Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (TAX FILE NUMBERS) ACT 1988 No. 97 of 1988 - SECT 14

14. Section 221YHZA of the Principal Act is amended:

   (a)  by inserting in subsection (1) the following definitions:

" 'investment body' means an investment body as defined in section 202D;
'investor' means an investor as defined in section 202D;
'Part VA investment' means an investment of a kind mentioned in section 202D;
'share investment' means a Part VA investment of a kind mentioned in item 6 in
the table in subsection 202D (1);
'unattributed income', in relation to a Part VA investment, means income in
respect of the investment that becomes payable to the investor at a time when
the investor's tax file number is not taken, for the purposes of Part VA, to
have been quoted in connection with the investment, other than such income
that becomes payable at a time when:

   (a)  a provision of Division 5 of Part VA that previously applied to the
        investor has ceased to apply; and

   (b)  the investment body concerned has not been informed of anything that
        would result in the provision ceasing to apply.";

   (b)  by omitting subsection (2) and substituting the following subsections:

"(2) For the purposes of this Division, where money, or income in a form other
than money, is not actually paid to a person but is reinvested, accumulated,
capitalised or otherwise dealt with on behalf of the person, or as the person
directs, the money or income shall be taken to be paid to the person when it
is so reinvested, accumulated, capitalised or otherwise dealt with.

"(2A) For the purposes of this Division, where a person becomes presently
entitled, as an investor in relation to an investment of the kind mentioned in
item 5 in the table in subsection 202D (1), to a share of income in respect of
the investment, that share of the income shall be taken to be paid to the
person as income in respect of the investment when the person becomes so
entitled.

"(2B) For the purposes of this Division, where a person becomes obliged under
section 159GQ to include in the person's assessable income an amount in
respect of a Part VA investment, that amount shall be taken to be paid to the
person as income in respect of the investment when the person becomes so
obliged.".