Income Tax Assessment Act 1997
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View history noteChapter 4 inserted by No 162 of 2001.
Part 4-5 inserted by No 162 of 2001.
Div 802 inserted by No 147 of 2005, s 3 and Sch 2 item 1, applicable to income years starting on or after 1 July 2005. For additional application provisions see note under Subdiv 802-A heading.
Subdiv 802-A inserted by No 147 of 2005, s 3 and Sch 2 item 1, applicable to income years starting on or after 1 July 2005. No 147 of 2005, s 3 and Sch 2 items 27 and 28, contains the following additional 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 and before 1 July 2006.
(2)
The amendments made by items 7, 8, 9, 13 and 16, and 19 to 24 apply 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 ....
SECTION 802-50 Receipt of an unfranked distribution from another Australian corporate tax entity 802-50(1)
The entity ' s conduit foreign income is reduced if:
(a) the entity (the receiving entity ) receives from another * Australian corporate tax entity a * frankable distribution that has an * unfranked part; and
(b) the * distribution statement for the * distribution declares an amount (the declared amount ) of the unfranked part to be conduit foreign income; and
(c) some or all of the declared amount is not * non-assessable non-exempt income under section 802-20 .
802-50(2)
The amount of the reduction is the amount that is not * non-assessable non-exempt income under section 802-20 less any expenses reasonably related to that amount.
S 802-50 inserted by No 147 of 2005, s 3 and Sch 2 item 1, applicable to income years starting on or after 1 July 2005. For additional application provisions see note under Subdiv 802-A heading.
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