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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv C repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 485AA repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 485AA formerly read:

SECTION 485AA ELECTION TO EXCLUDE INTERESTS IN FOREIGN HYBRIDS FROM OPERATION OF THIS PART  
485AA(1) Limited partnerships that are treated as companies.  

If:

(a) disregarding subsection 94D(6) :

(i) at the end of a year of income, a taxpayer has an interest in a FIF that is a corporate limited partnership in relation to the year of income; and

(ii) the interest consists of a share in the FIF; and

Note:

The share will be an interest in the partnership that is treated by Division 5A of Part III as a share.

(b) the entity satisfies the requirements of paragraphs 830-10(1)(a) to (d) of the Income Tax Assessment Act 1997 in relation to the year of income;

the taxpayer may elect that subsection (5) of this section applies in relation to the interest in the FIF.

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History

S 485AA(1) amended by No 75 of 2010, s 3 and Sch 1 item 33, by omitting " for the purposes of Division 5A of Part III " after " corporate limited partnership " in para (a)(i), applicable in relation to: (a) payments made; and (b) loans made; and (c) debts forgiven; on or after 1 July 2009.

S 485AA(1) amended by No 58 of 2006 , s 3 and Sch 7 item 178, by substituting " subsection 94D(6) " for " subsection 94D(5) " in para (a), effective 30 June 2004.

485AA(2) Actual companies.  

If:

(a) at the end of a year of income, a taxpayer has an interest in a FIF that consists of one or more shares in the FIF; and

(b) the interest is not one to which paragraph (1)(a) applies; and

(c) the entity satisfies the requirements of paragraphs 830-15(1)(a) to (c) of the Income Tax Assessment Act 1997 in relation to the year of income;

the taxpayer may elect that subsection (5) of this section applies in relation to the interest in the FIF.

485AA(3) Time limit for making election.  

A taxpayer must make an election under this section:

(a) on or before the day on which the taxpayer lodges its return of income for the year of income; or

(b) within a further time allowed by the Commissioner.

485AA(4) When election is in force.  

If the taxpayer makes the election, it is in force during the year of income and all later years of income.

485AA(5) Effect of election on interest in FIF etc.  

While the election is in force, the operative provision, and any other provision of this Part relevant to the operation of that provision, does not apply to the taxpayer in relation to the interest in the FIF consisting of the share or shares or any option, convertible note, or other instrument, that confers an entitlement to acquire the share or shares.

Note:

The election will also have the effect under Division 830 of the Income Tax Assessment Act 1997 of making the company or limited partnership a foreign hybrid in relation to the taxpayer's interest in the FIF.

485AA(6) Effect of election on other interests in FIF.  

However, subsection (5) does not have effect so far as that interest in the FIF is relevant for the purpose of the application of this Part in relation to the taxpayer, or any other taxpayer, in relation to any other interest in the FIF.

Note:

For example, in applying section 580 to work out other taxpayers ' shares of the calculated profit of the FIF, the interest would not be disregarded.

485AA(7) Election irrevocable.  

The election is irrevocable.

S 485AA inserted by No 101 of 2004, s 3 and Sch 10 item 5, effective 30 June 2004. For application provision, see note under s 92(2).