Income Tax Assessment Act 1936
View history note
Hide history notePart XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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.
FORMER SECTION 582 582 PROCEDURE TO BE FOLLOWED
(Repealed by No 114 of 2010)
S 582 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 582 formerly read:
the share of the calculated profit of the trust in respect of the relevant period to which the taxpayer is entitled is the amount worked out using the formula:
SECTION 582 PROCEDURE TO BE FOLLOWED
582(1)
The share of the calculated profit of a foreign trust in respect of the relevant period to which the taxpayer is entitled is to be worked out in accordance with this section.
582(2)
If all of the income, profits or gains derived by the trust during the relevant period consisted of either or both of the following:
(a)
income, profits or gains to which beneficiaries of the trust were presently entitled; or
(b)
income, profits or gains to which beneficiaries of the trust were not presently entitled but which were distributed to beneficiaries of the trust during the relevant period or within 2 months after the end of that period;
Calculated profit
×
Attribution percentage
In the formula:
" Calculated profit " means the calculated profit of the trust of the relevant period;
" Attribution percentage " means the percentage of the total income, profits and gains derived by the trust during the relevant period to which the taxpayer was presently entitled or to which the taxpayer was not presently entitled but which was distributed to the taxpayer during the relevant period or within 2 months after the end of the relevant period.
582(3)
If subsection (2) does not apply, the share of the calculated profit of the trust in respect of the relevant period to which the taxpayer is entitled is the amount determined by calculating:
(a) the part of the share of the calculated profit to which the taxpayer is entitled that is attributable to any interest or interests that the taxpayer had in the trust throughout the whole of the relevant period; and
(b) the part or parts of the share of the calculated profit to which the taxpayer is entitled that is or are attributable to any interest or interests that the taxpayer had in the trust throughout a particular part or particular parts of the relevant period;
and adding up the amounts so calculated.
582(4)
The part of the share of the calculated profit of the trust in respect of the relevant period to which the taxpayer is entitled that is attributable to an interest or interests that the taxpayer had in the trust throughout the whole of the relevant period is the amount worked out using the formula:
| Calculated profit × Attribution percentage |
582(5)
The part of the share of the calculated profit of the trust in respect of the relevant period to which the taxpayer is entitled that is attributable to an interest or interests that the taxpayer had in the trust throughout a particular part of the relevant period is the amount worked out using the formula:
| Calculated profit | × | Attribution percentage | × |
Number of days held
Total number of days |
582(6)
For the purposes of the formulas in subsections (4) and (5):
"Calculated profit"
means the calculated profit of the trust of the relevant period;
"Attribution percentage"
means:
(a) the percentage of the income of the trust represented by the share of the income to which the taxpayer was entitled, or was entitled to acquire, at the end of the relevant period because of:
(i) the taxpayer ' s interest or interests in the trust; and
(ii) any interest or interests in the trust that the taxpayer was entitled to acquire; or
(b) the percentage of the corpus of the trust represented by the share of the corpus to which the taxpayer was entitled, or was entitled to acquire, at the end of the relevant period because of:
(i) the taxpayer ' s interest or interests in the trust; and
(ii) any interest or interests in the trust that the taxpayer was entitled to acquire;
or, if those percentages differ, the greater of those percentages;
"Number of days held"
means the number of days in the part of the relevant period throughout which the taxpayer had the interest;
"Total number of days"
means the number of days in the relevant period.
582(6A)
If, apart from this subsection, the sum of the attribution percentages at the end of the relevant period in relation to the trust of all the taxpayers to whom the operative provision applies in relation to the trust 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 |
S 582(6A) inserted by No 138 of 1994.
582(7)
For the purposes of subsection (6):
(a) the percentage of the income of the trust represented by the share of the income to which the taxpayer was entitled, or was entitled to acquire, at the end of the relevant period because of the interest or interests referred to in subparagraph (a)(i) or (ii) of the definition of " attribution percentage " in that subsection; or
(b) the percentage of the corpus of the trust represented by the share of the corpus to which the taxpayer was entitled, or was entitled to acquire, at the end of the relevant period because of the interest or interests referred to in subparagraph (b)(i) or (ii) of the definition of " attribution percentage " in that subsection;
is to be worked out by:
(c) ascertaining whichever of the following is applicable:
(i) the income of the trust for the year of income;
(ii) the corpus of the trust as at the end of the year of income; and
(d) assuming that the share to which the taxpayer is entitled, or became entitled to acquire, at the end of the relevant period because of the interest or interests was the same at all other times during the year of income; and
(e) ascertaining the percentage concerned on that assumption.
582(7A)
If:
(a) because of the taxpayer ' s election under subsection 486(3) , the relevant period ends at the same time as a period ( " the real accounting period " ) in respect of which the accounts of the trust are made out; and
(b) because of paragraph 486(5)(b) or subparagraph 486(7)(b)(i) , the relevant period does not begin at the same time as the real accounting period;
then, for the purposes of this section:
(c) the relevant period is taken to begin when the real accounting period does; and
(d) any interest or interests that the taxpayer had in the trust immediately before the time when the relevant period began (disregarding its extension under paragraph (c)) are taken to have been acquired by the taxpayer at that time.
S 582(7A) inserted by No 18 of 1993.
582(8)
A reference in this section to income, profits or gains having been distributed to a taxpayer is a reference to an amount included in such income, profits or gains having been paid or credited to, or applied for the benefit of, the taxpayer.
582(9)
A reference in this section to an interest that a taxpayer had in a foreign trust throughout a particular part of the relevant period does not include a reference to such an interest that the taxpayer ceased to have before the end of that period.
S 582 inserted by No 190 of 1992.
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