(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;
(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.