Document ID: chunk:federal_register_of_legislation:C2025C00014:section:121l:p1
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 121L (pt 1/6)
Character Range: 1173498–1176407

121L  Division applies notwithstanding exemption under other laws
  This Division has effect notwithstanding anything contained in any law of the Commonwealth other than this Act.

Income Tax Assessment Act 1936

No. 27, 1936

Compilation No. 188

Compilation date: 1 January 2025

                Includes amendments: Act No. 135, 2024 and Act No. 138, 2024

This compilation is in 7 volumes

Volume 1: sections 1–78A
Volume 2: sections 79A–121L
Volume 3: sections 124ZM–204
Volume 4: sections 251R–468
Volume 5: Schedules
Volume 6: Endnotes 1–4
Volume 7: Endnote 5

Each volume has its own contents

About this compilation

This compilation

This is a compilation of the Income Tax Assessment Act 1936 that shows the text of the law as amended and in force on 1 January 2025 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

Contents
Part III—Liability to taxation
Division 10E—PDFs (pooled development funds)
Subdivision A—Shares in PDFs
124ZM Treatment distributions to shareholders in PDF
124ZN Exemption of income from sale of shares in a PDF
124ZO Shares in a PDF are not trading stock
124ZQ Effect of company becoming a PDF
124ZR Effect of company ceasing to be a PDF
Subdivision B—The taxable income of PDFs
124ZS Definitions
124ZTA Taxable income in first year as PDF if PDF component is nil
124ZT SME assessable income
124ZU SME income component
124ZV Unregulated investment component
Subdivision C—Adjustments of the tax treatment of capital