Income Tax Assessment Act 1936
Sections and provisions with full text and the judgments that cite each one.
Section 319 — Statutory accounting period of a company
(1) Subject to this section, each period of 12 months finishing at the end of 30 June is a statutory accounting period of a company. (2) A company may, by notice in writing to the Commissioner, elect…
Section 320 — Listed countries and unlisted countries
(1) In this Part: listed country means a foreign country, or a part of a foreign country, that is declared by the regulations to be a listed country for the purposes of this Part. unlisted country…
Section 321 — Each listed country and each unlisted country to be treated as a separate foreign country
For the purposes of the application of section 6AB to this Part, each listed country and each unlisted country is to be treated as a separate foreign country.
Section 322 — Meaning of entitled to acquire
For the purposes of this Part, an entity is entitled to acquire anything that the entity is absolutely or contingently entitled to acquire, whether because of any constituent document of a company,…
Section 323 — State foreign taxes may be treated as federal foreign taxes
If, apart from this section, a listed country or an unlisted country has both: (a) federal foreign tax; and (b) State foreign tax; the regulations may provide that a specified State foreign tax is to…
Section 324 — When income or profits subject to tax in a listed country
(1) Subject to this section, for the purposes of this Part, a particular item of income or profits derived by an entity is taken to be subject to tax in a listed country in a particular tax…
Section 325 — When dividends etc. taxed in a country at normal company tax rate
(1) For the purposes of this Part, a dividend or other amount of a particular kind is to be taken to be taxed in a listed country at the country’s normal company tax rate if, and only if: (a) foreign…
Section 326 — AFI subsidiary
(1) For the purposes of this Part, a company is an AFI subsidiary (or an Australian financial institution subsidiary) at a particular time if either of the following paragraphs applies: (a) at that…
Section 327 — Eligible finance shares
For the purposes of this Part, a share in a company is an eligible finance share if all the following conditions are satisfied: (a) the shareholder is an AFI or an AFI subsidiary; (b) the share was…
Section 327A — Widely distributed finance shares
Meaning of widely distributed finance shares (1) For the purposes of this Part, a share in a company is a widely distributed finance share if both: (a) either: (i) the company is an eligible listed…
Section 327B — Transitional finance shares
Meaning of transitional finance shares (1) For the purposes of this Part, shares (in this subsection called the test shares) in a company (in this subsection called the second company) are…
Section 328 — Non-resident family trusts
(1) Subject to subsections (4) and (5), for the purposes of this Part, a trust is a non-resident family trust in relation to a natural person at a particular time if, and only if, at that time: (a)…
Section 329 — Public unit trusts
For the purposes of this Part, a unit trust is a public unit trust at a particular time if, assuming that the 12 month period ending at that time had been a year of income, the unit trust would have…
Section 330 — Tax detriment
(1) For the purposes of this Part, each of the following is a tax detriment to a partner in a partnership: (a) an increase in an amount included under section 92 in the partner’s assessable income in…
Section 331 — Company deemed to be treated as a resident of a listed country or an unlisted country for the purposes of the tax law of that country
If the tax law of a listed country or an unlisted country adopts some criterion other than treatment as a resident as the criterion for applying a worldwide source tax base to a company, then,…
Section 332 — Companies that are residents of listed countries
(1) For the purposes of this Part, a company is a resident of a listed country at a particular time if, and only if, the company is, in accordance with subsection (2), a resident of a particular…
Section 333 — Companies that are residents of unlisted countries
(1) For the purposes of this Part, a company is a resident of an unlisted country at a particular time if, and only if: (a) the company is, in accordance with subsection (2), a resident of a…
Section 334A — Voting interests in companies
(1) For the purposes of this section, a company is taken to have a voting interest in another company if: (a) the first-mentioned company is the beneficial owner of shares (other than eligible…
Section 335 — References extend to pre-commencement matters and things
Unless otherwise expressly provided, references in this Part are to matters and things whether occurring before or after the commencement of this Part.
Section 336 — Australian entity
For the purposes of this Part, each of the following is an Australian entity: (a) an Australian partnership; (b) an Australian trust; (c) an entity (other than a partnership or trust) that is a Part…
Section 337 — Australian partnership
For the purposes of this Part, a partnership is an Australian partnership at a particular time if at least one of the partners is an Australian entity at that time.
Section 338 — Australian trust
For the purposes of this Part, a trust is an Australian trust at a particular time (in this section called the test time) if: (a) at any time in the period of 12 months immediately before the test…
Section 339 — Controlled foreign entity (CFE)
Each of the following is a CFE (or controlled foreign entity): (a) a CFC (or controlled foreign company); (b) a CFP (or controlled foreign partnership); (c) a CFT (or controlled foreign trust).
Section 340 — Controlled foreign company (CFC)
A company is a CFC at a particular time if, at that time, the company is a resident of a listed country or of an unlisted country and any of the following paragraphs applies: (a) at that time, there…
Section 341 — Controlled foreign partnership (CFP)
A partnership is a CFP at a particular time if: (a) the partnership is not an Australian partnership at that time; and (b) at least one of the partners is a CFE at that time.
Section 342 — Controlled foreign trust (CFT)
A trust is a CFT at a particular time if, at that time, the trust is not an Australian trust and: (a) there is an eligible transferor in respect of the trust; or (b) there is a group of 5 or fewer…
Section 343 — Interpretation
In this Subdivision, unless the contrary intention appears: actual transfer, in relation to property or services, means a transfer of the property or services other than a transfer that is taken to…
Section 344 — References to transfer of property or services
(1) A reference in this Subdivision to the transfer of property or services to a trust includes a reference to the transfer of property or services by way of the creation of the trust. (2) For the…
Section 345 — Deemed transfers of property or services
(1) For the purposes of this Subdivision, where an entity (in this subsection called the prime entity) causes another entity to actually transfer property or services to a trust, the prime entity…
Section 346 — Circumstances in which a transfer of property or services is an eligible business transaction
An underlying transfer of property or services to a trust is an eligible business transaction if, and only if, at or about the time of the transfer, identical or similar property or services were…
Section 347 — Eligible transferor in relation to a discretionary trust
(1) An entity (in this section called the transferor entity) is an eligible transferor in relation to a discretionary trust at a particular time (in this section called the test time) if the trust is…
Section 348 — Eligible transferor in relation to a non-discretionary trust or a public unit trust
(1) An entity is an eligible transferor in relation to a non-discretionary trust or a public unit trust at a particular time (in this section called the test time) if: (a) the transferor entity…
Section 349 — Associate-inclusive control interest in a company or trust
(1) Subject to this section, the associate-inclusive control interest that an entity (in this section called the lower entity) holds in a company or trust at a particular time is the aggregate of:…
Section 350 — Direct control interest in a company
(1) Subject to subsection (7), an entity holds a direct control interest in a company at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of:…
Section 351 — Direct control interest in a trust
(1) An entity that is a beneficiary in a trust holds a direct control interest in the trust at a particular time equal to: (a) the percentage of the income of the trust represented by the share of…
Section 352 — Indirect control interest in a company or trust
(1) An indirect control interest that an entity (in this section called the bottom entity) holds in a company or trust at a particular time is calculated in accordance with this section. (2) An…
Section 353 — Control tracing interest in a company
(1) Subject to this section, an entity (in this subsection called the lower entity) holds a control tracing interest in a company at a particular time equal to the direct control interest in the…
Section 354 — Control tracing interest in a CFP
Each partner in a CFP holds a control tracing interest in the CFP equal to 100%.
Section 355 — Control tracing interest in a CFT
(1) An entity that is an eligible transferor at a particular time in relation to a CFT holds a control tracing interest in the CFT at that time equal to 100%. (2) Subject to subsection (4), an entity…
Section 356 — Direct attribution interest in a CFC or CFT
(1) An entity holds a direct attribution interest in a CFC at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of: (a) the total paid-up share…
Section 357 — Indirect attribution interest in a CFC or CFT
(1) An indirect attribution interest that an entity (in this section called the bottom entity) holds in a CFC or CFT (in this section called the top entity) at a particular time is calculated in…
Section 358 — Attribution tracing interest in a CFC
An entity holds an attribution tracing interest in a CFC at a particular time equal to the direct attribution interest in the CFC that the entity holds at that time.
Section 359 — Attribution tracing interest in a CFP
An entity that is a partner in a CFP holds an attribution tracing interest in the CFP at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of:…
Section 360 — Attribution tracing interest in a CFT
(1) An entity that is an eligible transferor at a particular time in relation to a CFT holds an attribution tracing interest in the CFT at that time equal to 100%. (2) Subsection (1) does not apply…
Section 361 — Attributable taxpayer in relation to a CFC or a CFT
(1) An entity (in this subsection called the test entity) is an attributable taxpayer in relation to a CFC at a particular time if, at that time: (a) the test entity is an Australian entity whose…
Section 362 — Attribution percentage of an attributable taxpayer
(1) Subject to this section, the attribution percentage of an attributable taxpayer in relation to a CFC or CFT at a particular time is the sum of: (a) the direct attribution interest in the CFC or…
Section 363 — Attribution account entity
(1) Each of the following is an attribution account entity: (a) a company that is not a Part X Australian resident; (b) a partnership; (c) a trust. (2) If: (a) a company ceases to be resident in an…
Section 364 — Attribution account percentage
The attribution account percentage of a taxpayer in relation to an entity is the sum of the taxpayer’s direct attribution account interest and indirect attribution account interest or interests in…
Section 365 — Attribution account payment
(1) Each of the following is an attribution account payment: (a) a dividend paid by a company to a shareholder; (b) the individual interest of a partner in the net income (within the meaning of…
Section 366 — Direct attribution account interest in a company
(1) An entity holds a direct attribution account interest in a company at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of: (a) the total…