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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 1 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 488 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 488 formerly read:

SECTION 488 WHAT IS A DISPOSAL OR ACQUISITION OF AN INTEREST IN A FIF OR A FLP  
488(1)
Some of the provisions of this Part refer to an interest in a FIF or a FLP having been disposed of or acquired and this section determines what is such a disposal or acquisition for the purposes of those provisions.

488(2)
Subject to this section, if a change has occurred in the ownership of an interest in a FIF or a FLP, the change is taken to have effected a disposal of the interest by the person who owned it immediately before the change and an acquisition of the interest by the person who owned it immediately after the change.

488(3)
A change in the legal ownership of an interest is not a change in the ownership of the interest for the purposes of this section unless there is also a change in the beneficial ownership of the interest.

488(4)
A reference in subsection (2) to a change in the ownership of an interest is a reference to a change that has occurred in any way, including any of the following ways:

(a) by the execution of an instrument;

(b) by the entering into of a transaction;

(c) by the transmission of the interest by operation of law;

(d) by the doing of any other act or thing;

(e) by the occurrence of any event.

488(5)
Without limiting the generality of subsection (4), a change is taken to have occurred in the ownership of an interest by:

(a) a declaration of trust in relation to the interest under which the beneficiary is absolutely entitled to the interest as against the trustee; or

(b) the release, discharge, satisfaction, surrender, forfeiture, expiry, abandonment or extinction, at law or in equity, of the interest; or

(c) the redemption or buy-back in whole or in part, or the cancellation, of the interest.

488(6)
An issue to a person of an interest in a FIF or a FLP is an acquisition of the interest by the person.

488(7)
None of the following is an acquisition or disposal of an interest in a FIF or a FLP:

(a) the conversion of a convertible note issued by a FIF into another interest in the FIF pursuant to a right conferred by the convertible note if no consideration is paid or payable in respect of the exercise of that right;

(b) the exercise of any other right in relation to an interest in a FIF or a FLP if no consideration is paid or payable in respect of the exercise of that right;

(c) the exchange of an interest in a FIF or a FLP for a different interest in the FIF or FLP of the same value.

S 488 inserted by No 190 of 1992.