Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv C repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 486 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 486 formerly read:

SECTION 486 NOTIONAL ACCOUNTING PERIOD OF A FIF  
486(1)
This section sets out what is a notional accounting period of a FIF for the purposes of the application of this Part to a taxpayer in relation to the FIF.

486(2)
Subject to the following provisions of this section, each period that is a year of income of the taxpayer is a notional accounting period of the FIF.

486(3)
If the accounts of a FIF are made out for periods not exceeding 12 months, the taxpayer may elect that the notional accounting periods of that FIF are to be the respective periods in respect of which the accounts of the FIF are made out.

486(4)
An election made under subsection (3) is irrevocable so long as the taxpayer continues to have an interest in the FIF.

486(5)
Subject to subsection (6), if an election is made under subsection (3):

(a) the first period ( " the first period " ) in respect of which the accounts of the FIF are made out that begins during the year of income of the taxpayer in which the election is made, and all later such periods, are notional accounting periods of the FIF; and

(b) the period starting at the beginning of that year of income and ending immediately before the beginning of the first period is a notional accounting period of the FIF.

486(6)
If, after the making of an election under subsection (3), any accounts of the FIF are made out for a period exceeding 12 months:

(a) neither that period, nor any succeeding period exceeding 12 months for which accounts of the FIF are made out, is a notional accounting period of the FIF; and

(b) the period:

(i) beginning at the end of the last period in respect of which accounts of the FIF were made out for a period not exceeding 12 months; and

(ii) ending at the end of the taxpayer ' s year of income in which that last period ends;

is a notional accounting period of the FIF; and

(c) all later years of income of the taxpayer are notional accounting periods of the FIF.

486(7)
Despite the preceding provisions of this section, the first notional accounting period of a FIF is the period that:

(a) in the case of a foreign company:

(i) if the company was incorporated or established or otherwise came into existence before 1 January 1993 - began on that day; or

(ii) if the company was incorporated or established or otherwise came into existence on or after that day - began on the day of incorporation or establishment; or

(b) in the case of a foreign trust:

(i) if the trust was in existence immediately before l January 1993 - began on that day; or

(ii) if the trust came into existence on or after that day - began on the day on which the trust came into existence;

and ended on the next day that is the last day of a notional accounting period of the FIF under whichever of the preceding provisions of this section is applicable.

S 486 inserted by No 190 of 1992.