Income Tax Assessment Act 1936
View history note
Hide history noteDiv 18 repealed by No 143 of 2007 , s 3 and Sch 1 item 64, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 .
Div 18 substituted by No 51 of 1986.
Div 18 amended by No 108 of 1981, No 87 of 1978, No 117 and No 80 of 1975, No 126 of 1974, No 164 and No 51 of 1973, No 47 of 1972, No 85 and No 76 of 1967, No 50 of 1966, No 143 of 1965, No 110 of 1964 and No 94 of 1961.
(Repealed by No 143 of 2007 )
S160AE repealed by
No 143 of 2007
, s 3 and Sch 1 item 64, 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 160AE formerly read:
"attributable income"
Definition of ``attributable income'' inserted by No 5 of 1991.
SECTION 160AE INTERPRETATION
160AE(1)
In this Division, unless the contrary intention appears
-
has the same meaning as in Part
X
;
"attributed tax account debit"
has the same meaning as in Part
X
;
Definition of ``attributed tax account debit'' inserted by No 5 of 1991.
"attribution account entity"
has the same meaning as in Part
X
;
Definition of ``attribution account entity'' inserted by No 5 of 1991.
"attribution account payment"
has the same meaning as in Part
X
;
Definition of ``attribution account payment'' inserted by No 5 of 1991.
"attribution percentage"
has the same meaning as in Part
X
;
Definition of ``attribution percentage'' inserted by No 5 of 1991.
"attribution surplus"
has the same meaning as in Part
X
;
Definition of ``attribution surplus'' inserted by No 5 of 1991.
"Australian company"
means a company that is a resident of Australia;
"CFC"
has the same meaning as in Part
X
;
Definition of ``CFC'' inserted by No 5 of 1991.
"CFC-type foreign tax"
means foreign tax in respect of amounts that correspond to those included in assessable income under section
456
;
Definition of ``CFC-type foreign tax'' inserted by No 5 of 1991.
"company"
does not include a company in the capacity of a trustee;
debt deduction
has the same meaning as in the
Income Tax Assessment Act 1997
.
Definition of ``debt deduction'' inserted by No 162 of 2001.
"distributable profits"
has the same meaning as in Part
X
;
Definition of ``distributable profits'' inserted by No 5 of 1991.
"dividend"
includes a part of a dividend;
"exempting profits"
(Repealed by No 96 of 2004)
Definition of ``exempting profits'' inserted by No 5 of 1991.
"exempting profits percentage"
(Repealed by No 96 of 2004)
Definition of ``exempting profits percentage'' inserted by No 5 of 1991.
"exempting receipt"
(Repealed by No 96 of 2004)
Definition of ``exempting receipt'' inserted by No 5 of 1991.
"FIF"
has the same meaning as in Part
XI
;
Definition of ``FIF'' inserted by No 190 of 1992.
"FIF attributed tax account debit"
has the same meaning as in Part
XI
;
Definition of ``FIF attributed tax account debit'' inserted by No 190 of 1992.
"FIF attribution account entity"
has the same meaning as in Part
XI
;
Definition of ``FIF attribution account entity'' inserted by No 190 of 1992.
"FIF attribution account payment"
has the same meaning as in Part
XI
;
Definition of ``FIF attribution account payment'' inserted by No 190 of 1992.
"foreign company"
means a company that is not a resident of Australia;
"foreign investment fund income"
has the same meaning as in Part
XI
;
Definition of ``foreign investment fund income'' inserted by No 190 of 1992.
"foreign trust"
has the same meaning as in Part
XI
;
Definition of ``foreign trust'' inserted by No 190 of 1992.
"law"
, in relation to a foreign country, means a law of that country, or of any part of, or place in, that country;
"listed country"
has the same meaning as in Part
X
;
Definition of ``listed country'' inserted by No 5 of 1991.
"modified passive income"
has the meaning given by subsection
160AEA(2)
;
Definition of ``modified passive income'' inserted by No 5 of 1991.
"non-exempting profits"
(Repealed by No 96 of 2004)
Definition of ``non-exempting profits'' inserted by No 5 of 1991.
"non-portfolio dividend"
has the same meaning as in Part
X
;
Definition of ``non-portfolio dividend'' inserted by No 5 of 1991.
"notional accounting period"
has the same meaning as in Part
XI
;
Definition of ``notional accounting period'' inserted by No 190 of 1992.
"notional allowable deduction"
has the same meaning as in Part
X
;
Definition of ``notional allowable deduction'' inserted by No 5 of 1991.
"notional assessable income"
has the same meaning as in Part
X
;
Definition of ``notional assessable income'' inserted by No 190 of 1992.
"notional income"
has the same meaning as in Part
XI
;
Definition of ``notional income'' inserted by No 190 of 1992.
overseas permanent establishment
has the same meaning as in the
Income Tax Assessment Act 1997
.
Definition of ``overseas permanent establishment'' inserted by No 162 of 2001.
"passive income"
has the meaning given by subsection
160AEA(1)
;
Definition of ``passive income'' inserted by No 5 of 1991.
"profits"
(Omitted by No 5 of 1991)
"relief"
, in relation to foreign tax, means relief in the nature of a credit, rebate, remission or deduction;
"resident of a listed country"
has the same meaning as in Part
X
;
Definition of ``resident of a listed country'' inserted by No 5 of 1991.
"resident of an unlisted country"
has the same meaning as in Part
X
;
Definition of ``resident of an unlisted country'' inserted by No 5 of 1991.
"statutory accounting period"
has the same meaning as in Part
X
;
Definition of ``statutory accounting period'' inserted by No 5 of 1991.
"taxable profits"
, in relation to a company, means income and profits or gains, whether of an income or capital nature, of the company on which foreign tax is payable;
Definition of ``taxable profits'' inserted by No 5 of 1991.
"underlying tax"
means foreign tax payable on the taxable profits of a company;
Definition of ``underlying tax'' substituted by No 5 of 1991.
"unlisted country"
has the same meaning as in Part
X
.
Definition of ``unlisted country'' inserted by No 5 of 1991.
Archived:
Definition of " undistributed amount " repealed as inoperative by No 101 of 2006 , s 3 and Sch 1 item 149, effective 14 September 2006. For application and savings provisions and for former wording see the CCH Australian Income Tax Legislation archive .
160AE(2)
Where an amount is included in the assessable income of a taxpayer of a year of income, being an amount consisting of profits or gains derived from sources in a foreign country, being profits or gains of a capital nature in respect of which foreign tax is payable, the amount so included shall, for the purposes of this Division (other than section 160AFD ), be deemed to be income derived by the taxpayer in the year of income from sources in that country.
S 160AE(2) amended by No 5 of 1991.
160AE(3)
In this Division, ``interest income'' , in relation to a person, means income consisting of interest, or a payment in the nature of interest, in respect of -
(a) money lent, advanced or deposited;
(b) credit given; or
(c) any other form of debt or liability,
whether security is given or not, other than -
(da) an amount to the extent to which it is a return on an equity interest in a company;
(d) interest derived by the person from a transaction directly related to the active conduct of a trade or business;
(e) interest derived by the person from carrying on a banking business or any other business whose income is principally derived from the lending of money;
(ea) interest that is offshore banking income; or
(f) interest received by the person during a year of income from a company, where -
(i) at any time during the year of income, the company was related to the person or would have been related to the person if the person were an Australian company; and
(ii) during the year of income or the preceding year of income, the company has not derived an amount of interest income exceeding 10% of the total profits derived by the company during the same year.
S 160AE(3)(da) inserted by No 163 of 2001.
S 160AE(3) amended by No 11 of 1988.
160AE(4)
In this Division, ``offshore banking income'' means:
(a) income (being interest, fees, commission or other amounts) derived by a person in respect of offshore banking transfers of the person; or
(b) income consisting of dividends or non-share dividends paid to a person by a company out of profits derived from the making of offshore banking transfers.
S 160AE(4) amended by No 163 of 2001.
S 160AE(4) inserted by No 11 of 1988.
160AE(5)
Where, if all offshore borrowings made by persons when they were offshore banking units were taken to be tax exempt loan money of the persons for the purposes of Division 11A , an offshore loan, or other transfer, of an amount by a person would, for the purposes of that Division, be an offshore loan or other transfer, of tax exempt loan money of the person, the offshore loan, or other transfer, of the amount is an offshore banking transfer of the person for the purposes of subsection (4).
S 160AE(5) inserted by No 11 of 1988.
160AE(6)
Expressions used in subsection (5) that are also used in Division 11A have the same respective meanings in that subsection as in that Division.
S 160AE(6) inserted by No 11 of 1988.
160AE(7)
For the purposes of this Division, and for the purposes of the application of section 6AB to this Division, each listed country and each unlisted country is to be treated as a separate foreign country.
S 160AE(7) inserted by No 5 of 1991.
160AE(8)
For the purposes of this Division, underlying tax relates to distributable profits of a company to the extent that the taxable profits of the company on which the underlying tax is payable are attributable to the distributable profits.
S 160AE(8) inserted by No 5 of 1991.