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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 19 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 606 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 606 formerly read:

SECTION 606 FIF ATTRIBUTION DEBIT  
606(1)
A FIF attribution debit arises for a FIF attribution account entity ( the eligible entity ) in relation to a taxpayer if:

(a) the eligible entity makes a FIF attribution account payment to the taxpayer or to a FIF attribution account entity; and

(b) immediately before the eligible entity makes the FIF attribution account payment, there is a FIF attribution surplus for the eligible entity in relation to the taxpayer.

606(2)
The amount of the FIF attribution debit is the lesser of:

(a) the FIF attribution surplus; and

(b) whichever of the following is applicable:

(i) if the attribution account payment is made to the taxpayer - the FIF attribution account payment;

(ii) in any other case - the taxpayer's FIF attribution account percentage (for the FIF attribution account entity to which the payment is made) of the FIF attribution account payment;

reduced by any attribution debit that arises under section 372 for the entity in relation to the taxpayer as a result of the making of the payment.

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History

S 606(2) amended by No 18 of 1993.

606(3)
The FIF attribution debit arises when the FIF attribution account payment is made.

S 606 inserted by No 190 of 1992.