S 503 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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
heading. S 503 formerly read:
SECTION 503 EXEMPTION FOR INTEREST IN FOREIGN BANK
at the end of the notional accounting period of a foreign company the taxpayer had an interest in the foreign company that consisted of shares included in a class of shares that were quoted on the stock market of an approved stock exchange; and
throughout that period, or the part of that period in which the taxpayer had that interest, as the case may be:
shares in the foreign company were widely held, and actively traded on a regular basis, on a stock market of an approved stock exchange; and
the foreign company was authorised under the law of its place of residence to carry on banking business; and
the foreign company was principally engaged in the active carrying on of banking business;
the interest referred to in paragraph (a) is disregarded for the purposes of the application of the operative provision to the taxpayer in relation to the foreign company in respect of that notional accounting period.
S 503 inserted by No 190 of 1992.