Income Tax Assessment Act 1936

Pt X inserted by No 5 of 1991.

Div 5 repealed by No 143 of 2007 , s 3 and Sch 1 item 89, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A .

S 376 repealed by No 143 of 2007 , s 3 and Sch 1 item 89, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007. For savings provisions, see note under s 559A . S 376 formerly read:

SECTION 376 ATTRIBUTED TAX ACCOUNT DEBIT  
376(1)
An attributed tax account debit arises for an attribution account entity in relation to a taxpayer if:

(a) the entity makes an attribution account payment to another attribution account entity or to the taxpayer; and

(b) the attribution account payment requires an attribution debit for the entity in relation to the taxpayer; and

(c) immediately before the entity makes the attribution account payment, there is an attributed tax account surplus for the entity in relation to the taxpayer.

376(2)
The amount of the attributed tax account debit is the amount calculated using the formula:

Attribution debit     Attribution surplus

×   Attributed tax account surplus

where:

Attribution debit means the amount of the attribution debit;

Attribution surplus means the amount of the attribution surplus, for the entity making the attribution account payment, in relation to the taxpayer immediately before the attribution debit arose;

Attributed tax account surplus means the amount of the attributed tax account surplus.

376(3)
The attributed tax account debit arises when the attribution account payment is made.

S 376 inserted by No 5 of 1991.