;

(b) repayments of debts;

(c) any other prescribed expenditure.

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History

S 574(1) amended by No 77 of 2001.

574(2)
For the purposes of the application of this Subdivision to the taxpayer in relation to a FIF, an amount is not to be a notional deduction from the notional income of the FIF of the relevant period to the extent (if any) to which the amount:

(a) has been, or is to be, taken into account in the calculation, in relation to the taxpayer, of an amount included, or to be included, in the notional income of the FIF in respect of the relevant period or in respect of a previous notional accounting period; or

(b) would have been, or would be, taken into account in the calculation, in relation to the taxpayer, of an amount that would have been, or would be, included in the notional income of the FIF in respect of a previous notional accounting period if the taxpayer had been required for the purposes of this Part to work out that notional income.

S 574 inserted by No 190 of 1992.