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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv E repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 592 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 592 formerly read:

SECTION 592 STEP 3 - DETERMINATION OF FOREIGN INVESTMENT FUND AMOUNT  
592(1)
The third step is to determine, in relation to the taxpayer in respect of the relevant period, the foreign investment fund amount in respect of the taxpayer ' s interest or interests in the FLP.

592(2)
The foreign investment fund amount is the amount worked out using the formula:

Opening value

×

Deemed rate of return

×

Number of days held 365

For the purposes of the formula:

"Opening value"
means the value of the FLP on the relevant day;

"Deemed rate of return"
, in relation to the relevant period, means:

(a) if there is only one base rate in relation to the year of income in which the relevant period ends - that rate; or

(b) if there are 2 or more base interest rates in relation to that year of income - the weighted average of those rates;

increased, in either case, by 4 percentage points;

"Number of days held"
means the number of days in the relevant period in which the taxpayer had the interests in the FLP.

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History

Archived:

S 592(2) (definition of basic statutory interest rate) repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 180, 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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History

S 592(2) amended by No 101 of 2006 , s 3 and Sch 2 item 496, by substituting " base " for " basic statutory " in para (a) and (b) of the definition of " Deemed rate of return " , effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 592(2) amended by No 11 of 1999, No 181 of 1994.

S 592 inserted by No 190 of 1992.