Document ID: chunk:federal_register_of_legislation:C2010C00679:section:1987:p50
Version: federal_register_of_legislation:C2010C00679
Segment Type: section
Provision Reference: s 1987 (pt 50/51)
Character Range: 135697–138317

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) the following definition:
  "'arm's length value', in relation to the redemption or buy-back of a share
in a company or a unit in a unit trust, means the amount that the company or
trustee could reasonably be expected to have been required to pay to obtain
the redemption or buy-back of the share or unit under a transaction where the
parties to the transaction are dealing with each other at arm's length in
relation to the transaction;".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 84
Primary production losses of pre-1990 years of income

  84. Section 80AA of the Principal Act is amended by inserting after
subsection (5) the following subsections:
  "(5A) The losses referred to in subsection (4) are not allowable as a
deduction from assessable foreign income of a taxpayer except to the extent
provided in an election under subsection (5B).
  "(5B) A taxpayer who has derived assessable foreign income in a year of
income may elect that the whole or a specified part of the losses referred to
in subsection (5A) be allowable as a deduction from the taxpayer's assessable
foreign income of that year.
  "(5C) In subsections (5A) and (5B):
  'assessable foreign income' has the same meaning as in section 1 6OAFD.
  "(5D) An election under subsection (5B) must be made:
  (a) before whichever is the later of the following:
    (i) the end of the period of 6 months after the commencement of
this subsection;
    (ii) the day after the day of lodgment of the taxpayer's return of
income of the year of income to which the election relates; or
  (b) within such further period as the Commissioner allows.

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 85
Credits in respect of foreign tax

  85. Section 160AF of the Principal Act is amended by omitting "or 80(2C)"
from paragraph (b) of the definition of "net foreign income" in subsection (8)
and substituting ", 80AA(5B) or 80(2C)".

TAXATION LAWS AMENDMENT ACT (No. 5) 1992 No. 224 of 1992
- SECT 86
Application
(Section 47A deemed dividends)

  86.(1) The amendments of section 47A of the Principal Act made by this
Division apply in relation to dividends paid after 3 June 1990.
(Primary production losses)
  (2) The amendments of sections 80AA and 1 60AF of the Principal Act made by
this Act apply to assessments in respect of income of the 1991-92 year of
income and of all later