Income Tax Assessment Act 1936

Div 1A repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years.

Division 1A comprising s 24B to s 24N inserted by No 164 of 1973.

S 24H repealed by No 53 of 2015, s 3 and Sch 1 item 1, applicable in relation to the 2016-17 income year and later income years. S 24H formerly read:

SECTION 24H WHEN INCOME TO BE TAKEN TO BE APPLIED FOR BENEFIT OF A PERSON  
24H(1)
In determining for the purposes of this Division whether any income has been, or may be, applied for the benefit of a person, regard shall be had to all benefits that have accrued, or may accrue, as the case may be, at any time to the person (whether or not the person had, or may have, rights at law or in equity in or to those benefits) as a result of the derivation of, or in relation to, that income, irrespective of the nature or form of the benefits.

24H(2)
Without limiting the generality of subsection (1), income shall be taken, for the purposes of this Division, to have been applied for the benefit of a person if:

(a) the income has been so dealt with that it will, at a future time, and whether in the form of income or not, enure for the benefit of the person;

(b) the derivation of the income has operated to increase the value to the person of any property or rights of any kind held by or for the benefit of the person;

(c) the person has received or become entitled to receive any benefit (including a loan or a repayment, in whole or in part, of a loan, or any other payment of any kind) provided out of the income or out of property or money that was available for the purpose by reason of the derivation of the income;

(d) the person has power, by means of the exercise by the person of any power of appointment or revocation or otherwise, to obtain, whether with or without the consent of any other person, the beneficial enjoyment of the income; or

(e) the person is able, in any manner whatsoever, and whether directly or indirectly, to control the application of the income.

24H(3)
Without limiting the generality of subsection (1), it shall be taken, for the purposes of this Division, that income may be applied for the benefit of a person if:

(a) the income may be so dealt with that it will, at a future time, and whether in the form of income or not, enure for the benefit of the person;

(b) the derivation of the income may operate to increase the value to the person of any property or rights of any kind held by or for the benefit of the person;

(c) the person may receive or become entitled to receive any benefit (including a loan or a repayment, in whole or in part, of a loan, or any other payment of any kind) to be provided out of the income or out of property or money that is or will be available for the purpose by reason of the derivation of the income;

(d) the person may, in the event of the exercise of any power vested in any other person, become entitled to the beneficial enjoyment of the income; or

(e) the person may become able, in any manner whatsoever, and whether directly or indirectly, to control the application of the income.

S 24H inserted by No 164 of 1973.