Taxation (Annual Rates for 2017–18, Employment and Investment Income, and Remedial Matters) Bill

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26 New section CX 55B inserted (Proceeds from disposal of certain shares and financial arrangements)

(1)

After section CX 55, insert:

CX 55B Proceeds from disposal of certain shares and financial arrangements
Disposal of shares

(1)

An amount that a foreign PIE equivalent derives for an income year from the disposal of a share is excluded income of the foreign PIE equivalent for the income year.

Disposal of financial arrangements

(2)

An amount that a foreign PIE equivalent derives for an income year from the disposal of a financial arrangement is excluded income of the foreign PIE equivalent for the income year.

Exclusion

(3)

Subsection (2) does not apply to an amount of interest referred to in schedule 6, table 1, row 6 (Prescribed rates: PIE investments and retirement scheme contributions).

Defined in this Act: amount, excluded income, financial arrangement, foreign PIE equivalent, income year, interest, share

(2)

Subsection (1) applies for the 2012–13 and later income years.