Part XI repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. No 114 of 2010, Sch 1 item 95 contains the following saving provisions:

95 Saving of regulations relating to stock exchanges  
95
Despite the repeal of the definition of approved stock exchange in section 470 of the Income Tax Assessment Act 1936 by item 37 of this Schedule, regulations made for the purposes of that definition that were in force immediately before this item commences continue in force on and after that commencement as if those regulations had been made for the purposes of the definition of approved stock exchange in the Income Tax Assessment Act 1997 as inserted by item 81 of this Schedule. 96 Saving of elections relating to foreign hybrids  
96
Despite the repeal of subsection 485AA(1) of the Income Tax Assessment Act 1936 by item 37 of this Schedule, elections made under that subsection continue to have effect on and after the commencement of this Schedule as if that repeal had not happened.

Part XI inserted by No 190 of 1992.

Div 18 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 XI heading.

Subdiv A repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 XI heading.

S 535 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income.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 XI heading. S 535 formerly read:

SECTION 535 METHODS APPLICABLE IN RELATION TO A FIF  
535(1)
Subject to this section, if it is practicable to apply the market value method in respect of the taxpayer ' s interest, or all of the taxpayer ' s interests in a particular class or classes, in a FIF in respect of the notional accounting period, the market value method is to be so applied.

535(2)
Subject to this section, if it is not practicable to apply the market value method in respect of the taxpayer ' s interest, or all of the taxpayer ' s interests in a particular class, in a FIF in respect of the notional accounting period, the deemed rate of return method is to be applied in respect of the interest or the interests in that class.

535(3)
Subject to subsections (4) and (5), the taxpayer may elect to apply the calculation method in respect of all of the taxpayer ' s interests in a FIF in respect of a notional accounting period, and if such an election is made, the calculation method is to be so applied.

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History

S 535(3) amended by No 18 of 1993.

535(4)
The taxpayer is not entitled to make an election under subsection (3) in relation to a FIF in relation to a notional accounting period ( ' ' the current notional accounting period ' ' ) if:

(a) the taxpayer has made an election under that subsection in relation to the FIF in relation to a previous notional accounting period ending after the day on which the Taxation Laws Amendment Act (No 2) 1993 receives the Royal Assent; and

(b) the taxpayer has not made an election under that subsection in relation to the FIF in relation to every notional accounting period (if any) in respect of which the operative provision applied that has occurred after the previous notional accounting period and before the current notional accounting period.

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S 535(4) substituted by No 18 of 1993.

535(4A)
Subsection (4) does not prevent the taxpayer from making an election under subsection (3) in relation to a FIF in relation to a notional accounting period if the taxpayer also makes a choice under subsection 559A(1) in relation to the FIF in relation to the notional accounting period.

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S 535(4A) inserted by No 143 of 2007 , s 3 and Sch 1 item 2, applicable in relation to income years, statutory accounting periods and notional accounting periods starting on or after the first 1 July that occurs after 24 September 2007.

535(5)
The taxpayer is not entitled to make an election under subsection (3) in relation to a FIF unless the taxpayer also makes an election in relation to the FIF under subsection 486(3) .

535(6)
This section has effect subject to section 577 .

S 535 inserted by No 190 of 1992.