INCOME TAX ASSESSMENT ACT 1997
[ CCH Note: Div 418 will be repealed by No 15 of 2018, s 3 and Sch 1 item 49, effective 1 July 2023. No 15 of 2018, s 3 and Sch 1 items 68 - 73 contain the following saving provisions:
Division 2 - Saving provisions relating to repeal of Division 41868 Object
The object of this Division is to ensure that, despite the repeals and amendments made by Part 3 of this Schedule, the full legal and administrative consequences of:
(a) any act done or omitted to be done; or
(b) any state of affairs existing; or
(c) any period ending;
before such a repeal or amendment commences, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment commences.69 Making and amending assessments, and doing other things, in relation to past matters
Even though an Act is amended by Part 3 of this Schedule, the amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument:
(a) making or amending an assessment (including under a provision that is itself repealed or amended);
(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);
in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the amendment commences.70 Saving of provisions about effect of assessments
If a provision or part of a provision that is repealed or amended by Part 3 of this Schedule deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment commences, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment commences. 71 Saving of provisions about general interest charge or shortfall interest charge
(a) a provision or part of a provision that is repealed or amended by Part 3 of this Schedule provides for the payment of:
(i) general interest charge or shortfall interest charge (within the meaning of the Income Tax Assessment Act 1997) ; or
(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983 ; and
(b) in a particular case, the period in respect of which the charge or interest is payable (whether under the provision or under the Taxation Administration Act 1953 ) has not begun, or has begun but not ended, when the provision is repealed or amended;
then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.72 Repeals disregarded for the purposes of dependent provisions
If the operation of a provision (the subject provision ) of any Act or legislative instrument depends to any extent on a provision of an Act, and that provision is repealed by Part 3 of this Schedule, the repeal is disregarded so far as it affects the operation of the subject provision. 73 Division does not limit operation of section 7 of the Acts Interpretation Act 1901
This Division does not limit the operation of section 7 of the Acts Interpretation Act 1901 .
An entity is entitled to a *tax offset for an income year if:
(a) the entity is a *life insurance company; and
(b) an *exploration credit is issued to the entity under Subdivision 418-E for the income year; and
(c) the entity is an Australian resident during the whole of that income year; and
(d) were the exploration credit to be a *franked distribution made:
(i) by the same entity that issued the credit; and
the exploration credit would give rise to a *tax offset for the entity that would be subject to the refundable tax offset rules because of paragraph 67-25(1C)(b) or (1D)(b) .
(ii) in the same circumstances in which the credit was issued;
(a) an *exploration credit is issued to a *life insurance company; and
(b) paragraph (1)(d) applies in relation to only part of the exploration credit;
this Division applies as if that part of the exploration credit, and the part of the exploration credit in relation to which that paragraph does not apply, were 2 separate exploration credits issued to the life insurance company.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.