Income Tax Assessment Act 1936
Sections and provisions with full text and the judgments that cite each one.
Section 426 — Creation of loss
For the purposes of this Subdivision, if: (a) the amount of the eligible CFC’s notional allowable deductions (other than under section 431) for a statutory accounting period (being the eligible…
Section 427 — Certain provisions to be disregarded
For the purposes of applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of an eligible CFC, disregard the following: (b) Division 36, section 165-120 and…
Section 428 — Subdivision to apply as if there were always a requirement to calculate attributable income
For the purposes of applying this Subdivision in calculating the attributable income of the eligible CFC for the eligible period, it is to be assumed that, for any earlier statutory accounting period…
Section 429 — Notional allowable deduction for (sometimes-exempt income) loss
The amount of any (sometimes-exempt income) loss of the eligible CFC for the eligible period class is a notional allowable deduction for the period from the notional assessable income of the eligible…
Section 431 — Deduction etc. for previous period loss
(1) Where there are one or more losses of the eligible CFC of any statutory accounting period before the eligible period, the losses, to the extent they have not been previously taken into account…
Section 432 — Active income test
(1) Subject to sections 437 and 453, for the purposes of this Part, a company is taken to pass the active income test in relation to a statutory accounting period if, and only if: (a) the company was…
Section 433 — Tainted income ratio
(1) For the purposes of this Part, if a company is a resident of a particular listed country or a particular unlisted country at the end of a statutory accounting period, the tainted income ratio of…
Section 434 — Gross turnover
(1) Subject to section 437, for the purposes of this Part, the gross turnover of a company of a statutory accounting period is the sum of: (a) the amount that is shown in the recognised accounts of…
Section 435 — Gross tainted turnover
For the purposes of this Part, the gross tainted turnover of a company of a statutory accounting period is so much of the gross turnover of the company of the statutory accounting period as consists…
Section 436 — Amounts excluded from active income test
(1) For the purposes of the application of this Part to a company, the following amounts are, in accordance with subparagraph 434(1)(a)(i) and paragraphs 434(1)(b), (c) and (d), excluded from the…
Section 437 — Treatment of partnership income
(1) For each partnership in which a company is a partner at any time during a statutory accounting period, the following modifications apply for the purposes of determining the effect of that…
Section 438 — Roll-overs—asset disposals
(1) This section applies in determining the application of paragraph 434(1)(b) and section 445 in relation to a non-taxable Australian asset of a company. (2) If a CGT roll-over provision applies to:…
Section 439 — When currency exchange gains or losses relate to active income transactions
(1) For the purposes of this Part, a currency exchange gain, or a currency exchange loss, of a company for a statutory accounting period is to be taken to relate to an active income transaction if,…
Section 440 — Asset disposals—revaluations and arm’s length amounts
In determining, for the purposes of this Part, whether a company passes the active income test, the following provisions apply in relation to an asset of the company (other than trading stock): (a)…
Section 441 — Hire-purchase and other property financing transactions
(1) For the purposes of this Part, in determining whether a company passes the active income test: (a) a hire-purchase transaction or any other transaction for the financing of the acquisition of…
Section 442 — Assumption of rights of lender under a loan
In determining whether a company passes the active income test, if the company assumes the rights of a lender under a loan, this Part has effect, after that assumption, as if: (a) the company had…
Section 443 — Net tainted commodity gains
For the purposes of this Part: (a) net tainted commodity gains are to be taken to have accrued to a company in a statutory accounting period if, and only if, the sum of the tainted commodity gains of…
Section 444 — Net tainted currency exchange gains
For the purposes of this Part: (a) net tainted currency exchange gains are to be taken to have accrued to a company in a statutory accounting period if, and only if, the sum of the tainted currency…
Section 445 — Net gains—disposal of tainted assets
(1) For the purposes of this Part: (a) net gains are to be taken to have accrued to a company in a statutory accounting period in relation to the disposal of tainted assets owned by the company if,…
Section 446 — Passive income
(1) Subject to this Division, for the purposes of this Part, the following amounts are passive income of a company of a statutory accounting period: (a) dividends (within the meaning of section 6)…
Section 447 — Tainted sales income
(1) Subject to this Division, for the purposes of this Part, the following amounts are tainted sales income of a company of a statutory accounting period: (a) income from the sale of goods by the…
Section 448 — Tainted services income
(1) Subject to this Division, for the purposes of this Part, the following amounts are tainted services income of a company of a statutory accounting period: (a) income (other than premium income)…
Section 449 — AFI subsidiaries—interest income
(1) The passive income of a company of a statutory accounting period does not include tainted interest income where, at the time the income was derived, the company was an AFI subsidiary whose sole…
Section 450 — AFI subsidiaries—asset disposals and currency transactions
(1) The passive income, or the tainted services income, of a company of a statutory accounting period does not include income where the following conditions are satisfied: (a) at the time the income…
Section 451 — Active income test—substantiation requirements for company
(1) The substantiation requirements for a company in relation to a statutory accounting period are as follows: (a) the company must keep (in Australia or elsewhere) such accounting records (in this…
Section 452 — Active income test—substantiation requirements for partnership
(1) The substantiation requirements for a partnership in relation to a statutory accounting period are as follows: (a) the partnership must keep (in Australia or elsewhere) such accounting records…
Section 453 — Active income test—substantiation requirements for attributable taxpayer
(1) Where: (a) the Commissioner has reason to believe that: (i) a taxpayer is an attributable taxpayer in relation to a company, being a CFC, at the end of a statutory accounting period of the CFC;…
Section 454 — Assessment on assumption—retention of accounts etc. and compliance with information notices
If: (a) a statutory accounting period of a company has ended; and (b) the retention period in relation to the statutory accounting period has not ended; an assessment may be made of a taxpayer on the…
Section 455 — Amendment of assessments
Where: (a) an assessment has been made in relation to a year of income; and (b) a provision of this Subdivision that is relevant to the assessment is dependent on a circumstance that occurs or may…
Section 456 — Assessability in respect of CFC’s attributable income
(1) Subject to subsection (2), where a CFC has attributable income for a statutory accounting period in respect of an attributable taxpayer, the taxpayer’s attribution percentage of the attributable…
Section 456A — Reduction of section 456 assessability where item subject to foreign accruals tax
(1) Where: (a) apart from this section, an amount (in this section called the otherwise assessable section 456 amount) is included in the assessable income of a year of income of an attributable…
Section 457 — Assessability where CFC changes residence from unlisted country to listed country or to Australia
(1) Where at any time (in this section called the residence-change time) a company that: (a) is a CFC; and (b) has an attributable taxpayer; ceases to be resident in an unlisted country and becomes:…
Section 459A — Assessability where CFC or CFT has interest in certain attributable taxpayers
(1) Where: (a) an amount (in this subsection called the section 456 to 459A amount) is included in the assessable income of an Australian partnership or of an Australian trust of a year of income…
Section 460 — Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution
(1) This section applies where an amount is included under section 456, 457, or 459A in the assessable income of an Australian partnership or an Australian trust of a year of income, except where the…
Section 460A — Effect of reducing section CGT event J1 amount
(1) This section applies in either of the following cases: (a) one or more schemes or arrangements have the effect of reducing the attribution percentage of an attributable taxpayer in relation to a…
Section 461 — Reduction of disposal consideration or capital proceeds if attributed income not distributed
(1) If: (a) it is necessary, for the purposes of applying a provision of this Act in the assessment of a taxpayer for a year of income, to take into account: (i) the amount of consideration received,…
Section 462 — Keeping of records—section 456
Subject to this Division, where: (a) a person is an attributable taxpayer in relation to a CFC at the end of a statutory accounting period of the CFC; and (b) the CFC has attributable income for the…
Section 462A — Keeping of records—section 457
Subject to this Division, where: (a) subsection 457(1) applies to a change of residence of a CFC; and (b) at the residence-change time referred to in that subsection, a person is an attributable…
Section 464A — Keeping of records—section 459A
Subject to this Division, where: (a) subsection 459A(1) applies in relation to an amount (in this section called the trigger amount) included in the assessable income of an Australian partnership or…
Section 465 — Offence of failing to keep records
(1) A person who contravenes section 462, 462A, or 464A commits an offence punishable on conviction by a fine not exceeding 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the…
Section 466 — Manner in which records required to be kept
A person who is required by this Division to keep records must: (a) keep the records in writing in the English language or so as to enable the records to be readily accessible and convertible into…
Section 467 — Circumstances where records not required to be kept—reasonable excuse etc.
This Division does not require a person to keep a record of information if: (a) the person did not know, and had no reasonable grounds to suspect, that section 462, 462A or 464A, as the case…
Section 468 — Treatment of partnerships
(1) Subject to subsections (2) and (3), the following provisions apply to a partnership as if the partnership were a person: (a) sections 462 to 467 (inclusive); (b) subsections 262A(4) and (5), in…