Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION

Division 11A - Dividends, interest and royalties paid to non-residents and to certain other persons

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Former Subdivision B - Foreign dividend accounts

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History

Subdiv B repealed by No 147 of 2005, s 3 and Sch 2 item 9, effective 14 December 2005. No 147 of 2005, s 3 and Sch 2 items 27 and 28, contains the following application provisions:

27 Income years starting on 1 July 2005 or after that day and before Royal Assent
(1)
This item applies to an entity for whom an income year (the first year ) starts:

(a) on 1 July 2005; or

(b) after that day and before the day on which this Act receives the Royal Assent [ ie 14 December 2005].

(2)
The entity can only declare an amount to be conduit foreign income under Subdivision 802-A of the Income Tax Assessment Act 1997 on or after the day on which this Act receives the Royal Assent.

(3)
An FDA surplus that exists for the entity under Subdivision B of Division 11A of Part III of the Income Tax Assessment Act 1936 at the end of the day before the day on which this Act receives the Royal Assent has effect as if it were the entity's conduit foreign income under Subdivision 802-A of the Income Tax Assessment Act 1997 .

(4)
Any FDA credit under section 128TA of the Income Tax Assessment Act 1936 that arises during the period starting on 1 July 2005 and ending on the day before the day on which this Act receives the Royal Assent cannot also be conduit foreign income.

(5)
Section 802-40 of the Income Tax Asssessment Act 1997 , as inserted by item 1, does not apply to the first year.
28 Later starting income years
(1)
This item applies to an entity for whom an income year (also the first year ) starts on or after the day on which this Act receives the Royal Assent [ ie 14 December 2005] and before 1 July 2006.

(2)
The amendment applies from the start of the first year.

(3)
An FDA surplus that exists for the entity under Subdivision B of Division 11A of Part III of the Income Tax Assessment Act 1936 at the start of the first year has effect as if it were the entity's conduit foreign income under Subdivision 802-A of the Income Tax Assessment Act 1997 .
...

Subdiv B inserted by No 138 of 1994.

FORMER SECTION 128S

128S OBJECT
(Repealed by No 147 of 2005)

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