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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 22 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 615 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 615 formerly read:

SECTION 615 RECORDS OF ACTS, TRANSACTIONS ETC.  
615
The taxpayer must make and keep records in Australia containing particulars of:

(a) the acts, transactions and other circumstances that resulted in the taxpayer having:

(i) the interest or interests in the FIF at the end of the year of income; or

(ii) the interest in the FLP during the year of income; and

(b) except in the case of a taxpayer who, because of any of Divisions 2 to 15, is wholly exempt from taxation in respect of the interest or interests in respect of the notional accounting period of the FIF or FLP that ended in the year of income - the basis of the calculation of the interest or the interests at that time.

Note:

There is an administrative penalty if you do not keep or retain records as required by this Division: see section 288-25 in Schedule 1 to the Taxation Administration Act 1953 .

S 615 amended by No 91 of 2000 and inserted by No 190 of 1992.