Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv C repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 482 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 482 formerly read:

SECTION 482 WHAT IS A FLP  
482(1)
A reference in this Part to a FLP or to a foreign life assurance policy in relation to a taxpayer in relation to a year of income is a reference to a life assurance policy issued by an entity that was not a resident of Australia at any time in that year of income but does not include a policy issued in Australia if the entity that issued the policy was, when the policy was issued, authorised under the Life Insurance Act 1995 to carry on life insurance business in Australia.

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History

S 482(1) amended by No 101 of 2004 and No 5 of 1995.

482(2)
In subsection (1):

"life assurance policy"
means a policy insuring payment of money:

(a) on death (other than death by accident or expressly named sickness only); or

(b) on the happening of any contingency dependent on the termination or continuance of human life (either with or without provision for a benefit under a continuous disability insurance contract within the meaning of the Life Insurance Act 1995 );

and includes:

(c) an instrument evidencing a contract that is subject to payment of premiums or instalments of premiums for a term dependent on the termination or continuance of human life; or

(d) an instrument securing the grant of an annuity for a term dependent upon human life;

but does not include:

(e) such a policy or instrument:

(i) that provides for the payment of money only on death, or death or permanent disability, and in respect of which the premium, or each of the instalments of premium, is calculated solely by reference to the period:

(A) for which the human life concerned is expected to continue; or

(B) within which the human life concerned is expected to terminate; or

(ii) that was issued before 1 July 1992 but cannot be cancelled, surrendered or redeemed on or after that day and whose terms have not been altered in a material respect on or after that day; or

(f) a contract between a non-resident and a resident:

(i) under which the non-resident reinsures the resident against the whole or a part of the liability of the resident under a policy ( " the relevant policy " ) issued by the resident; and

(ii) in respect of which the premium, or each of the instalments of premium, is calculated solely by reference to the period:

(A) for which the human life to which the relevant policy applies is expected to continue; or

(B) within which the human life to which the relevant policy applies is expected to terminate.

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History

S 482(2) amended by No 5 of 1995.

S 482 inserted by No 190 of 1992.