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INCOME TAX ASSESSMENT ACT 1997 - SECT 165.60

How to attribute assessable income to periods

  (1)   The company's assessable income for the income year is attributed to periods in the income year as follows.

  (2)   The following amounts are attributed to periods so far as they are reasonably attributable to those periods:

  (a)   amounts included in the company's assessable income under section   97 (Beneficiary of a trust estate who is not under a legal disability) of the Income Tax Assessment Act 1936 ; or

  (b)   amounts included in the company's assessable income under section   98A (Non - resident beneficiaries assessable in respect of certain income) of the Income Tax Assessment Act 1936 .

  (2A)   However, so much of an amount included in the company's assessable income under section   97 or 98A of the Income Tax Assessment Act 1936 as is a * capital gain that forms part of a * net capital gain is not attributed to a period.

  (3)   The following items of assessable income are attributed to each period in proportion to the length of the period:

  (a)   insurance recoveries for loss of * live stock or trees;

See section   385 - 130.

  (b)   amounts included in assessable income as a result of elections relating to the forced disposal of live stock;

See Subdivision   385 - E and section   385 - 160.

  (c)   recoupment of mains electricity connection expenditure.

See items   1.16 and 2.5 in section   20 - 30, which lists deductions for which recoupments are assessable under Subdivision   20 - A.

  (4)   An amount included in the company's assessable income under section   385 - 135 (Election to defer including profit on second wool clip) is attributed to the period when the wool would ordinarily have been shorn.

  (5)   An amount included in the company's assessable income that is a * dividend under:

  (a)   section   65 (Payments to associated persons); or

  (c)   section   109 (Excessive payments to shareholders and associates);

of the Income Tax Assessment Act 1936 is attributed to the period when the amount was paid or credited, whichever occurred first.

  (6)   All other items of assessable income (except * full year amounts) are attributed to periods as if each period were an income year.

  (6A)   A * net capital gain is not attributed to a period.

Note:   This is because Subdivision   165 - CB provides for how the company must work out its net capital gain for the income year.

  (7)   Full year amounts are amounts referred to in paragraphs   (2)(a) and (b), so far as they are not reasonably attributable to a period, but do not include any part of a * capital gain that forms part of a * net capital gain. Full year amounts are brought in at a later stage of the process of calculating the company's taxable income for the income year.


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