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Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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Subdiv D repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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S 559 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 559 formerly read:

SECTION 559 DETERMINATION OF CALCULATED PROFIT OR CALCULATED LOSS OF FIF  
559(1)
The first step in the procedure referred to in paragraph 558(3)(a) is to work out the notional income of the FIF of the relevant period.

559(2)
The second step in that procedure is to work out the notional deductions from that notional income.

559(3)
If the notional income exceeds the notional deductions, the excess is a calculated profit in respect of the FIF in respect of the relevant period.

559(4)
If the notional income is less than the notional deductions, the difference is a calculated loss in respect of the FIF in respect of the relevant period.

559(5)
All calculations for the purpose of determining whether there is a calculated profit or a calculated loss in respect of the FIF in respect of the relevant period are to be made in the currency in which the accounts of the FIF are made out.

559(6)
If an amount that is to be included in the notional income of the FIF of the relevant period or is to be a notional deduction from that notional income is expressed in a currency other than the currency referred to in subsection (5), that amount is to be converted into the corresponding amount in the currency referred to in subsection (5) at such rate of exchange as is reasonable and appropriate.

559(7)
After any calculated profit in respect of the FIF in respect of the relevant period is determined, the amount of that calculated profit is to be converted into the corresponding amount in Australian currency at the rate of exchange applicable at the end of the relevant period.

S 559 inserted by No 190 of 1992.