Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 23AK

             (1)  If:

                     (a)  either:

                              (i)  a FIF attribution account payment of a kind referred to in paragraph 603(1)(a), (b), (c), (d), (f), (g) or (h) is made to a taxpayer (other than a partnership or taxpayer in the capacity of trustee of a trust); or

                             (ii)  a FIF attribution account payment of a kind referred to in paragraph 603(1)(e) is made to a taxpayer; and

                     (b)  on the making of the payment, a FIF attribution debit arises, for the FIF attribution account entity making the payment, in relation to the taxpayer;

the following provisions have effect:

                     (c)  if the payment is of a kind referred to in paragraph 603(1)(a) or (b)--the payment is not assessable income, and is not exempt income, to the extent of the debit;

                     (d)  if the payment is of a kind referred to in paragraph 603(1)(c) and, apart from this section, an amount would be included in the taxpayer's assessable income under section 92 in respect of an individual interest in the net income of the partnership of the year of income referred to in that paragraph--that amount is not assessable income, and is not exempt income, to the extent of the debit;

                     (e)  if the payment is of a kind referred to in paragraph 603(1)(d) and, apart from this section, an amount would be included in the taxpayer's assessable income under section 97, 98A or 100 in respect of a share of the net income of the trust of the year of income referred to in that paragraph--that amount is not assessable income, and is not exempt income, to the extent of the debit;

                    (ea)  if the payment is of a kind referred to in paragraph 603(1)(d) and, apart from this section, an amount would be assessable to the trustee of the trust referred to in that paragraph under section 98 in respect of a share of the net income of the trust of the year of income referred to in that paragraph--that amount is not so assessable to the extent of the debit;

                      (f)  if the payment is of a kind referred to in paragraph 603(1)(e)--the payment is not, to the extent of the debit, assessable to the taxpayer as mentioned in that paragraph;

                     (g)  if the payment is of a kind referred to in paragraph 603(1)(f) and, apart from this section, an amount would be included in the taxpayer's assessable income, of the year of income referred to in that paragraph, under section 99B in respect of the trust property referred to in that paragraph--that amount is not assessable income, and is not exempt income, to the extent of the debit;

                     (h)  if the payment is of a kind referred to in paragraph 603(1)(g)--the payment is not assessable income, and is not exempt income, to the extent of the debit;

                      (i)  if the payment is of a kind referred to in paragraph 603(1)(h)--the payment is not assessable income, and is not exempt income, to the extent of the debit.

             (2)  This section is to be disregarded for the purposes of applying any other provision of this Act to determine allowable deductions.

             (3)  In this section:

"FIF attribution account entity" has the same meaning as in Part XI.

"FIF attribution account payment" has the same meaning as in Part XI.

"FIF attribution debit" has the same meaning as in Part XI.

"trust" has the same meaning as in Part XI, but does not include a trust covered by subsection 605(11).