Income Tax Assessment Act 1936
View history note
Hide history noteDiv 6 heading substituted by No 12 of 1979.
(Repealed by No 114 of 2010)
S 96A repealed by No 114 of 2010, s 3 and Sch 1 item 9, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. S 96A formerly read:
S 96A(1) amended by No 73 of 2004 and No 93 of 1999. S 96A(1A) amended by No 93 of 1999 and inserted by No 18 of 1993. then: S 96A(2) amended by No 138 of 1994. whichever is the greater amount. then the beneficiary's share of the net income of the CFT of the year of income is to be calculated as if the amount of foreign investment fund income had not been included in the CFT's assessable income. S 96A(3A) inserted by No 138 of 1994. then the beneficiary's share of the net income of the CFT of the year of income is to be calculated as if the amount of foreign investment fund income had not been included in the CFT's assessable income. S 96A(3B) inserted by No 138 of 1994.
CFC
Definition of ``CFC'' inserted by No 138 of 1994.
SECTION 96A APPLICATION OF DIVISION IN RESPECT OF INTERESTS IN NON-RESIDENT TRUST ESTATES TO WHICH PART XI APPLIES
96A(1)
An amount is not to be included under section 97 in the assessable income of a year of income of a beneficiary of a trust estate if:
(a)
the beneficiary is a resident; and
(b)
the trust estate is a non-resident trust estate in relation to that year of income; and
(c)
section 529 applies, or but for Division 8 or 11A of Part XI would have applied, to the beneficiary in relation to each notional accounting period of the relevant trust that ended or began in that year of income.
96A(1A)
An amount, other than an amount relating to an interest in a FIF to which Division 8 of Part XI applies, that, because of subsection (1), is not included under section 97 in assessable income is nevertheless taken to have been so included for the purposes of applying sections 99, 99A and 102AAU.
96A(2)
If:
(a)
the assessable income of the trust estate of a resident public unit trust of a year of income includes any foreign investment fund income; and
(b)
the sum of:
(i)
the values of all the interests of a beneficiary of the trust estate who is a natural person (otherwise than in the capacity of a trustee), and any associates of that beneficiary, in FIFs and resident public unit trusts; and
at the end of the year of income did not exceed $50,000;
(ii)
the values of all FLPs in which that beneficiary and any associates of that beneficiary had interests;
(c)
in calculating the beneficiary's share of the net income of the trust estate of the year of income, that net income is taken to be the amount that would have been that net income if that foreign investment fund income had not been included in that assessable income; and
(d)
in calculating the beneficiary's share of the net income of any subsequent year of income, that net income is taken to be the amount that would have been that net income if section 23AK or section 613 applied as if no FIF attribution account credit arose for the relevant trust for the year of income mentioned in paragraph (c); and
(e)
in determining under sections 99 and 99A the extent (if any) to which the trustee is to be assessed and liable to pay tax on the whole or part of the net income of the trust estate of the year of income or any later year of income, paragraphs (c) and (d) of this subsection are to be disregarded.
96A(3)
For the purposes of subsection (2), the value at the end of the year of income of a person's interest in a FIF or in a resident public unit trust, or of a FLP in which a person has an interest, is taken to be:
(a)
the cost incurred by the person in acquiring the interest in the FIF, resident public unit trust or FLP, as the case may be; or
(b)
the market value of the interest in the FIF or resident public unit trust, or of the FLP, as the case may be, at the end of the year of income;
96A(3A)
If:
(a)
under section 529, the assessable income of a year of income of a CFT includes an amount of foreign investment fund income that, under Part XI, accrued to the CFT from a FIF in respect of a notional accounting period of the FIF; and
(b)
a statutory accounting period of a CFC coincides with that notional accounting period of the FIF; and
(c)
section 456 applies at the end of the statutory accounting period of the CFC to a taxpayer who is a beneficiary in the CFT; and
(d)
the FIF is the same entity as the CFC;
96A(3B)
If:
(a)
under section 529, the assessable income of a year of income of a CFT includes an amount of foreign investment fund income that, under Part XI, accrued to the CFT from a FIF in respect of a notional accounting period of the FIF; and
(b)
each of 2 or more statutory accounting periods of a CFC occurs partly within that notional accounting period of the FIF; and
(c)
section 456 applies at the end of each of these statutory accounting periods of the CFC to a taxpayer who is a beneficiary in the CFT; and
(d)
the FIF is the same entity as the CFC;
96A(4)
For the purposes of this section, a unit trust is a resident public unit trust in relation to a year of income if:
(a)
it is a public unit trust for the purposes of Division 6AAA at all times during the year of income; and
(b)
either of the following conditions was satisfied at any time during the year of income:
(i)
the central management and control of the unit trust was in Australia;
(ii)
a person who was a resident or persons who were residents held more than 50% of:
(A)
the beneficial interests in the income of the unit trust; or
(B)
the beneficial interests in the property of the unit trust.
96A(5)
In this section:
has the same meaning as in Part X.
CFT
has the same meaning as in Part X.
Definition of ``CFT'' inserted by No 138 of 1994.
interest
, in relation to a resident public unit trust, means a unit in the trust or an entitlement to acquire such a unit.
statutory accounting period
has the same meaning as in Part X.
Definition of ``statutory accounting period'' inserted by No 138 of 1994.
96A(6)
Expressions used in this section that are also used in Part XI have, unless the contrary intention appears, the same meanings as in that Part.
S 96A inserted by No 190 of 1992.
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