Income Tax Assessment Act 1936

Part IX repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-2008 income year and later years.

Former Part IX inserted by No 97 of 1989 and amended by No 105 of 1989.

Div 5 repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years.

S 289A repealed by No 15 of 2007, s 3 and Sch 1 item 8, applicable to the 2007-08 income year and later years. S 289A formerly read:

SECTION 289A EXPENSES OF INVESTING IN POOLED SUPERANNUATION TRUSTS OR LIFE ASSURANCE POLICIES  
289A(1) [Applicable investments]  

This section applies if a complying ADF incurs expenditure in acquiring, holding or disposing of, or otherwise in relation to, an investment consisting of:

(a) units in a PST; or

(b) life assurance policies issued by a life assurance company; or

(c) an interest in a trust whose assets consist wholly of life assurance policies issued by a life assurance company.

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History

S 289A(1) amended by No 101 of 2004.

289A(2) [Assumptions]  

In determining whether a deduction is allowable from the assessable income for the expenditure, it is to be assumed that:

(a) any profit or gain of a capital nature that the fund would derive in respect of the investment would instead be of an income nature; and

(b) paragraph 26AH(7)(b) and section 291A (which deal with excluding bonuses from assessable income) had not been enacted.

S 289A inserted by No 76 of 1996.