Income Tax Assessment Act 1936
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Hide history noteDiv 16L repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018. No 4 of 2018, s 3 and Sch 6 item 27 contains the following application provision:
27 Application of amendments
(1)
The amendments made by this Schedule (other than the repeal of Part 5 of Chapter 3 and Part 2 of Chapter 4 of the
Development Allowance Authority Act 1992
) do not apply in relation to a certificate that is in force just before the commencement of this item.
(2)
For the purposes of applying, on or after that commencement, the Acts amended by this Schedule, as those Acts apply because of subitem (1), a reference in those Acts to the Development Allowance Authority is treated as being a reference to the Commissioner of Taxation.
Div 16L formerly read:
Division 16L - Tax-exempt infrastructure borrowings
Note:
The issue of certificates that give rise to the tax concessions in this Division has been terminated for new cases by the Taxation Laws Amendment (Infrastructure Borrowings) Act 1997 .
Div 16L heading amended by No 104 of 1997.
Div 16L inserted by No 98 of 1992.
Former Subdiv B heading omitted by No 163 of 1994.
(Repealed by No 4 of 2018)
S 159GZZZZG repealed by No 4 of 2018, s 3 and Sch 6 item 8, effective 21 February 2018. For application provisions, see note under Pt III Div
16L
heading. S 159GZZZZG formerly read:
If:
then: S 159GZZZZG(1) amended by No 53 of 2016, s 3 and Sch 5 item 23, by repealing para (a)(ii), applicable to assessments for income years starting on or after 1 July 2016. For transitional provision, see note under Pt III Div 6B heading. Para (a)(ii) formerly read:
S 159GZZZZG(1) amended by No 66 of 2015, s 3 and Sch 1 item 4, by substituting
"
all of the IB amounts multiplied by the corporate tax rate
"
for
"
30% of the IB amounts
"
in para (d), applicable to assessments for years of income starting on or after 1 July 2015. S 159GZZZZG(1) amended by No 15 of 2007, s 3 and Sch 1 item 104, by substituting
"
a complying superannuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust
"
for
"
an eligible entity within the meaning of Part IX
"
in para (a)(iv), applicable to the 2007-08 income year and later years. S 159GZZZZG(1) amended by No 79 of 2000 and No 170 of 1995.
SECTION 159GZZZZG REBATE ELECTION
159GZZZZG(1)
Basic case.
(a)
if subsections 159GZZZZE(1) and (2) did not apply to IB amounts, the assessable income of a year of income of a taxpayer who is:
(i)
a company or a natural person (other than a company or natural person in the capacity of a trustee); or
(ii)
(Repealed by No 53 of 2016)
(iii)
a public trading trust within the meaning of Division 6C in relation to the year of income; or
would include one or more IB amounts; and
(iv)
a complying superanuation fund, a non-complying superannuation fund, a complying approved deposit fund, a non-complying approved deposit fund or a pooled superannuation trust in relation to the year of income;
(b)
the taxpayer
'
s return of income of the year of income includes all of the IB amounts;
(c)
all of the IB amounts are included in the taxpayer
'
s assessable income of the year of income; and
(d)
the taxpayer is entitled to a rebate in the taxpayer
'
s assessment for that year of an amount equal to all of the IB amounts multiplied by the corporate tax rate.
(ii)
a corporate unit trust within the meaning of Division 6B in relation to the year of income; or
159GZZZZG(2) Beneficiary assessment.
If:
(a) apart from this subsection, a share of the net income of a trust estate of a year of income is included in a taxpayer ' s assessable income under section 97; and
(b) if subsections 159GZZZZE(1) and (2) did not apply to IB amounts included in the assessable income of the trust estate, or of any other trust estate or partnership, that share of the net income would be increased by an amount (the " IB attributable amount " ); and
(c) the taxpayer ' s return of income of the year of income is prepared on the basis that all of the IB amounts are included in the assessable income of the trust estate, or of the other trust estate or partnership;
then:
(d) for the purposes only of working out the share of the net income to be included in the taxpayer ' s assessable income, the assessable income of the trust estate, or of the other trust estate or partnership, includes all of the IB amounts; and
(e) the taxpayer is entitled to a rebate in the taxpayer ' s assessment for the year of income of an amount equal to the IB attributable amount multiplied by the corporate tax rate.
S 159GZZZZG(2) amended by No 66 of 2015, s 3 and Sch 1 item 5, by substituting " the IB attributable amount multiplied by the corporate tax rate " for " 30% of the IB attributable amount " in para (e), applicable to assessments for years of income starting on or after 1 July 2015.
S 159GZZZZG(2) amended by No 66 of 2015, No 79 of 2000 and No 170 of 1995.
159GZZZZG(3) Trustee assessment.
If:
(a) apart from this subsection, the trustee of a trust estate is assessed and liable to pay tax:
(i) in respect of a share of the net income of the trust estate of a year of income under section 98; or
(ii) in respect of the whole or part of the net income of the trust estate under section 99 or 99A; and
(b) if subsections 159GZZZZE(1) and (2) did not apply to IB amounts included in the assessable income of the trust estate, or of any other trust estate or partnership, of the year of income, the amount of the share, or of the whole or the part, of the net income would be increased by an amount (the " IB attributable amount " ); and
(c) the trustee ' s return of income in respect of the share, or the whole or the part of the net income, of the year of income is prepared on the basis that all of the IB amounts are included in the assessable income of the trust estate, or of the other trust estate or partnership;
then:
(d) for the purposes only of working out the amount of:
(i) the share, or of the whole or the part, of the net income; and
the assessable income of the trust estate, or of the other trust estate or partnership, includes all of the IB amounts; and
(ii) the individual interest of a beneficiary in the net income of the trust estate that is to be included in the beneficiary ' s assessable income under section 100, where the share of the net income to which subparagraph (a)(i) of this subsection applies is that of the beneficiary;
(e) the trustee is entitled to a rebate in the trustee ' s assessment in respect of the share, or of the whole or the part, of the net income of the year of income to an amount equal to the IB attributable amount multiplied by the corporate tax rate.
S 159GZZZZG(3) amended by No 66 of 2015, s 3 and Sch 1 item 5, by substituting " the IB attributable amount multiplied by the corporate tax rate " for " 30% of the IB attributable amount " in para (e), applicable to assessments for years of income starting on or after 1 July 2015.
S 159GZZZZG(3) amended by No 66 of 2015, No 79 of 2000 and No 170 of 1995.
159GZZZZG(4) Partner assessment.
If:
(a) apart from this subsection, a share of the net income of a partnership of a year of income is included in a taxpayer ' s assessable income under section 92; and
(b) if subsections 159GZZZZE(1) and (2) did not apply to IB amounts included in the assessable income of the partnership, or of any other partnership or trust estate, that share of the net income would be increased by an amount (the " IB attributable amount " ); and
(c) the taxpayer ' s return of income of the year of income is prepared on the basis that all of the IB amounts are included in the assessable income of the partnership, or of the other partnership or trust estate;
then:
(d) for the purposes only of working out the share of the net income included in the taxpayer ' s assessable income, the assessable income of the partnership, or of the other partnership or trust estate, includes all of the IB amounts; and
(e) the taxpayer is entitled to a rebate in the taxpayer ' s assessment for the year of income of an amount equal to the IB attributable amount multiplied by the corporate tax rate.
S 159GZZZZG(4) amended by No 66 of 2015, s 3 and Sch 1 item 5, by substituting " the IB attributable amount multiplied by the corporate tax rate " for " 30% of the IB attributable amount " in para (e), applicable to assessments for years of income starting on or after 1 July 2015.
S 159GZZZZG(4) amended by No 66 of 2015, No 79 of 2000 and No 170 of 1995.
159GZZZZG(5)
The inclusion of an IB amount in the assessable income of a person under this section does not affect the denial of allowability of a deduction to another person in respect of the same amount under subsection 159GZZZZE(1) or (2).
S 159GZZZZG inserted by No 163 of 1994.
S 159GZZZZG inserted by No 163 of 1994.
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