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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 581 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 581 formerly read:

SECTION 581 HOW TO WORK OUT ATTRIBUTION PERCENTAGE APPLICABLE TO TAXPAYER IN RESPECT OF INTEREST OR INTERESTS IN FOREIGN COMPANY  
581(1)
The attribution percentage applicable to the taxpayer in respect of the taxpayer's interest or interests in a foreign company at the end of the relevant period is the percentage that, because of that interest or those interests, as the case may be, the taxpayer had, or was entitled to acquire, at that time of:

(a) the total paid-up share capital of the company; or

(b) the total rights of shareholders to vote, or participate in any decision-making, concerning any of the following:

(i) the making of distributions of capital or profits of the company to its shareholders;

(ii) the constituent document of the company;

(iii) any variation of the share capital of the company; or

(c) the total rights to distributions of capital or profits of the company to its shareholders on winding-up; or

(d) the total rights to distributions of capital or profits of the company to its shareholders, otherwise than on winding-up;

or, if different percentages are applicable under the preceding paragraphs, the greater or greatest of those percentages.

581(2)
If the percentage of total rights to vote or participate in decision-making differs as between differing types of decision-making, the highest of those percentages applies for the purposes of paragraph (1)(b).

581(3)
For the purposes of subsection (1), the percentage that the taxpayer had, or was entitled to acquire, at the end of the relevant period, because of an interest or interests in the company, of the total rights to distributions of capital or profits of the company to its shareholders on winding-up, or of the total rights to distributions of capital or profits of the company to its shareholders otherwise than on winding-up, is to be worked out in either case by:

(a) ascertaining whichever of the following is applicable:

(i) the capital of the company as at the end of the relevant period;

(ii) the profits of the company for the relevant period; and

(b) assuming that the rights to such distributions that the taxpayer had, or was entitled to acquire, at the end of the relevant period because of the interest or interests were the same at all other times during the relevant period; and

(c) ascertaining the percentage concerned on that assumption.

581(4)
If, apart from this subsection, the sum of the attribution percentages at the end of the relevant period in relation to the company of all the taxpayers to whom the operative provision applies in relation to the company in relation to the relevant period would exceed 100%, the attribution percentage of each taxpayer is the percentage worked out using the formula:

	Attribution percentage of the taxpayer concerned	×   100%
	Sum of attribution percentages of all of the taxpayers to whom the operative provision applies

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History

S 581(4) inserted by No 138 of 1994.

S 581 inserted by No 190 of 1992.