Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p49
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 49/51)
Character Range: 133249–135934

389 of the Principal Act is amended by omitting from paragraph
        (a) ", section 136A".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 80
Repeal of the Income Tax (Film Royalties) Act 1977

  80. The Income Tax (Film Royalties) Act 1977 is repealed.

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 81
Application

  81. The amendments made, and repeals effected, by this Division apply in
relation to amounts derived by a taxpayer during the 1993-94 year of income of
the taxpayer or during a later year of income of the taxpayer.

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 82
Transitional-equipment royalties paid under pre-18 August 1992
contracts

  82.(1) Section 128B of the Principal Act as amended by this Act does not
apply to an equipment royalty if:
  (a) the royalty was paid or credited under a contract entered into before 8
pm., by standard time in the Australian Capital Territory, on 18 August 1992;
and
  (b) no variation of the contract occurred during the period:
    (i) beginning at that time; and
    (ii) ending immediately before the royalty was paid or credited.
  (2) In this section:
  "equipment royalty" means:
  (a) a royalty covered by paragraph (b) of the definition of "royalty" or
"royalties" in subsection 6(1) of the Principal Act; or
  (b) a royalty covered by subparagraph (f)(i) of that definition, in so far
as that subparagraph relates to paragraph (b) of that definition.

Division 18 - Amendments relating to foreign income

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 83
Distribution benefits-CFCs

  83. Section 47A of the Principal Act is amended:
  (a) by adding "and" at the end of paragraph (13)(b);
  (b) by inserting after paragraph (13)(b) the following paragraph:
  "(ba) if the eligible benefit consists of the acquisition of a share or
unit-at that later time, the share or unit has not been redeemed or bought
back by the recipient mentioned in subsection (8) for a consideration equal to
or greater than the arm's length value of the share or unit;";
  (c) by adding "and" at the end of paragraph (14)(c);
  (d) by inserting after paragraph (14)(c) the following paragraph:
  "(ca) if the second eligible benefit is covered by subsection (8) or (Il):
    (i) the second eligible benefit is provided on or after 13
September 1990; or
    (ii) both:
      (A) the second eligible benefit was provided before 13 September
1990; and
      (B) the Commissioner is of the opinion that the provision of the
second eligible benefit had, or would be likely to have, the effect of
enabling any taxpayer to avoid tax;";
  (e) by inserting in subsection (21)