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Income Tax Assessment Act 1936
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C2024C00845 C187
11 December 2024
-
31 December 2024
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Volume 1
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Part I—Preliminary
1 Short title
6 Interpretation
6AB Foreign income and foreign tax
6B Income beneficially derived
6BA Taxation treatment of certain shares
6C Source of royalty income derived by a non resident
6CA Source of natural resource income derived by a non resident
6D Some tax offsets under the 1997 Assessment Act are treated as credits
6F Dual resident investment company
6H Recognised small credit unions, recognised medium credit unions and recognised large credit unions
7B Application of the Criminal Code
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Part II—Administration
8 Commissioner
14 Annual report
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Part III—Liability to taxation
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Division 1—General
18 Accounting period
18A Accounting periods for VCLPs, ESVCLPs, AFOFs and VCMPs
21 Where consideration not in cash
21A Non cash business benefits
23AA Income of persons connected with certain projects of United States Government
23AB Income of certain persons serving with an armed force under the control of the United Nations
23AD Exemption of pay and allowances of Defence Force members performing certain overseas duty
23AF Exemption of certain income derived in respect of approved overseas projects
23AG Exemption of income earned in overseas employment
23AH Foreign branch income of Australian companies not assessable
23AI Amounts paid out of attributed income not assessable
23AK Amounts paid out of attributed foreign investment fund income not assessable
23B Reduction of disposal consideration if FIF attributed income not distributed
23G Exemption of interest received by credit unions
23K Substitution of certain securities
23L Certain benefits in the nature of income not assessable
Division 1AB—Certain State/Territory bodies exempt from income tax
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Subdivision A—Exemption for certain State/Territory bodies
24AK Key principle
24AL Diagram—guide to work out if body is exempt under this Division
24AM Certain STBs exempt from tax
24AN Certain STBs not exempt from tax under this Division
24AO First way in which a body can be an STB
24AP Second way in which a body can be an STB
24AQ Third way in which a body can be an STB
24AR Fourth way in which a body can be an STB
24AS Fifth way in which a body can be an STB
24AT What do excluded STB, government entity and Territory mean?
24AU Governor, Minister and Department Head taken to be a government entity
24AV Regulations prescribing excluded STBs
Subdivision B—Body ceasing to be an STB
24AW Body ceasing to be an STB
24AX Special provisions relating to capital gains and losses
24AY Losses from STB years not carried forward
24AYA Effect of unfunded superannuation liabilities
24AZ Meaning of period and prescribed excluded STB
Division 2—Income
Subdivision A—Assessable income generally
25A Assessable income to include certain profits
26AB Assessable income—premium for lease
26AF Assessable income to include value of benefits received from or in connection with former paragraph 23(ja) funds or former section 23FB funds
26AFA Assessable income to include value of certain benefits received from or in connection with former section 23F funds
26AG Certain film proceeds included in assessable income
26AH Bonuses and other amounts received in respect of certain short term life assurance policies
26AJ Investment related lottery winnings to be included in assessable income
26BB Assessability of gain on disposal or redemption of traditional securities
26BC Securities lending arrangements
26E Income from RSAs
Subdivision AA—Non superannuation annuities etc.
27H Assessable income to include annuities and superannuation pensions
Subdivision D—Dividends
43A Subdivision has effect subject to provisions of Division 216 of the Income Tax Assessment Act 1997
43B Application of Subdivision to non share dividends
44 Dividends
45 Streaming of bonus shares and unfranked dividends
45A Streaming of dividends and capital benefits
45B Schemes to provide certain benefits
45BA Effect of determinations under section 45B for demerger benefits
45C Effect of determinations under sections 45A and 45B for capital benefits
45D Determinations under sections 45A, 45B and 45C
46FA Deduction for dividends on paid to non resident owner
46FB Unfranked non portfolio dividend account
47 Distributions by liquidator
47A Distribution benefits—CFCs
Division 3—Deductions
Subdivision A—General
51AAA Deductions not allowable in certain circumstances
51AD Deductions not allowable in respect of property used under certain leveraged arrangements
51AEA Meal entertainment—election under section 37AA of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AEB Meal entertainment—election under section 37CA of Fringe Benefits Tax Assessment Act 1986 to use the 12 week register method
51AEC Entertainment facility—election under section 152B of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AF Car expenses incurred by employee
51AGA No deduction to employee for certain car parking expenses
51AH Deductions not allowable where expenses incurred by employee are reimbursed
51AJ Deductions not allowable for private component of contributions for fringe benefits etc.
51AK Agreements for the provision of non deductible non cash business benefits
52 Loss on property acquired for profit making
52A Certain amounts disregarded in ascertaining taxable income
63 Bad debts
63D Bad debts etc. of money lenders not allowable deductions where attributable to listed country or unlisted country branches
63E Debt/equity swaps
63F Limit on deductions where debt write offs and debt/equity swaps occur
63G Bad debts etc. of trust not allowable in certain circumstances
65 Payments to associated persons and relatives
70B Deduction for loss on disposal or redemption of traditional securities
73A Expenditure on scientific research
73AA Section 73A roll over relief in the case of certain CGT roll overs
78A Certain gifts not to be allowable deductions
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Volume 2
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Division 3—Deductions
79A Rebates for residents of isolated areas
79B Rebates for members of Defence Force serving overseas
82 Double deductions
Subdivision D—Losses and outgoings incurred under certain tax avoidance schemes
82KH Interpretation
82KJ Deduction not allowable in respect of certain pre paid outgoings
82KK Schemes designed to postpone tax liability
82KL Tax benefit not allowable in respect of certain recouped expenditure
Subdivision H—Period of deductibility of certain advance expenditure
82KZL Interpretation
82KZLA Subdivision does not apply to financial arrangements to which Subdivision 250 E applies
82KZLB How this Subdivision applies to deductible R&D expenditure incurred to associates in earlier income years
82KZM Expenditure by small and medium business entities and individuals incurring non business expenditure
82KZMA Application of section 82KZMD
82KZMD Business expenditure and non business expenditure by non individual
82KZME Expenditure under some agreements
82KZMF Proportional deduction
82KZMG Deductions for certain forestry expenditure
82KZMGA Deductions for certain forestry expenditure
82KZMGB CGT event in relation to interest in 82KZMG agreement
82KZN Transfer etc. of rights under agreement
82KZO Partnership changes where entire interest in agreement rights is not transferred
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Division 3A—Convertible notes
82LA Application of Division
82L Interpretation
82M New loans and replacement loans
82P Bonus share allotments
82Q Classes of shares
82R Interest on certain convertible notes not to be an allowable deduction
82SA Interest on certain convertible notes to be an allowable deduction—where loan made on or after 1 January 1976
82T Value of shares
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Division 5—Partnerships
90 Interpretation
91 Liability of partnerships
92 Income and deductions of partner
92A Deductions in respect of outstanding subsection 92(2AA) amounts
94 Partner not having control and disposal of share in partnership income
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Division 5A—Income of certain limited partnerships
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Subdivision A—Preliminary
94A Object
94B Interpretation
94C Continuity of limited partnership not affected by changes in composition
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Subdivision B—Corporate limited partnerships
94D Corporate limited partnerships
94E Continuity of business test
94F Change in composition of limited partnership—election that partnership not be treated as an eligible limited partnership
94G Continuity of ownership test
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Subdivision C—Corporate tax modifications applicable to corporate limited partnerships
94H Corporate tax modifications applicable to corporate limited partnerships
94J Company includes corporate limited partnership
94K Partnership does not include corporate limited partnership
94L Dividend includes distribution of corporate limited partnership
94M Drawings etc. deemed to be dividends paid out of profits
94N Private company does not include corporate limited partnership
94P Share includes interest in corporate limited partnership
94Q Shareholder includes partner in corporate limited partnership
94R Liquidator may include partner in corporate limited partnership
94S Continuity of corporate limited partnership not affected by changes in composition
94T Residence of corporate limited partnership
94U Incorporation
94V Obligations and offences
94X Modification of loss provisions
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Division 6—Trust income
95AAA Simplified outline of the relationship between this Division, Division 6E and Subdivisions 115 C and 207 B of the Income Tax Assessment Act 1997
95AAB Adjustments under Subdivision 115 C or 207 B of the Income Tax Assessment Act 1997—references in this Act to assessable income under section 97, 98A or 100
95AAC Adjustments under Subdivision 115 C or 207 B of the Income Tax Assessment Act 1997—references in this Act to liabilities under section 98, 99 or 99A
95AAD Division does not apply in relation to AMIT
95 Interpretation
95AB Modifications for special disability trusts
95A Special provisions relating to present entitlement
95B Certain beneficiaries deemed not to be under legal disability
96 Trustees
97 Beneficiary not under any legal disability
97A Beneficiaries who are owners of farm management deposits
98 Liability of trustee
98A Non resident beneficiaries assessable in respect of certain income
98B Deduction from beneficiary’s tax
99 Certain trust income to be taxed as income of an individual
99A Certain trust income to be taxed at special rate
99B Receipt of trust income not previously subject to tax
99C Determining whether property is applied for benefit of beneficiary
99D Refund of tax to non resident beneficiary
99E Later trust not taxed on income already taxed under subsection 98(4)
99G Amounts covered by withholding requirement
99GA Amounts covered by sovereign immunity exemption
99H Late payments
100 Beneficiary assessable in respect of certain trust income
100AA Failure to pay or notify present entitlement of exempt entity
100AB Adjusted Division 6 percentage exceeding benchmark percentage: present entitlement of exempt entity
100A Present entitlement arising from reimbursement agreement
101 Discretionary trusts
101A Income of deceased received after death
102 Revocable trusts
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Division 6AAA—Special provisions relating to non resident trust estates etc.
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Subdivision A—Preliminary
102AAA Object of Division
102AAB Interpretation
102AAC Each listed country and unlisted country to be treated as a separate foreign country
102AAD Subject to tax—application of subsection 324(2)
102AAE Listed country trust estates
102AAF Public unit trusts
102AAG When entity is in a position to control a trust estate
102AAH Non resident family trusts
102AAJ Transfer of property or services
102AAK Deemed transfers of property or services to trust estate
102AAL Division not to apply to transfers by trustees of deceased estates
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Subdivision B—Payment of interest by taxpayer on distributions from certain non resident trust estates
102AAM Payment of interest by taxpayer on distributions from certain non resident trust estates
102AAN Collection etc. of interest
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Subdivision D—Accruals system of taxation of certain non resident trust estates
102AAS Object of Subdivision
102AAT Accruals system of taxation—attributable taxpayer
102AAU Attributable income of a trust estate
102AAV Double tax agreements to be disregarded
102AAW Certain provisions to be disregarded in calculating attributable income
102AAY Modified application of trading stock provisions
102AAZ Modified application of depreciation provisions
102AAZB General modifications—CGT
102AAZBA Modified application of CGT—effect of certain changes of residence
102AAZC Modified application of loss provisions—pre 1990 91 losses
102AAZD Assessable income of attributable taxpayer to include attributable income of trust estate to which taxpayer has transferred property or services
102AAZE Accruals system of taxation does not apply to small amounts
102AAZF Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution
102AAZG Keeping of records
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Division 6AA—Income of certain children
102AA Interpretation
102AB Application of Division
102AC Persons to whom Division applies
102AD Taxable income to which Division applies
102AE Eligible assessable income
102AF Employment income and business income
102AG Trust income to which Division applies
102AGA Transfer of property as the result of a family breakdown
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Division 6A—Alienation of income
102A Interpretation
102B Certain income transferred for short periods to be included in assessable income of transferor
102C Effect of certain transfers of rights to receive income from property
102CA Consideration in respect of transfer to be included in assessable income of transferor in certain cases
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Division 6C—Income of certain public trading trusts
102M Interpretation
102MA Arrangements not covered
102MB Investing in land
102MC When trading business not carried on
102MD Exempt institution that is eligible for a refund not treated as exempt entity
102N Trading trusts
102NA Certain interposed trusts not trading trusts
102P Public unit trusts
102Q Resident unit trusts
102R Public trading trusts
102S Taxation of net income of public trading trust
102T Modified application of Act in relation to certain unit trusts
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Division 6D—Provisions relating to certain closely held trusts
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Subdivision A—Overview
102UA What this Division is about
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Subdivision B—Interpretation
102UB Definitions—general
102UC Closely held trust
102UD Trustee beneficiary
102UE Meaning of untaxed part
102UG Correct TB statement
102UH TB statement period
102UI Tax preferred amount
102UJ Extended concept of present entitlement to capital of a trust
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Subdivision C—Trustee beneficiary non disclosure tax on share of net income
102UK Trustee beneficiary non disclosure tax where no correct TB statement
102UL Exclusion of directors of closely held trust from liability to pay tax
102UM Trustee beneficiary non disclosure tax where share is distributed to trustee of closely held trust
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Subdivision D—Payment etc. of trustee beneficiary non disclosure tax
102UN Amount of trustee beneficiary non disclosure tax reduced by notional tax offset
102UO Payment of trustee beneficiary non disclosure tax
102UP Late payment of trustee beneficiary non disclosure tax
102UR Notice of liability
102URA Request for notice of liability
102USA Recovery of trustee beneficiary non disclosure tax from trustee beneficiaries providing incorrect information etc. to head trustee
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Subdivision E—Making correct TB statement about trustee beneficiaries of tax preferred amounts
102UT Requirement to make correct TB statement about trustee beneficiaries of tax preferred amounts
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Subdivision F—Special provisions about tax file numbers
102UU Trustee beneficiary may quote tax file number to trustee of closely held trust
102UV Trustee of closely held trust may record etc. tax file number
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Division 6E—Adjustment of Division 6 assessable amount in relation to capital gains, franked distributions and franking credits
102UW Application of Division
102UX Adjustment of Division 6 assessable amount in relation to capital gains, franked distributions and franking credits
102UY Interpretation
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Division 7—Private companies
102V Application of Division to non share dividends
103 Interpretation
103A Private companies
109 Excessive payments to shareholders, directors and associates deemed to be dividends
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Division 7A—Distributions to entities connected with a private company
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Subdivision A—Overview of this Division
109B Simplified outline of this Division
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Subdivision AA—Application of Division
109BA Application of Division to non share dividends
109BB Application of Division to closely held corporate limited partnerships
109BC Application of Division to non resident companies
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Subdivision B—Private company payments, loans and debt forgiveness are treated as dividends
109C Payments treated as dividends
109CA Payment includes provision of asset
109D Loans treated as dividends
109E Amalgamated loan from a previous year treated as dividend if minimum repayment not made
109F Forgiven debts treated as dividends
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Subdivision C—Forgiven debts that are not treated as dividends
109G Debt forgiveness that does not give rise to a dividend
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Subdivision D—Payments and loans that are not treated as dividends
109H Simplified outline of this Subdivision
109J Payments discharging pecuniary obligations not treated as dividends
109K Inter company payments and loans not treated as dividends
109L Certain payments and loans not treated as dividends
109M Loans made in the ordinary course of business on arm’s length terms not treated as dividends
109N Loans meeting criteria for minimum interest rate and maximum term not treated as dividends
109NA Certain liquidator’s distributions and loans not treated as dividends
109NB Loans to purchase shares under employee share schemes not treated as dividends
109P Amalgamated loans not treated as dividends in the year they are made
109Q Commissioner may allow amalgamated loan not to be treated as dividend
109R Some payments relating to loans not taken into account
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Subdivision DA—Demerger dividends not treated as dividends
109RA Demerger dividends not treated as dividends
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Subdivision DB—Other exceptions
109RB Commissioner may disregard operation of Division or allow dividend to be franked
109RC Dividend may be franked if taken to be paid because of family law obligation
109RD Commissioner may extend period for repayments of amalgamated loan
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Subdivision E—Payments and loans through interposed entities
109S Simplified outline of this Subdivision
109T Payments and loans by a private company to an entity through one or more interposed entities
109U Payments and loans through interposed entities relying on guarantees
109UA Certain liabilities under guarantees treated as payments
109V Amount of private company’s payment to target entity through one or more interposed entities
109W Private company’s loan to target entity through one or more interposed entities
109X Operation of Subdivision D in relation to payment or loan
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Subdivision EA—Unpaid present entitlements
109XA Payments, loans and debt forgiveness by a trustee in favour of a shareholder etc. of a private company with an unpaid present entitlement
109XB Amounts included in assessable income
109XC Modifications
109XD Forgiveness of loan debt does not give rise to assessable income if loan gives rise to assessable income
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Subdivision EB—Unpaid present entitlements—interposed entities
109XE Simplified outline of this Subdivision
109XF Payments through interposed entities
109XG Loans through interposed entities
109XH Amount and timing of payment or loan through interposed entities
109XI Entitlements to trust income through interposed trusts
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Subdivision F—General rules applying to all amounts treated as dividends
109Y Proportional reduction of dividends so they do not exceed distributable surplus
109Z Characteristics of dividends taken to be paid under this Division
109ZA No dividend taken to be paid for withholding tax purposes
109ZB Amount treated as dividend is not a fringe benefit
109ZC Treatment of dividend that is reduced on account of an amount taken under this Division to be a dividend
109ZCA Treatment of dividend that is reduced on account of an amount included in assessable income under Subdivision EA
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Subdivision G—Defined terms
109ZD Defined terms
109ZE Interpretation rules about entities
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Division 9—Co operative and mutual companies
117 Co operative companies
118 Company not co operative if less than 90% of business with members
119 Sums received to be taxed
120 Deductions allowable to co operative company
121 Mutual insurance associations
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Division 9AA—Demutualisation of insurance companies and affiliates
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Subdivision A—What this Division is about
121AA What this Division is about
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Subdivision B—Key concepts and related definitions
121AB Insurance company definitions
121AC Mutual affiliate company
121AD Demutualisation and demutualisation resolution day
121AE Demutualisation methods, the policyholder/member group and the listing period
121AEA Replacement of policyholders by persons exercising certain rights
121AF Demutualisation method 1
121AG Demutualisation method 2
121AH Demutualisation method 3
121AI Demutualisation method 4
121AJ Demutualisation method 5
121AK Demutualisation method 6
121AL Demutualisation method 7
121AM Embedded value of a mutual life insurance company
121AN Net tangible asset value of a general insurance company or mutual affiliate company
121AO Treasury bond rate, capital reserve adequacy level, eligible actuary and security
121AP Subsidiary and wholly owned subsidiary
121AQ Other definitions
121AR List of definitions
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Subdivision C—Tax consequences of demutualisation
121AS CGT consequences of demutualisation
121AT Other tax consequences of demutualisation
121AU This Subdivision does not apply to demutualisation of friendly society health or life insurers
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Division 9A—Offshore banking units
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Subdivision A—Object and simplified outline
121B Simplified outline
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Subdivision B—Interpretation
121C Interpretation
121D Meaning of OB activity
121DA Meaning of expressions relevant to investment activity
121DB Meaning of OB eligible contract activity
121DC Meaning of OB advisory activity
121DD Meaning of OB leasing activity
121E Meaning of offshore person
121EA OBU requirement
121EAA Activities recorded in domestic books not OB activities
121EB Internal financial dealings of an OBU
121EC Meaning of OBU resident owner money
121ED Meaning of trade with a person
121EDA Meaning of OB income
121EE Definitions relating to assessable income of an OBU
121EF Definitions relating to allowable deductions of an OBU
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Subdivision C—Operative provisions
121EJ Source of income derived from OB activities
121EK Deemed interest on 90% of certain OBU resident owner money
121EL Exemption of income etc. of OBU offshore investment trusts
121ELA Exemption of income etc. of overseas charitable institutions
121ELB Adjustment of capital gains and losses from disposal of units in OBU offshore investment trusts
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Division 9C—Assessable income diverted under certain tax avoidance schemes
121F Interpretation
121G Diverted income and diverted trust income
121H Assessment of diverted income and diverted trust income
121J Ascertainment of diverted income or diverted trust income deemed to be an assessment
121K Application of International Tax Agreements Act
121L Division applies notwithstanding exemption under other laws
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Division 3—Deductions
79A Rebates for residents of isolated areas
79B Rebates for members of Defence Force serving overseas
82 Double deductions
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Subdivision D—Losses and outgoings incurred under certain tax avoidance schemes
82KH Interpretation
82KJ Deduction not allowable in respect of certain pre paid outgoings
82KK Schemes designed to postpone tax liability
82KL Tax benefit not allowable in respect of certain recouped expenditure
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Subdivision H—Period of deductibility of certain advance expenditure
82KZL Interpretation
82KZLA Subdivision does not apply to financial arrangements to which Subdivision 250 E applies
82KZLB How this Subdivision applies to deductible R&D expenditure incurred to associates in earlier income years
82KZM Expenditure by small and medium business entities and individuals incurring non business expenditure
82KZMA Application of section 82KZMD
82KZMD Business expenditure and non business expenditure by non individual
82KZME Expenditure under some agreements
82KZMF Proportional deduction
82KZMG Deductions for certain forestry expenditure
82KZMGA Deductions for certain forestry expenditure
82KZMGB CGT event in relation to interest in 82KZMG agreement
82KZN Transfer etc. of rights under agreement
82KZO Partnership changes where entire interest in agreement rights is not transferred
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Division 3A—Convertible notes
82LA Application of Division
82L Interpretation
82M New loans and replacement loans
82P Bonus share allotments
82Q Classes of shares
82R Interest on certain convertible notes not to be an allowable deduction
82SA Interest on certain convertible notes to be an allowable deduction—where loan made on or after 1 January 1976
82T Value of shares
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Division 5—Partnerships
90 Interpretation
91 Liability of partnerships
92 Income and deductions of partner
92A Deductions in respect of outstanding subsection 92(2AA) amounts
94 Partner not having control and disposal of share in partnership income
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Division 5A—Income of certain limited partnerships
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Subdivision A—Preliminary
94A Object
94B Interpretation
94C Continuity of limited partnership not affected by changes in composition
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Subdivision B—Corporate limited partnerships
94D Corporate limited partnerships
94E Continuity of business test
94F Change in composition of limited partnership—election that partnership not be treated as an eligible limited partnership
94G Continuity of ownership test
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Subdivision C—Corporate tax modifications applicable to corporate limited partnerships
94H Corporate tax modifications applicable to corporate limited partnerships
94J Company includes corporate limited partnership
94K Partnership does not include corporate limited partnership
94L Dividend includes distribution of corporate limited partnership
94M Drawings etc. deemed to be dividends paid out of profits
94N Private company does not include corporate limited partnership
94P Share includes interest in corporate limited partnership
94Q Shareholder includes partner in corporate limited partnership
94R Liquidator may include partner in corporate limited partnership
94S Continuity of corporate limited partnership not affected by changes in composition
94T Residence of corporate limited partnership
94U Incorporation
94V Obligations and offences
94X Modification of loss provisions
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Division 6—Trust income
95AAA Simplified outline of the relationship between this Division, Division 6E and Subdivisions 115 C and 207 B of the Income Tax Assessment Act 1997
95AAB Adjustments under Subdivision 115 C or 207 B of the Income Tax Assessment Act 1997—references in this Act to assessable income under section 97, 98A or 100
95AAC Adjustments under Subdivision 115 C or 207 B of the Income Tax Assessment Act 1997—references in this Act to liabilities under section 98, 99 or 99A
95AAD Division does not apply in relation to AMIT
95 Interpretation
95AB Modifications for special disability trusts
95A Special provisions relating to present entitlement
95B Certain beneficiaries deemed not to be under legal disability
96 Trustees
97 Beneficiary not under any legal disability
97A Beneficiaries who are owners of farm management deposits
98 Liability of trustee
98A Non resident beneficiaries assessable in respect of certain income
98B Deduction from beneficiary’s tax
99 Certain trust income to be taxed as income of an individual
99A Certain trust income to be taxed at special rate
99B Receipt of trust income not previously subject to tax
99C Determining whether property is applied for benefit of beneficiary
99D Refund of tax to non resident beneficiary
99E Later trust not taxed on income already taxed under subsection 98(4)
99G Amounts covered by withholding requirement
99GA Amounts covered by sovereign immunity exemption
99H Late payments
100 Beneficiary assessable in respect of certain trust income
100AA Failure to pay or notify present entitlement of exempt entity
100AB Adjusted Division 6 percentage exceeding benchmark percentage: present entitlement of exempt entity
100A Present entitlement arising from reimbursement agreement
101 Discretionary trusts
101A Income of deceased received after death
102 Revocable trusts
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Division 6AAA—Special provisions relating to non resident trust estates etc.
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Subdivision A—Preliminary
102AAA Object of Division
102AAB Interpretation
102AAC Each listed country and unlisted country to be treated as a separate foreign country
102AAD Subject to tax—application of subsection 324(2)
102AAE Listed country trust estates
102AAF Public unit trusts
102AAG When entity is in a position to control a trust estate
102AAH Non resident family trusts
102AAJ Transfer of property or services
102AAK Deemed transfers of property or services to trust estate
102AAL Division not to apply to transfers by trustees of deceased estates
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Subdivision B—Payment of interest by taxpayer on distributions from certain non resident trust estates
102AAM Payment of interest by taxpayer on distributions from certain non resident trust estates
102AAN Collection etc. of interest
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Subdivision D—Accruals system of taxation of certain non resident trust estates
102AAS Object of Subdivision
102AAT Accruals system of taxation—attributable taxpayer
102AAU Attributable income of a trust estate
102AAV Double tax agreements to be disregarded
102AAW Certain provisions to be disregarded in calculating attributable income
102AAY Modified application of trading stock provisions
102AAZ Modified application of depreciation provisions
102AAZB General modifications—CGT
102AAZBA Modified application of CGT—effect of certain changes of residence
102AAZC Modified application of loss provisions—pre 1990 91 losses
102AAZD Assessable income of attributable taxpayer to include attributable income of trust estate to which taxpayer has transferred property or services
102AAZE Accruals system of taxation does not apply to small amounts
102AAZF Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution
102AAZG Keeping of records
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Division 6AA—Income of certain children
102AA Interpretation
102AB Application of Division
102AC Persons to whom Division applies
102AD Taxable income to which Division applies
102AE Eligible assessable income
102AF Employment income and business income
102AG Trust income to which Division applies
102AGA Transfer of property as the result of a family breakdown
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Division 6A—Alienation of income
102A Interpretation
102B Certain income transferred for short periods to be included in assessable income of transferor
102C Effect of certain transfers of rights to receive income from property
102CA Consideration in respect of transfer to be included in assessable income of transferor in certain cases
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Division 6C—Income of certain public trading trusts
102M Interpretation
102MA Arrangements not covered
102MB Investing in land
102MC When trading business not carried on
102MD Exempt institution that is eligible for a refund not treated as exempt entity
102N Trading trusts
102NA Certain interposed trusts not trading trusts
102P Public unit trusts
102Q Resident unit trusts
102R Public trading trusts
102S Taxation of net income of public trading trust
102T Modified application of Act in relation to certain unit trusts
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Division 6D—Provisions relating to certain closely held trusts
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Subdivision A—Overview
102UA What this Division is about
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Subdivision B—Interpretation
102UB Definitions—general
102UC Closely held trust
102UD Trustee beneficiary
102UE Meaning of untaxed part
102UG Correct TB statement
102UH TB statement period
102UI Tax preferred amount
102UJ Extended concept of present entitlement to capital of a trust
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Subdivision C—Trustee beneficiary non disclosure tax on share of net income
102UK Trustee beneficiary non disclosure tax where no correct TB statement
102UL Exclusion of directors of closely held trust from liability to pay tax
102UM Trustee beneficiary non disclosure tax where share is distributed to trustee of closely held trust
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Subdivision D—Payment etc. of trustee beneficiary non disclosure tax
102UN Amount of trustee beneficiary non disclosure tax reduced by notional tax offset
102UO Payment of trustee beneficiary non disclosure tax
102UP Late payment of trustee beneficiary non disclosure tax
102UR Notice of liability
102URA Request for notice of liability
102USA Recovery of trustee beneficiary non disclosure tax from trustee beneficiaries providing incorrect information etc. to head trustee
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Subdivision E—Making correct TB statement about trustee beneficiaries of tax preferred amounts
102UT Requirement to make correct TB statement about trustee beneficiaries of tax preferred amounts
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Subdivision F—Special provisions about tax file numbers
102UU Trustee beneficiary may quote tax file number to trustee of closely held trust
102UV Trustee of closely held trust may record etc. tax file number
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Division 6E—Adjustment of Division 6 assessable amount in relation to capital gains, franked distributions and franking credits
102UW Application of Division
102UX Adjustment of Division 6 assessable amount in relation to capital gains, franked distributions and franking credits
102UY Interpretation
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Division 7—Private companies
102V Application of Division to non share dividends
103 Interpretation
103A Private companies
109 Excessive payments to shareholders, directors and associates deemed to be dividends
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Division 7A—Distributions to entities connected with a private company
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Subdivision A—Overview of this Division
109B Simplified outline of this Division
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Subdivision AA—Application of Division
109BA Application of Division to non share dividends
109BB Application of Division to closely held corporate limited partnerships
109BC Application of Division to non resident companies
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Subdivision B—Private company payments, loans and debt forgiveness are treated as dividends
109C Payments treated as dividends
109CA Payment includes provision of asset
109D Loans treated as dividends
109E Amalgamated loan from a previous year treated as dividend if minimum repayment not made
109F Forgiven debts treated as dividends
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Subdivision C—Forgiven debts that are not treated as dividends
109G Debt forgiveness that does not give rise to a dividend
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Subdivision D—Payments and loans that are not treated as dividends
109H Simplified outline of this Subdivision
109J Payments discharging pecuniary obligations not treated as dividends
109K Inter company payments and loans not treated as dividends
109L Certain payments and loans not treated as dividends
109M Loans made in the ordinary course of business on arm’s length terms not treated as dividends
109N Loans meeting criteria for minimum interest rate and maximum term not treated as dividends
109NA Certain liquidator’s distributions and loans not treated as dividends
109NB Loans to purchase shares under employee share schemes not treated as dividends
109P Amalgamated loans not treated as dividends in the year they are made
109Q Commissioner may allow amalgamated loan not to be treated as dividend
109R Some payments relating to loans not taken into account
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Subdivision DA—Demerger dividends not treated as dividends
109RA Demerger dividends not treated as dividends
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Subdivision DB—Other exceptions
109RB Commissioner may disregard operation of Division or allow dividend to be franked
109RC Dividend may be franked if taken to be paid because of family law obligation
109RD Commissioner may extend period for repayments of amalgamated loan
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Subdivision E—Payments and loans through interposed entities
109S Simplified outline of this Subdivision
109T Payments and loans by a private company to an entity through one or more interposed entities
109U Payments and loans through interposed entities relying on guarantees
109UA Certain liabilities under guarantees treated as payments
109V Amount of private company’s payment to target entity through one or more interposed entities
109W Private company’s loan to target entity through one or more interposed entities
109X Operation of Subdivision D in relation to payment or loan
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Subdivision EA—Unpaid present entitlements
109XA Payments, loans and debt forgiveness by a trustee in favour of a shareholder etc. of a private company with an unpaid present entitlement
109XB Amounts included in assessable income
109XC Modifications
109XD Forgiveness of loan debt does not give rise to assessable income if loan gives rise to assessable income
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Subdivision EB—Unpaid present entitlements—interposed entities
109XE Simplified outline of this Subdivision
109XF Payments through interposed entities
109XG Loans through interposed entities
109XH Amount and timing of payment or loan through interposed entities
109XI Entitlements to trust income through interposed trusts
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Subdivision F—General rules applying to all amounts treated as dividends
109Y Proportional reduction of dividends so they do not exceed distributable surplus
109Z Characteristics of dividends taken to be paid under this Division
109ZA No dividend taken to be paid for withholding tax purposes
109ZB Amount treated as dividend is not a fringe benefit
109ZC Treatment of dividend that is reduced on account of an amount taken under this Division to be a dividend
109ZCA Treatment of dividend that is reduced on account of an amount included in assessable income under Subdivision EA
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Subdivision G—Defined terms
109ZD Defined terms
109ZE Interpretation rules about entities
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Division 9—Co operative and mutual companies
117 Co operative companies
118 Company not co operative if less than 90% of business with members
119 Sums received to be taxed
120 Deductions allowable to co operative company
121 Mutual insurance associations
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Division 9AA—Demutualisation of insurance companies and affiliates
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Subdivision A—What this Division is about
121AA What this Division is about
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Subdivision B—Key concepts and related definitions
121AB Insurance company definitions
121AC Mutual affiliate company
121AD Demutualisation and demutualisation resolution day
121AE Demutualisation methods, the policyholder/member group and the listing period
121AEA Replacement of policyholders by persons exercising certain rights
121AF Demutualisation method 1
121AG Demutualisation method 2
121AH Demutualisation method 3
121AI Demutualisation method 4
121AJ Demutualisation method 5
121AK Demutualisation method 6
121AL Demutualisation method 7
121AM Embedded value of a mutual life insurance company
121AN Net tangible asset value of a general insurance company or mutual affiliate company
121AO Treasury bond rate, capital reserve adequacy level, eligible actuary and security
121AP Subsidiary and wholly owned subsidiary
121AQ Other definitions
121AR List of definitions
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Subdivision C—Tax consequences of demutualisation
121AS CGT consequences of demutualisation
121AT Other tax consequences of demutualisation
121AU This Subdivision does not apply to demutualisation of friendly society health or life insurers
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Division 9A—Offshore banking units
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Subdivision A—Object and simplified outline
121B Simplified outline
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Subdivision B—Interpretation
121C Interpretation
121D Meaning of OB activity
121DA Meaning of expressions relevant to investment activity
121DB Meaning of OB eligible contract activity
121DC Meaning of OB advisory activity
121DD Meaning of OB leasing activity
121E Meaning of offshore person
121EA OBU requirement
121EAA Activities recorded in domestic books not OB activities
121EB Internal financial dealings of an OBU
121EC Meaning of OBU resident owner money
121ED Meaning of trade with a person
121EDA Meaning of OB income
121EE Definitions relating to assessable income of an OBU
121EF Definitions relating to allowable deductions of an OBU
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Subdivision C—Operative provisions
121EJ Source of income derived from OB activities
121EK Deemed interest on 90% of certain OBU resident owner money
121EL Exemption of income etc. of OBU offshore investment trusts
121ELA Exemption of income etc. of overseas charitable institutions
121ELB Adjustment of capital gains and losses from disposal of units in OBU offshore investment trusts
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Division 9C—Assessable income diverted under certain tax avoidance schemes
121F Interpretation
121G Diverted income and diverted trust income
121H Assessment of diverted income and diverted trust income
121J Ascertainment of diverted income or diverted trust income deemed to be an assessment
121K Application of International Tax Agreements Act
121L Division applies notwithstanding exemption under other laws
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Volume 3
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Part III—Liability to taxation
Division 10E—PDFs (pooled development funds)
Subdivision A—Shares in PDFs
124ZM Treatment distributions to shareholders in PDF
124ZN Exemption of income from sale of shares in a PDF
124ZO Shares in a PDF are not trading stock
124ZQ Effect of company becoming a PDF
124ZR Effect of company ceasing to be a PDF
Subdivision B—The taxable income of PDFs
124ZS Definitions
124ZTA Taxable income in first year as PDF if PDF component is nil
124ZT SME assessable income
124ZU SME income component
124ZV Unregulated investment component
Subdivision C—Adjustments of the tax treatment of capital gains and capital losses of PDFs
124ZW Definitions
124ZX Companies to which this Subdivision applies
124ZY Classes of assessable income
124ZZ Treatment of capital gains
124ZZA Allocation of gain amounts and loss amounts to classes of assessable income
124ZZB Assessable income etc. in relation to capital gains
124ZZD No net capital loss
Division 11—Interest paid by companies on bearer debentures
126 Interest paid by a company on bearer debentures
127 Credit for tax paid by company
128 Assessments of tax
Division 11A—Dividends, interest and royalties paid to non residents and to certain other persons
Subdivision A—General
128AAA Application of Division to non share dividends
128A Interpretation
128AA Deemed interest in respect of transfers of certain securities
128AB Certificates relating to issue price of certain securities
128AC Deemed interest in respect of hire purchase and certain other agreements
128AD Indemnification etc. agreements in relation to bills of exchange and promissory notes
128AE Interpretation provisions relating to offshore banking units
128AF Payments through interposed entities
128B Liability to withholding tax
128C Payment of withholding tax
128D Certain income not assessable
128F Division does not apply to interest on certain publicly offered company debentures or debt interests
128FA Division does not apply to interest on certain publicly offered unit trust debentures or debt interests
128GB Division not to apply to interest payments on offshore borrowings by offshore banking units
128NA Special tax payable in respect of certain securities and agreements
128NB Special tax payable in respect of certain dealings by current and former offshore banking units
128NBA Credits in respect of amounts assessed in relation to certain financial arrangements
128P Objections
128R Informal arrangements
Division 11C—Payments in respect of mining operations on Indigenous land
128U Interpretation
128V Liability to mining withholding tax
128W Payment of mining withholding tax
Division 12—Oversea ships
129 Taxable income of ship owner or charterer
130 Commissioner may require master or agent to make return
131 Determination by Commissioner
132 Assessment of tax
133 Master liable to pay
134 Notice of assessment
135 Clearance of ship
135A Freights payable under certain agreements
Division 15—Insurance with non residents
141 Interpretation
142 Income derived by non resident insurer
143 Taxable income of non resident insurer
144 Liability of agents of insurer
145 Deduction of premiums
146 Exporter to furnish information
147 Rate of tax in special circumstances
148 Reinsurance with non residents
Division 16—Averaging of incomes
149 Average income
149A Capital gains, abnormal income and certain death benefits to be disregarded
150 First average year
151 First application of Division in relation to a taxpayer
152 Taxpayer not in receipt of assessable income
153 Taxpayer with no taxable income
154 Excess of allowable deductions
155 Permanent reduction of income
156 Rebate of tax for, or complementary tax payable by, certain primary producers
157 Application of Division to primary producers
158 Application of Division
158A Election that Division not apply
Division 16D—Certain arrangements relating to the use of property
159GE Interpretation
159GEA Division applies to certain State/Territory bodies
159GF Residual amounts
159GG Qualifying arrangements
159GH Application of Division in relation to property
159GJ Effect of application of Division on certain deductions etc.
159GK Effect of application of Division on assessability of arrangement payments
159GL Special provision relating to Division 10C or 10D property
159GM Special provision where cost of plant etc. is also eligible capital expenditure
159GN Effect of use of property under qualifying arrangement for producing assessable income
159GO Special provisions relating to partnerships
Division 16E—Accruals assessability etc. in respect of certain security payments
159GP Interpretation
159GQ Tax treatment of holder of qualifying security
159GQA Accrual period
159GQB Accrual amount
159GQC Implicit interest rate for fixed return security
159GQD Implicit interest rate for variable return security
159GR Consequences of actual payments
159GS Balancing adjustments on transfer of qualifying security
159GT Tax treatment of issuer of a qualifying security
159GU Effect of Division on certain transfer profits and losses
159GV Consequence of variation of terms of security
159GW Effect of Division in relation to non residents
159GX Effect of Division where certain payments not assessable
159GY Effect of Division where qualifying security is trading stock
159GZ Stripped securities
Division 16J—Effect of cancellation of subsidiary’s shares in holding company
159GZZZC Interpretation—general
159GZZZD Meaning of eligible entity, eligible interest and eligible proportion
159GZZZE Share cancellations to which this Division applies
159GZZZF Effect on subsidiary of share cancellations to which this Division applies
159GZZZG Pre cancellation disposals of eligible interests
159GZZZH Post cancellation disposals of eligible interests etc.
159GZZZI Additional application of sections 159GZZZG and 159GZZZH to associates
Division 16K—Effect of buy backs of shares
Subdivision AA—Application of Division to non share equity interests
159GZZZIA Application of Division to non share dividends
Subdivision A—Interpretation
159GZZZJ Interpretation
159GZZZK Explanation of terms
159GZZZL Special buy backs not made in ordinary course of trading on a stock exchange
159GZZZM Purchase price in respect of buy back
Subdivision B—Company buying back shares
159GZZZN Buy back and cancellation disregarded for certain purposes
Subdivision C—Off market purchases
159GZZZP Part of off market purchase price is a dividend if the company is not a listed public company
159GZZZPA No part of off market purchase price is a dividend if the company is a listed public company
159GZZZQ Consideration in respect of off market purchase
Subdivision D—On market purchases
159GZZZR No part of on market purchase price is a dividend
159GZZZS Consideration in respect of on market purchase
Division 17—Rebates
Subdivision A—Concessional rebates
159H Application
Subdivision AB—Lump sum payments in arrears
159ZR Interpretation
159ZRA Eligibility for rebate
159ZRB Calculation of rebate
159ZRC Notional tax amount for recent accrual years
159ZRD Notional tax amount for distant accrual years
Subdivision B—Miscellaneous
160AAAA Tax rebate for low income aged persons and pensioners
160AAAB Tax rebate for low income aged persons and pensioners—trustees assessed under section 98
160AAA Rebate in respect of certain benefits etc.
160AAB Rebate in respect of amounts assessable under section 26AH
160AD Maximum amount of rebates
160ADA Most tax offsets under the 1997 Assessment Act are treated as rebates
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Part IIIB—Australian branches of foreign banks
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Division 1—Preliminary
160ZZVA Object
160ZZVB Application
160ZZV Definitions
160ZZW Certain provisions to apply as if Australian branch of foreign bank were a separate legal entity
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Division 2—Provisions relating to income tax
160ZZX Income of branch to have Australian source
160ZZZ Notional borrowing by branch from bank
160ZZZA Notional payment of interest by branch to bank
160ZZZC Offshore banking units
160ZZZE Notional derivative transactions between branch and bank
160ZZZF Notional foreign exchange transactions between branch and bank
160ZZZG Losses
160ZZZH Net capital losses
160ZZZI Certain transactions to be disregarded
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Division 3—Provisions relating to withholding tax
160ZZZJ Withholding tax on interest paid by branch to bank
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Division 4—Extension of Part to Australian branches of foreign financial entities
160ZZZK Treatment like Australian branches of foreign banks
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Division 5—Modifications relating to hybrid mismatch rules
160ZZZL Certain “hybrid mismatch” deductions denied
160ZZZN Adjusting if Australian branch derives dual inclusion income in a later year
160ZZZP Dual inclusion income not to be applied more than once
160ZZZR Interpretation
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Part IV—Returns and assessments
161 Annual returns
161A Form and content of returns
161AA Contents of returns of full self assessment taxpayers
161G Tax agent to give taxpayer copy of notice of assessment
162 Further returns and information
163 Special returns
166 Assessment
166A Deemed assessment
167 Default assessment
168 Special assessment
169 Assessments on all persons liable to tax
169AA Consolidated assessments
169A Reliance by Commissioner on returns and statements
170 Amendment of assessments
170A Amendment of assessments—interaction with other Acts
170B Protection for anticipation of certain discontinued announcements
170C Power of Commissioner to reduce amount of tax payable in certain cases
171 Where no notice of assessment served
171A Limited period to make assessments for nil liability returns for the 2003 04 year of income or earlier
172 Refunds of amounts overpaid
172A Consequences of amendment of assessments of tax offset refunds
173 Amended assessment to be an assessment
174 Notice of assessment
175 Validity of assessment
175A Objections against assessments
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Part IVA—Schemes to reduce income tax
177A Interpretation
177B Operation of Part
177C Tax benefits
177CB The bases for identifying tax benefits
177D Schemes to which this Part applies
177DA Schemes that limit a taxable presence in Australia
177E Stripping of company profits
177EA Creation of franking debit or cancellation of franking credits
177EB Cancellation of franking credits—consolidated groups
177F Cancellation of tax benefits etc.
177G Amendment of assessments
177H Diverted profits tax—objects
177J Diverted profits tax—application
177K Diverted profits tax—$25 million income test
177L Diverted profits tax—sufficient foreign tax test
177M Diverted profits tax—sufficient economic substance test
177N Diverted profits tax—consequences
177P Diverted profits tax—liability
177Q Diverted profits tax—general interest charge on unpaid diverted profits tax or shortfall interest charge
177R Diverted profits tax—when shortfall interest charge is payable
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Part VA—Tax file numbers
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Division 1—Preliminary
202 Objects of this Part
202A Interpretation
202AA Definition of eligible PAYG payment
202AB Declaration that an arrangement is, or is not, a unit trust
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Division 2—Issuing of tax file numbers
202B Application for tax file number
202BA Issuing of tax file numbers
202BB Current tax file number
202BC Deemed refusal by Commissioner
202BD Interim notices
202BE Cancellation of tax file numbers
202BF Alteration of tax file numbers
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Division 3—Quotation of tax file numbers by recipients of eligible PAYG payments
202C TFN declarations by recipients of eligible PAYG payments
202CA Operation of TFN declaration
202CB Quotation of tax file number in TFN declaration
202CC Making a replacement TFN declaration in place of an ineffective declaration
202CD Sending of TFN declaration to Commissioner
202CE Effect of incorrect quotation of tax file number
202CEA Validation notices
202CF Payer must notify Commissioner if no TFN declaration by recipient
202CG Disclosing recipients’ tax file numbers to payers
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Division 4—Quotation of tax file numbers in connection with certain investments
202D Explanation of terms: investment, investor, investment body
202DB Quotation of tax file numbers in connection with investments
202DC Method of quoting tax file number
202DD Investor excused from quoting tax file number in certain circumstances
202DDB Quotation of tax file number in connection with indirectly held investment
202DE Securities dealer to inform the investment body of tax file number
202DF Effect of incorrect quotation of tax file number
202DG Investments held jointly
202DH Tax file number quoted for superannuation or surcharge purposes taken to be quoted for purposes of the taxation of eligible termination payments
202DHA Tax file number quoted for Division 3 purposes taken to have been quoted for superannuation purposes
202DI Tax file number quoted for RSA purposes taken to be quoted for purposes of the taxation of superannuation benefits
202DJ Tax file number quoted for purposes of taxation of superannuation benefits taken to be quoted for surcharge purposes
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Division 4A—Quotation of tax file numbers in connection with farm management deposits
202DL Quotation of tax file number
202DM Effect of incorrect quotation of tax file number
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Division 4B—Quotation of tax file numbers in connection with certain closely held trusts
202DN Application of Division
202DO Quotation of tax file numbers
202DP Trustee must report quoted tax file numbers
202DR Effect of incorrect quotation of tax file number
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Division 5—Exemptions
202EA Persons receiving certain pensions etc.—employment
202EB Persons receiving certain pensions etc.—investments
202EC Entities not required to lodge income tax returns
202EE Non residents
202EG Manner of completing declarations
202EH Declarations under this Division to be retained in certain circumstances
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Division 6—Review of decisions
202F Review of decisions
202FA Statements to accompany notification of decisions
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Division 8—Tax file number sharing and verification
203 Verification of tax file numbers
204 Disclosure of tax file numbers to certain registrars
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Volume 4
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Part VIIB—Medicare levy and Medicare levy surcharge
251R Interpretation
251S Medicare levy
251T Medicare levy (other than Medicare levy surcharge) not payable by prescribed persons or by certain trustees
251U Prescribed persons
251V Subsections 251R(4), (5), (6B), (6C) and (6D) not to apply to Medicare levy surcharge
251VA Subsection 251U(3) not to apply for Medicare levy surcharge
251W Regulations
251X Notice of assessment to set out Medicare levy and surcharge
251Z Administration of Medicare levy (fringe benefits) surcharge Act
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Part VIII—Miscellaneous
252 Public officer of company
252A Public officer of trust estate
253 Notifying and serving companies
254 Agents and trustees
255 Person in receipt or control of money from non resident
257 Payment of tax by banker
260 Contracts to evade tax void
262 Periodical payments in the nature of income
262A Keeping of records
264BB Commissioner may require private health insurers to provide information
265A Release of liability of members of the Defence Force on death
265B Notices in relation to certain securities
266 Regulations
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Part X—Attribution of income in respect of controlled foreign companies
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Division 1—Preliminary
316 Object of Part
317 Interpretation
318 Associates
319 Statutory accounting period of a company
320 Listed countries and unlisted countries
321 Each listed country and each unlisted country to be treated as a separate foreign country
322 Meaning of entitled to acquire
323 State foreign taxes may be treated as federal foreign taxes
324 When income or profits subject to tax in a listed country
325 When dividends etc. taxed in a country at normal company tax rate
326 AFI subsidiary
327 Eligible finance shares
327A Widely distributed finance shares
327B Transitional finance shares
328 Non resident family trusts
329 Public unit trusts
330 Tax detriment
331 Company deemed to be treated as a resident of a listed country or an unlisted country for the purposes of the tax law of that country
332 Companies that are residents of listed countries
333 Companies that are residents of unlisted countries
334A Voting interests in companies
335 References extend to pre commencement matters and things
Division 2—Types of entity
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Subdivision A—Australian entities
336 Australian entity
337 Australian partnership
338 Australian trust
Subdivision B—Controlled foreign entities (CFEs)
339 Controlled foreign entity (CFE)
340 Controlled foreign company (CFC)
341 Controlled foreign partnership (CFP)
342 Controlled foreign trust (CFT)
Subdivision C—Eligible transferors in relation to trusts
343 Interpretation
344 References to transfer of property or services
345 Deemed transfers of property or services
346 Circumstances in which a transfer of property or services is an eligible business transaction
347 Eligible transferor in relation to a discretionary trust
348 Eligible transferor in relation to a non discretionary trust or a public unit trust
Division 3—Control interests, attribution interests, attributable taxpayers and attribution percentages
Subdivision A—Control interests
349 Associate inclusive control interest in a company or trust
350 Direct control interest in a company
351 Direct control interest in a trust
352 Indirect control interest in a company or trust
353 Control tracing interest in a company
354 Control tracing interest in a CFP
355 Control tracing interest in a CFT
Subdivision B—Attribution interests
356 Direct attribution interest in a CFC or CFT
357 Indirect attribution interest in a CFC or CFT
358 Attribution tracing interest in a CFC
359 Attribution tracing interest in a CFP
360 Attribution tracing interest in a CFT
Subdivision C—Attributable taxpayers and attribution percentages
361 Attributable taxpayer in relation to a CFC or a CFT
362 Attribution percentage of an attributable taxpayer
Division 4—Attribution accounts
363 Attribution account entity
364 Attribution account percentage
365 Attribution account payment
366 Direct attribution account interest in a company
367 Direct attribution account interest in a partnership
368 Direct attribution account interest in a trust
369 Indirect attribution account interest in an entity
370 Attribution surplus
371 Attribution credit
372 Attribution debit
373 Grossed up amount of an attribution debit
Division 7—Calculation of attributable income of CFC
Subdivision A—Basic principles
381 Separate attributable income for each attributable taxpayer
382 Attributable income is taxable income calculated on certain assumptions
383 Basic assumptions
384 Additional assumption for unlisted country CFC
385 Additional assumption for listed country CFC
386 Adjusted tainted income
387 Reduction of attributable income because of interim dividends
Subdivision B—General modifications of Australian tax law
388 Double tax agreements to be disregarded
389 Certain provisions to be disregarded in calculating attributable income
389A Other provisions to be disregarded in calculating attributable income
390 Elections to be made by eligible taxpayer
392 Notional assessable amounts are to be pre tax
393 Notional allowable deduction for taxes paid
394 Notional allowable deduction for eligible finance share dividends, widely distributed finance share dividends and transitional finance share dividends
395 Expenditure incurred to produce income or profits in later statutory accounting periods
396 Modified application of sections 25A and 52
397 Modified application of trading stock provisions
398 Modified application of depreciation provisions
398A Application of Division 3A of Part III
399 Modifications of net income of partnerships and trusts
399A Modified application of bad debt etc. provisions
400 Modified cross border requirement for transfer pricing
401 Reduction of disposal consideration or capital proceeds if attributed income not distributed
402 Additional notional exempt income—unlisted or listed country CFC
403 Additional notional exempt income—unlisted country CFC
404 Application of Subdivision 768 A of the Income Tax Assessment Act 1997
Subdivision C—Modifications relating to Australian capital gains tax
405 Interpretation
406 Meaning of commencing day and commencing day asset
408 Certain capital gains and losses disregarded
408A Certain events before commencing day ignored
409 Losses before 30 June 1990 to be disregarded
410 General modifications—CGT
411 Commencing day assets taken to have been acquired on commencing day
412 Cost base of commencing day asset
413 Adjustment of cost base as at commencing day—return of capital
414 Exercise of rights
418 Options
418A Effect of change of residence from Australia to listed or unlisted country
419 Modified application of Subdivision 126 B of the Income Tax Assessment Act 1997
421 Elections under CGT roll over provisions
422 Adjustment of capital proceeds where change of residence by eligible CFC from unlisted to listed country
423 Adjustment of capital proceeds where section 47A applies to rolled over assets
Subdivision D—Modifications relating to losses
425 Sometimes exempt income etc.
426 Creation of loss
427 Certain provisions to be disregarded
428 Subdivision to apply as if there were always a requirement to calculate attributable income
429 Notional allowable deduction for (sometimes exempt income) loss
431 Deduction etc. for previous period loss
Division 8—Active income test
Subdivision A—Basic conditions for passing the active income test
432 Active income test
Subdivision B—Tainted income ratio
433 Tainted income ratio
434 Gross turnover
435 Gross tainted turnover
436 Amounts excluded from active income test
Subdivision C—Treatment of partnership income
437 Treatment of partnership income
Subdivision D—General interpretive provisions
438 Roll overs—asset disposals
439 When currency exchange gains or losses relate to active income transactions
440 Asset disposals—revaluations and arm’s length amounts
441 Hire purchase and other property financing transactions
442 Assumption of rights of lender under a loan
443 Net tainted commodity gains
444 Net tainted currency exchange gains
445 Net gains—disposal of tainted assets
Subdivision E—Passive income, tainted sales income and tainted services income
446 Passive income
447 Tainted sales income
448 Tainted services income
Subdivision F—Special rules relating to AFI subsidiaries carrying on financial intermediary business
449 AFI subsidiaries—interest income
450 AFI subsidiaries—asset disposals and currency transactions
Subdivision G—Substantiation requirements
451 Active income test—substantiation requirements for company
452 Active income test—substantiation requirements for partnership
453 Active income test—substantiation requirements for attributable taxpayer
454 Assessment on assumption—retention of accounts etc. and compliance with information notices
455 Amendment of assessments
Division 9—Attribution of attributable income and other amounts
456 Assessability in respect of CFC’s attributable income
456A Reduction of section 456 assessability where item subject to foreign accruals tax
457 Assessability where CFC changes residence from unlisted country to listed country or to Australia
459A Assessability where CFC or CFT has interest in certain attributable taxpayers
460 Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution
460A Effect of reducing section CGT event J1 amount
Division 10—Post attribution asset disposals
461 Reduction of disposal consideration or capital proceeds if attributed income not distributed
Division 11—Keeping of records
462 Keeping of records—section 456
462A Keeping of records—section 457
464A Keeping of records—section 459A
465 Offence of failing to keep records
466 Manner in which records required to be kept
467 Circumstances where records not required to be kept—reasonable excuse etc.
468 Treatment of partnerships
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Volume 5
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Schedule 2
Part I
Part II
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Schedule 2D—Tax exempt entities that become taxable
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Division 57—Tax exempt entities that become taxable
Guide to Division 57
57 1 What this Division is about
Subdivision 57 A—Key concepts
57 5 Entities to which this Division applies
Subdivision 57 B—Predecessors of the transition taxpayer
57 10 Activities of transition taxpayer’s predecessor attributed to transition taxpayer
Subdivision 57 C—Time when income derived
57 15 Time when income derived
Subdivision 57 D—Time when losses and outgoings incurred
57 20 Time when losses and outgoings incurred
Subdivision 57 E—Assets and liabilities
57 25 Deemed disposal and re acquisition of assets
57 30 Deemed cessation and re assumption of liabilities
57 32 Division 230 financial arrangements—market value of assets and rights
57 33 Division 230 financial arrangements—transition taxpayer’s right to receive or obligation to provide payment
57 35 Interpretation
Subdivision 57 F—Superannuation deductions
57 40 Contributions under defined benefit superannuation schemes
57 45 Deduction for surplus to meet defined benefit superannuation scheme liabilities
57 50 Contributions generally
57 52 Section 57 50 does not apply if there is a surplus at transition time
57 55 Deductions reduced under both sections 57 40 and 57 50
Subdivision 57 G—Denial of certain deductions
57 60 Effect of pre transition time accrued leave entitlements
57 65 Treatment of bad debts
57 70 Treatment of superannuation lump sums and employment termination payments
Subdivision 57 H—Domestic losses
57 75 Domestic losses
Subdivision 57 J—Capital allowances and certain other deductions
57 85 What are the modified deduction rules and corresponding deduction provisions?
57 90 Post transition deductions—assume that the transition taxpayer had never been exempt
57 95 Amount of deduction not allowable for transition year
57 100 No elections etc. before transition time
57 105 Special rules for mining and quarrying
Subdivision 57 K—Balancing adjustments
57 110 Apportionment of balancing adjustments
Subdivision 57 L—Trading stock
57 115 Modification of trading stock provisions
Subdivision 57 M—Imputation
57 120 Cancellation of franking surplus, credit or debit
57 125 Subsidiary
Subdivision 57 N—Division not applicable in respect of certain plant
57 130 Plant or depreciating assets covered by Subdivision 58 B of the Income Tax Assessment Act 1997
Subdivision 57 P—Balancing adjustment on ceasing to have a Division 230 financial arrangement
57 135 Balancing adjustment on ceasing to have a Division 230 financial arrangement referred to in section 57 32
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Schedule 2F—Trust losses and other deductions
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Division 265—Overview of Schedule
265 5 What this Schedule is about
265 10 Diagram giving overview of Schedule
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Division 266—Income tax consequences for fixed trusts of abnormal trading or change in ownership
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Subdivision 266 A—Overview of this Division
266 5 What this Division is about
266 10 Diagram giving overview of this Division
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Subdivision 266 B—Effect of change in ownership of fixed trust
266 15 What this Subdivision is about
266 20 Diagram giving overview of this Subdivision
266 25 Fixed trust may be denied tax loss deduction
266 30 Fixed trust may be required to work out its net income and tax loss in a special way
266 35 Fixed trust may be denied debt deduction
266 40 The trust must pass 50% stake test
266 45 The trust must meet non fixed trust stake test
266 50 Deducting part of a tax loss
266 55 Information about non fixed trusts with interests in fixed trust
266 60 Notices where requirements of section 266 55 are met
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Subdivision 266 C—Effect of change in ownership of unlisted widely held trust
266 65 What this Subdivision is about
266 70 Diagram giving overview of this Subdivision
266 75 Unlisted widely held trust may be denied tax loss deduction
266 80 Unlisted widely held trust may be required to work out its net income and tax loss in a special way
266 85 Unlisted widely held trust may be denied debt deduction
266 90 If abnormal trading or end of income year, trust must pass the 50% stake test
266 95 Deducting part of a tax loss
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Subdivision 266 D—Effect of abnormal trading on listed widely held trust
266 100 What this Subdivision is about
266 105 Diagram giving overview of this Subdivision
266 110 Listed widely held trust may be denied tax loss deduction
266 115 Listed widely held trust may be required to work out its net income and tax loss in a special way
266 120 Listed widely held trust may be denied debt deduction
266 125 There must be no abnormal trading (subject to 50% stake or business continuity exceptions)
266 130 Deducting part of a tax loss
266 135 Listed widely held unit trust may be denied tax loss deduction otherwise allowable
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Subdivision 266 E—Effect of abnormal trading on unlisted very widely held trust or wholesale widely held trust
266 140 What this Subdivision is about
266 145 Diagram giving overview of this Subdivision
266 150 Unlisted very widely held trust or wholesale widely held trust may be denied tax loss deduction
266 155 Unlisted very widely held trust or wholesale widely held trust may be required to work out its net income and tax loss in a special way
266 160 Unlisted very widely held trust or wholesale widely held trust may be denied debt deduction
266 165 There must be no abnormal trading (subject to 50% stake exception)
266 170 Deducting part of a tax loss
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Subdivision 266 F—Information about family trusts with interests in other trusts
266 175 What this Subdivision is about
266 180 Information about family trusts with interests in other trusts
266 185 Notices where requirements of section 266 180 are met
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Division 267—Income tax consequences for non fixed trusts of change in ownership or control
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Subdivision 267 A—Overview of this Division
267 5 What this Division is about
267 10 Diagram giving overview of this Division
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Subdivision 267 B—Deducting tax losses, and certain amounts in respect of debts, from earlier years
267 15 What this Subdivision is about
267 20 Non fixed trust may be denied tax loss deduction
267 25 Non fixed trust may be denied debt deduction
267 30 If certain distributions are made, the trust must pass the pattern of distributions test
267 35 The trust must not have previously failed to meet the condition in subsection 267 30(2)
267 40 If there are individuals with more than a 50% stake in income or capital, more than a 50% stake in income or capital must be maintained
267 45 Group must not begin to control the trust
267 50 Deducting part of a tax loss
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Subdivision 267 C—Current year net income and tax loss, and certain debts incurred in current year
267 55 What this Subdivision is about
267 60 Trust may be required to work out its net income and tax loss in a special way
267 65 Non fixed trust may be denied debt deduction
267 70 If there are individuals with more than a 50% stake in income or capital, more than a 50% stake in income or capital must be maintained
267 75 Group must not begin to control trust
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Subdivision 267 D—Information about family trusts with interests in other trusts
267 80 What this Subdivision is about
267 85 Information about family trusts with interests in other trusts
267 90 Notices where requirements of section 267 85 are met
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Division 268—How to work out a trust’s net income and tax loss for the income year
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Subdivision 268 A—Overview of Division
268 5 What this Division is about
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Subdivision 268 B—Dividing the income year into periods
268 10 Income year of fixed trust to be divided into periods—first case
268 15 Income year of fixed trust to be divided into periods—second case
268 20 Income year of widely held unit trust to be divided into periods
268 25 Income year of non fixed trust to be divided into periods
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Subdivision 268 C—Other steps in working out the net income and tax loss
268 30 Calculate the notional loss or net income for each period
268 35 How to attribute deductions to periods
268 40 How to attribute assessable income to periods
268 45 How to calculate the trust’s net income for the income year
268 60 How to work out the trust’s section 36 10 tax loss for the income year
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Subdivision 268 D—Rules that supplement Subdivision 268 C if the trust is in partnership
268 70 How to calculate the trust’s notional loss or net income for a period when the trust was a partner
268 75 How to calculate the trust’s share of a partnership’s notional loss or notional net income for a period if both entities have the same income year
268 80 How to calculate the trust’s share of a partnership’s notional loss or notional net income for a period if the entities have different income years
268 85 Trust’s full year deductions include a share of partnership’s full year deductions
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Division 269—Concepts and tests applied in Divisions 266 and 267
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Subdivision 269 A—Overview of Division
269 5 What this Division is about
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Subdivision 269 B—Abnormal trading
269 10 Trading
269 15 Abnormal trading—general
269 20 Abnormal trading—suspected acquisition or merger
269 25 Abnormal trading—5% of units in a single transaction
269 30 Abnormal trading—suspected 5% of units in a series of transactions
269 35 Abnormal trading—20% of units traded, issued or redeemed over 60 day period
269 40 Abnormal trading—50% stake not maintained
269 45 Time at which trustee to have knowledge or suspicion
269 47 Abnormal trading where holding trust
269 49 No abnormal trading where proportionate issue of units
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Subdivision 269 C—Passing the 50% stake test etc.
269 50 More than a 50% stake in income or capital
269 55 Passing the 50% stake test
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Subdivision 269 D—Pattern of distributions test
269 60 Pattern of distributions test
269 65 Test year distribution of income or capital
269 70 When individual receives different percentages
269 75 Incomplete distributions
269 80 Where individual’s death or breakdown of marriage or relationship
269 85 Arrangements to pass pattern of distributions test
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Subdivision 269 E—Control a non fixed trust
269 95 Control a non fixed trust
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Subdivision 269 F—Business continuity test
269 100 Passing the business continuity test
269 105 Modified test for income years starting on or after 1 July 2015
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Division 270—Schemes to take advantage of deductions
270 5 What this Division is about
270 10 Schemes to take advantage of deductions
270 15 Tax consequences of schemes
270 20 Benefit
270 25 Outsider to trust
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Division 271—Family trust distribution tax
271 5 What this Division is about
271 10 Family trust distribution tax
271 15 Tax liability where family trust makes distribution etc. outside family group
271 20 Tax liability where interposed trust makes distribution etc. outside family group
271 25 Tax liability where interposed partnership makes distribution etc. outside family group
271 30 Tax liability where interposed company makes distribution outside family group
271 35 Avoidance of double counting
271 40 Exclusion of directors from liability to pay tax
271 45 Requirements for section 271 55 notice to family trust
271 50 Requirements for section 271 55 notice to interposed entity
271 55 Notice requiring information about non resident distributions etc.
271 60 Tax liability where non resident family trust’s tax unpaid
271 65 Tax liability where non resident interposed entity’s tax unpaid
271 70 Reduction of liability where tax paid
271 75 Payment of family trust distribution tax
271 80 Late payment of family trust distribution tax
271 90 Notice of liability
271 95 Request for notice of liability
271 105 Amounts subject to family trust distribution tax not assessable
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Division 272—Interpretation
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Subdivision 272 A—Fixed entitlement to share of income or capital
272 5 Fixed entitlement to share of income or capital of a trust
272 10 Fixed entitlement to share of income or capital of a company
272 15 Fixed entitlement to share of income or capital of a partnership
272 20 Fixed entitlement to share of income or capital held indirectly
272 25 Special cases of fixed entitlements held directly or indirectly
272 30 Additional special cases of fixed entitlements held directly or indirectly
272 35 Arrangements to pass fixed entitlement tests
272 40 Continued holding of fixed entitlement where death occurs
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Subdivision 272 B—Distribution of income or capital
272 45 Trust distribution to beneficiary
272 50 Company distribution to shareholder
272 55 Partnership distribution to partner
272 60 Other distributions of income and capital
272 63 Distribute indirectly
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Subdivision 272 C—Fixed trusts and non fixed trusts
272 65 Fixed trust
272 70 Non fixed trust
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Subdivision 272 D—Family trust etc.
272 75 Family trust
272 80 Family trust election
272 85 Interposed entity election
272 87 Passing the family control test
272 90 Family group
272 95 Family
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Subdivision 272 E—Excepted trust
272 100 Excepted trust
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Subdivision 272 F—Widely held unit trust
272 105 Widely held unit trust
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Subdivision 272 G—Unlisted widely held trust and listed widely held trust
272 110 Unlisted widely held trust
272 115 Listed widely held trust
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Subdivision 272 H—Unlisted very widely held trust
272 120 Unlisted very widely held trust
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Subdivision 272 I—Wholesale widely held trust
272 125 Wholesale widely held trust
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Subdivision 272 J—Kind of trust can be affected by ownership by higher level trust
272 127 Kind of trust can be affected by ownership by higher level trust
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Subdivision 272 K—Trusts beginning or ceasing to exist
272 130 Trusts beginning or ceasing to exist
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Subdivision 272 L—Listed public company
272 135 Listed public company
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Subdivision 272 M—Various definitions
272 140 Definitions
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Schedule 2H—Demutualisation of mutual entities other than insurance companies and health insurers
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Division 326—Demutualisation
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Guide to Division 326
326 1 What this Division is about
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Subdivision 326 A—Application, key concepts and related expressions
326 5 Application
326 10 Mutual entity and demutualisation
326 15 Provisions relating to listing on a stock exchange
326 20 Demutualisation resolutions etc.
326 25 Demutualisation shares
326 30 Existing members and new members
326 35 Pre CGT members and post CGT members
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Subdivision 326 B—How demutualisation is to be effected
326 40 Methods of demutualisation
326 45 Direct method
326 50 Holding company method
326 52 Combined direct and holding company method
326 55 Distributing trust method
326 60 Continuity of beneficial interest test
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Subdivision 326 C—CGT consequences of extinguishment of membership rights in mutual entity
326 65 Extinguishment of membership rights
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Subdivision 326 D—CGT consequences of disposal of demutualisation shares or an interest in such shares by a member of a mutual entity where the entity or a holding company of the entity becomes a listed public company
326 70 Application of Subdivision
326 75 Capital losses made from certain disposals to be disregarded
326 80 Disposal by pre CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share before demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326 85 Disposal by pre CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share on or after demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326 90 Disposal by pre CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where member acquired membership rights by disposing of membership rights in another mutual entity
326 95 Disposal by post CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share
326 100 Disposal by pre CGT member of a demutualisation original share or a non demutualisation bonus share, or an interest in such a share, before demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326 105 Disposal by pre CGT member of a demutualisation original share or a non demutualisation bonus share, or an interest in such a share, on or after demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326 110 Disposal by pre CGT member of a demutualisation original share or a non demutualisation bonus share, or an interest in such a share, where member acquired membership rights by disposing of membership rights in another mutual entity
326 115 Disposal by post CGT member of a demutualisation original share or a non demutualisation bonus share or an interest in such a share
326 120 Adjusted market value
326 125 Undeducted membership costs
326 130 Adjusted first day trading price of demutualisation shares
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Subdivision 326 E—CGT consequences of disposal of demutualisation shares or interests in such shares by a member of a mutual entity where the entity or a holding company of the entity becomes a company that is not a listed public company
326 135 Application of Subdivision
326 140 Disposal by pre CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where a member did not acquire membership rights by disposing of membership rights in another mutual entity
326 145 Disposal by pre CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where member acquired membership rights by disposing of membership rights in another mutual entity
326 150 Disposal by post CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share
326 155 Disposal by pre CGT member of a demutualisation original share or a non demutualisation bonus share, or an interest in such a share, where member did not acquire membership rights by disposing of membership rights in another mutual entity
326 160 Disposal by pre CGT member of a demutualisation original share or a non demutualisation bonus share, or an interest in such a share, where member acquired membership rights by disposing of membership rights in another mutual entity
326 165 Disposal by post CGT member of a demutualisation original share or a non demutualisation bonus share, or an interest in such a share
326 170 Various adjusted market values
326 175 Undeducted membership costs
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Subdivision 326 F—Variation of amount taken to be paid for shares or an interest in shares by a member of a mutual entity who made a capital gain or capital loss from disposal of membership rights in another mutual entity
326 180 Amount taken to be paid for acquisition of shares or interest by member to be increased by capital gain or reduced by capital loss
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Subdivision 326 G—CGT consequences of disposal of rights or interests resulting from extinguishment of membership rights
326 185 Disposal of right to receive shares in demutualised entity
326 190 Extinguishment of right to shares in demutualised entity by the issue of the shares
326 195 Disposal of right to receive shares in holding company
326 200 Disposal of interest in trust that holds shares in demutualised entity
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Subdivision 326 H—CGT consequences of transfer of ordinary shares
326 205 Transfer of share or distribution of proceeds of sale of share not to have any CGT consequences
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Subdivision 326 I—CGT consequences of disposal of demutualisation shares or an interest in such shares by a trustee on behalf of a member
326 210 Disposal by a trustee
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Subdivision 326 J—CGT consequences of change in rights attaching to special shares or replacement of special shares by ordinary shares
326 215 Change of rights to, and replacement of, special shares
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Subdivision 326 K—CGT consequences of disposal of shares or an interest in shares acquired under a roll over provision
326 220 Disposal of shares or interest in shares
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Subdivision 326 L—CGT consequences of payment to member of demutualised entity out of accumulated surplus of the entity
326 225 Payment out of assets of demutualised entity that is not included in assessable income is taken not to be a dividend
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Subdivision 326 M—Indexation
326 230 Indexing of amounts
326 235 Indexation factor
326 240 Index number
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Subdivision 326 N—Non CGT consequences of issue of demutualisation shares
326 245 General taxation consequences of issue of demutualisation shares
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Volume 6
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
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Volume 7
Endnote 5—Miscellaneous
