Income Tax Assessment Act 1936
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S 17 repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 38, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .
(Repealed by No 133 of 2003)
S 20 repealed by No 133 of 2003, which contains the following transitional provision:
as if those repeals had not happened. sections 102AAW and 389 of the
Income Tax Assessment Act 1936
continue to apply, in relation to the former section 20 of the
Income Tax Assessment Act 1936
, as if those amendments had not been made.
Transitional
-
sections 20, 102AAX and 391 of the
Income Tax Assessment Act 1936
and sections 103-20 and 376-60 of the
Income Tax Assessment Act 1997
78(1)
Despite the repeals of sections 20, 102AAX and 391 of the
Income Tax Assessment Act 1936
and sections 103-20 and 376-60 of the
Income Tax Assessment Act 1997
, those sections continue to apply, in relation to a transaction, event or thing:
(a)
that involves an amount in a foreign currency; and
(b)
to which section 960-50 of the
Income Tax Assessment Act 1997
does not apply;
78(2)
Despite the following amendments:
(a)
the amendment of section 102AAW of the
Income Tax Assessment Act 1936
;
(b)
the amendment of section 389 of the
Income Tax Assessment Act 1936
;
S 20 formerly read:
S 20(2) inserted by No 51 of 1986. S 20(3) inserted by No 51 of 1986. S 20(4) inserted by No 51 of 1986. S 20(5) inserted by No 51 of 1986.
INCOME ETC, TO BE EXPRESSED IN AUSTRALIAN CURRENCY
20(1)
For all the purposes of this Act, income wherever derived and any expenses wherever incurred shall be expressed in terms of Australian currency.
20(2)
Where an amount of income of a taxpayer is derived during the whole or part of a year of income from the carrying on of a business in a foreign country:
(a)
that amount of income shall be expressed in Australian currency at a rate equal to the average of the exchange rates applicable from time to time during the whole or that part of that year; and
(b)
any amount of foreign tax paid in respect of that foreign income shall be expressed in Australian currency at the exchange rate applicable at the time when the tax is paid.
20(3)
Where an amount of foreign income of a taxpayer is derived during a year of income (not being income to which subsection (2) or (4) applies), that amount of foreign income, and any amount of foreign tax paid in respect of that foreign income, shall be expressed in Australian currency at the exchange rate applicable
-
(a)
where the whole amount of that income is remitted to Australia in that year
-
on the day on which it is remitted;
(b)
where part of the amount of that income is remitted to Australia in that year
-
on the day on which it is remitted; or
(c)
in any other case
-
at the end of that year.
20(4)
Where an amount of income is derived by a taxpayer during the whole or part of a year of income as described in section
23AF
or
23AG
:
(a)
that amount of income shall be expressed in Australian currency at a rate equal to the average of the exchange rates applicable from time to time during the whole or that part of that year; and
(b)
any amount of foreign tax paid in respect of that foreign income shall be expressed in Australian currency at the rate applicable at the time when the tax is paid.
20(5)
For the purposes of subsection (3), income shall be taken to be remitted to Australia at the time when it is received in Australia.
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