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INCOME TAX ASSESSMENT ACT 1936 - SECT 159GW Effect of Division in relation to non-residents

INCOME TAX ASSESSMENT ACT 1936 - SECT 159GW

Effect of Division in relation to non-residents

  (1)   Subject to subsection   (2), where during the whole or a part of a year of income (which whole or part   is in this subsection referred to as the period of non - residence ) a taxpayer is not a resident:

  (a)   no amount shall be included in, or allowable as a deduction from, the assessable income of the taxpayer of the year of income under section   159GQ in relation to the period of non - residence; and

  (c)   no amount shall be included in, or allowable as a deduction from, the assessable income of the taxpayer of the year of income under section   159GS in relation to any transfer of the security that occurred during the period of non - residence.

  (2)   Where:

  (a)   a payment is made or liable to be made under a qualifying security to a resident taxpayer; and

  (b)   the taxpayer was not a resident for the whole or a part (which whole or part   is in this subsection referred to as the period of non - residence ) of the period during which the taxpayer held the security;

the following provisions have effect:

  (c)   there shall be included in the assessable income of the taxpayer of the year of income in which the payment is made or liable to be made an amount equal to the amount that, but for subsection   (1), would have been included in the assessable income of the taxpayer of any year or years of income under section   159GQ in respect of the payment in respect of the period of non - residence;

  (d)   there shall be allowable as a deduction from the assessable income of the taxpayer of the year of income in which the payment is made or liable to be made an amount equal to the amount that, but for subsection   (1), would have been allowable as a deduction from the assessable income of the taxpayer of any year or years of income under section   159GQ in respect of the payment in respect of the period of non - residence.

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