Income Tax Assessment Act 1936

Pt X inserted by No 5 of 1991.

S 430 repealed by No 143 of 2007 , s 3 and Sch 1 item 116, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or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 430 formerly read:

SECTION 430 LIMITATION ON DEDUCTIONS FOR CLASSES OF NOTIONAL ASSESSABLE INCOME  
430
Where:

(a) apart from this section, there are one or more notional allowable deductions (other than under section 431 ) of the eligible CFC for the eligible period in relation to notional assessable income of a particular class; and

(b) either:

(i) the eligible CFC did not derive any notional assessable income of that class in the eligible period; or

(ii) the eligible CFC derived notional assessable income of that class in the eligible period and its amount is exceeded by the sum of the deductions;

then, for the purposes of this Division, those deductions are to be reduced respectively:

(c) where subparagraph (b)(i) applies - to nil; or

(d) where subparagraph (b)(ii) applies - by amounts proportionate to those deductions and equal in total to the amount of the excess referred to in that subparagraph.

S 430 inserted by No 5 of 1991.