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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv F repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 596 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 596 formerly read:

SECTION 596 STEP 1 - CALCULATION OF FOREIGN INVESTMENT FUND AMOUNT  
596(1)
The first step in the procedure is to work out the foreign investment fund amount in relation to the taxpayer in respect of the relevant period.

596(2)
This is done as follows:

(a) first, determine the cash surrender value of the taxpayer's interest at the end of the period;

(b) secondly, add the amount or value of each distribution (if any) in respect of the taxpayer's interest in the FLP that was made by the FLP to the taxpayer during the period;

(c) thirdly, if the taxpayer disposed of any interest in the FLP during the period, add:

(i) the amount or value of each distribution (if any) in respect of that interest made by the FLP to the taxpayer during the period; and

(ii) the amount or value of any consideration received or receivable by the taxpayer in respect of the disposal;

(d) fourthly, if the taxpayer had an interest in the FLP on the day immediately before the first day of the period, deduct:

(i) if subparagraph (ii) does not apply - the cash surrender value of the interest on that day; or

(ii) if the deemed rate of return method was applied, in respect of the taxpayer's interest in the FLP, in respect of the notional accounting period immediately before the relevant period - the value, determined under Subdivision E in accordance with that method, of the interest on that day;

(e) fifthly, if the taxpayer contributed to the interest in the FLP during the period, deduct the amount or value of the consideration paid or given by the taxpayer in respect of the contribution.

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History

S 596(2) amended by No 18 of 1993.

596(3)
Each amount resulting from the application of one of the paragraphs of subsection (2) is to be expressed in the currency used in determining the cash surrender value referred to in paragraph (2)(a).

S 596 inserted by No 190 of 1992.

Archived:

S 597 repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 181, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .