Document ID: chunk:federal_register_of_legislation:F2017L00529:body:0:p10
Version: federal_register_of_legislation:F2017L00529
Segment Type: other
Provision Reference: 
Character Range: 23719–26679

the Income Tax Assessment Act 1936 in any prior income year in relation to their interest in a foreign investment fund (within the meaning of former Part XI of the Income Tax Assessment Act 1936) prior to the income year ended 30 June 2011 or an election under paragraphs 830-10(2)(b) or 830-15(5)(b) of the Income Tax Assessment Act 1997 in the income year ended 30 June 2011 or a later income year, so that their interest is treated as either an interest in a foreign hybrid limited partnership (in accordance with subsection 830-10(2) of the Income Tax Assessment Act 1997) or as an interest in a foreign hybrid company (in accordance with subsection 830-15(5) of the Income Tax Assessment Act 1997), for the year of income and that interest does not pass the non-portfolio interest test within the meaning of section 960-195 of the Income Tax Assessment Act 1997, ignoring interests held by associates of the holding entity.

Note:

    A partner is required to include details of all relevant income, expenditure and deduction items, as well as distribution details in their own tax return.

    Table R

    Any person that is the trustee of a resident trust estate of a deceased person where:

           a)      the deceased person died less than 3 years before the end of the income year;  and
           b)      no beneficiary is presently entitled to a share of the income of the trust estate; and
           c)      the net income of the trust estate under section 95 of the Income Tax Assessment Act 1936 is less than $18,200; and
           d)      there are no non-resident beneficiaries of the trust estate.

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    Australia includes territories and certain sea installations and offshore areas

    In this instrument 'Australia' includes Norfolk Island, the Territory of Cocos (Keeling) Islands, the Territory of Christmas Island and certain sea installations and offshore areas.

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    Deferral of time for lodgment of returns

    In accordance with section 388-55 of Schedule 1 to the Taxation Administration Act 1953, the Commissioner may defer the time for lodgment of any return to a date later than the relevant date specified in this instrument.

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    Notice of requirement to lodge a return or information

    Nothing in this instrument prevents the Commissioner or an authorised officer of the Australian Taxation Office from issuing a notice, in accordance with section 162 or section 163 of the Income Tax Assessment Act 1936, requiring a person to give the Commissioner, in the approved form, a return, or further returns, or any information, statement or document about the person's financial affairs for any year of income.

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    Exemption from requirement to lodge returns

    Nothing in this instrument prevents the Commissioner or an authorised officer of the Australian Taxation Office