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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 21 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 613 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 613 formerly read:

SECTION 613 REDUCTION OF DISPOSAL CONSIDERATION OR CAPITAL PROCEEDS IF FIF ATTRIBUTED INCOME NOT DISTRIBUTED  
613(1)
If:

(a) it is necessary, for the purposes of applying a provision of this Act in the assessment of a taxpayer for a year of income, to take into account:

(i) the amount of consideration received, entitled to be received or taken to have been received, by the taxpayer in respect of the disposal of an asset; or

(ii) the capital proceeds from a CGT event happening in relation to a CGT asset;

being an asset that is an interest in a FIF attribution account entity; and

(b) immediately before the disposal or CGT event takes place there is a FIF attribution surplus for the FIF attribution account entity in relation to the taxpayer;

then, for the purposes of this Act:

(c) the consideration or capital proceeds that, apart from this section, would be taken into account under the provision referred to in paragraph (a) in respect of the disposal or CGT event is taken to be reduced by so much of the amount of the FIF attribution surplus as does not exceed the consideration or capital proceeds; and

(d) a FIF attribution debit is taken to arise at the time of the disposal or the CGT event under section 606, in relation to the taxpayer, for the FIF attribution account entity; and

(e) the amount of the FIF attribution debit is equal to so much of the surplus as is taken into account under paragraph (c).

613(2)
For the purposes of paragraph (1)(c), if the disposal of the asset or the CGT event causes the taxpayer ' s FIF attribution account percentage for the FIF attribution account entity to be reduced by a proportion, then only that proportion of the FIF attribution surplus for the entity is to be taken into account under that paragraph.

S 613 substituted by No 114 of 2010, s 3 and Sch 1 item 92, applicable to assessments for the 2006-07 income year and later income years. S 613 formerly read:

SECTION 613 REDUCTION OF CAPITAL PROCEEDS IF FIF ATTRIBUTED INCOME NOT DISTRIBUTED  
613(1)
If:

(a) it is necessary, for the purposes of applying a provision of this Act in the assessment of a taxpayer for a year of income, or to take into account the capital proceeds from a CGT event happening in relation to a CGT asset, being an interest in a FIF attribution account entity; and

(b) immediately before the CGT event takes place there is a FIF attribution surplus for the FIF attribution account entity in relation to the taxpayer;

then, for the purposes of this Act:

(c) the capital proceeds that, apart from this section, would be taken into account under the provision referred to in paragraph (a) in respect of the CGT event is taken to be reduced by so much of the amount of the FIF attribution surplus as does not exceed the capital proceeds; and

(d) a FIF attribution debit is taken to arise at the time of the CGT event under section 606 , in relation to the taxpayer, for the FIF attribution account entity; and

(e) the amount of the FIF attribution debit is equal to so much of the surplus as is taken into account under paragraph (c).

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History

S 613(1) amended by No 101 of 2006 , s 3 and Sch 2 item 497 to 502, by omitting " to take into account the amount of consideration received, entitled to be received or taken to have been received, by the taxpayer in respect of the disposal of an asset, " after " year of income, " in para (a), substituting " CGT event " for " disposal " in para (b), and omitting " consideration or " before " capital proceeds " (twice occurring) in para (c), " disposal or " before " CGT event " in para (c), and " the disposal or " before " the CGT event " in para (d), effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 613(1) amended by No 46 of 1998.

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Archived:

S 613(2) repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 182, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .

613(3)
For the purposes of paragraph (1)(c), if the CGT event causes the taxpayer's FIF attribution account percentage for the FIF attribution account entity to be reduced by a proportion, then only that proportion of the FIF attribution surplus for the entity is to be taken into account under that paragraph.

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History

S 613(3) amended by No 101 of 2006 , s 3 and Sch 2 item 503, by omitting " the disposal of the asset or " before " the CGT event " , effective 14 September 2006. For application and savings provisions see the CCH Australian Income Tax Legislation archive .

S 613 amended by No 46 of 1998 and inserted by No 190 of 1992.