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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 11A repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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

Div 11A heading substituted by No 45 of 2008, s 3 and Sch 7 item 5, effective 26 June 2008. The heading formerly read:

Division 11A - Exemption for virtual PST assets, segregated exempt assets and interests held by complying superannuation entities etc.

Div 11A inserted by No 73 of 2004.

S 519B repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 519B formerly read:

SECTION 519B EXEMPTION  
519B(1) Complying superannuation/FHSA assets and segregated exempt assets.  

The operative provision does not apply to a taxpayer in respect of an interest in a FIF that is a complying superannuation/FHSA asset or a segregated exempt asset of the taxpayer.

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S 519B(1) amended by No 45 of 2008, s 3 and Sch 4 item 5, by substituting " complying superannuation/FHSA " for " virtual PST " , effective 26 June 2008.

519B(2) Complying superannuation entities.  

If a taxpayer is the trustee of a complying superannuation entity in relation to a year of income, the operative provision does not apply to the taxpayer in relation to a FIF in respect of the notional accounting period of the FIF that ends in the year of income.

519B(3) Fixed trusts with various fixed entitlements.  

If:

(a) a taxpayer is the trustee of a fixed trust (an interposed fixed trust ) at the end of a year of income; and

(b) one of the following subparagraphs (whether or not the same subparagraph) applies in relation to each of the fixed entitlements to shares of the income and capital of the trust at the end of the year of income:

(i) it is a complying superannuation/FHSA asset;

(ii) it is a segregated exempt asset;

(iii) it is held by the trustee of a complying superannuation entity;

(iv) it is held by the trustee of an interposed fixed trust within the meaning of this subsection or subsection (4);

the operative provision does not apply to the taxpayer in relation to a FIF in respect of the notional accounting period of the FIF that ends in the year of income.

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S 519B(3) amended by No 45 of 2008, s 3 and Sch 4 item 6, by substituting " complying superannuation/FHSA " for " virtual PST " in para (b)(i), effective 26 June 2008.

519B(4) Fixed trusts with some fixed entitlements held by former complying superannuation entities.  

If a taxpayer is the trustee of a fixed trust (an interposed fixed trust ) at the end of a year of income, where:

(a) some of the fixed entitlements to shares of the income and capital of the trust are held by the trustees of entities that:

(i) are not complying superannuation entities in relation to the year of income; but

(ii) acquired their fixed entitlements in previous years of income and were complying superannuation entities in relation to those years; and

(b) one of the following subparagraphs (whether or not the same subparagraph) applies in relation to each of the other fixed entitlements to shares of the income and capital of the trust at the end of the year of income:

(i) it is a complying superannuation/FHSA asset;

(ii) it is a segregated exempt asset;

(iii) it is held by the trustee of a complying superannuation entity;

(iv) it is held by the trustee of an interposed fixed trust within the meaning of this subsection or subsection (3); and

(c) the market value at the end of the year of income of the fixed entitlements to which paragraph (a) applies is not more than 5% of the market value at that time of all of the fixed entitlements to income and capital of the trust;

the operative provision does not apply to the taxpayer in relation to a FIF in respect of the notional accounting period of the FIF that ends in the year of income.

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S 519B(4) amended by No 45 of 2008, s 3 and Sch 4 item 7, by substituting " complying superannuation/FHSA " for " virtual PST in para (b)(i), effective 26 June 2008.

519B(5)
In determining for the purposes of subparagraph (4)(a)(ii) whether an entity was a complying superannuation entity in relation to the year of income in which it acquired the fixed entitlements mentioned in that subparagraph, disregard any notice issued after the end of that year of income under section 40 of the Superannuation Industry (Supervision) Act 1993 to the effect that the entity was not a complying superannuation entity in relation to the year of income.

S 519B inserted by No 73 of 2004.