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Income Tax (Transitional Provisions) Act 1997
No. 40, 1997
In force
Administered by
Department of the Treasury
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C2026C00280 C103
01 July 2026
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Chapter 1—Introduction and core provisions
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Part 1-1—Preliminary
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Division 1—Preliminary
1-1 Short title
1-5 Commencement
1-7 Administration of this Act
1-10 Definitions and rules for interpreting this Act
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Part 1-3—Core Provisions
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Division 4—How to work out the income tax payable on your taxable income
4-1 Application of the Income Tax Assessment Act 1997
4-11 Temporary budget repair levy
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Division 5—How to work out when to pay your income tax
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Subdivision 5-A—How to work out when to pay your income tax
5-5 Application of Division 5 of the Income Tax Assessment Act 1997
5-7 References in tax sharing agreements to former section 204
5-10 General interest charge liabilities under former subsection 204(3)
5-15 Application of section 5-15 of the Income Tax Assessment Act 1997
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Division 6—Assessable income and exempt income
6-2 Effect of this Division
6-3 Assessable income for income years before 1997-98
6-20 Exempt income for income years before 1997-98
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Division 8—Deductions
8-2 Effect of this Division
8-3 Deductions for income years before 1997-98
8-10 No double deductions for income year before 1997-98 and income year after 1996-97
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Chapter 2—Liability rules of general application
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Part 2-1—Assessable income
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Division 15—Some items of assessable income
15-1 General application provision
15-10 Application of section 15-10 of the Income Tax Assessment Act 1997 to bounties and subsidies
15-15 Application of section 15-15 of the Income Tax Assessment Act 1997 to profit-making undertaking or plan
15-20 Application of section 15-20 of the Income Tax Assessment Act 1997 to royalties
15-30 Application of section 15-30 of the Income Tax Assessment Act 1997 to insurance or indemnity payments
15-35 Application of section 15-35 of the Income Tax Assessment Act 1997 to interest on overpayments and early payments of tax
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Division 20—Items included to reverse the effect of past deductions
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Subdivision 20-A—Insurance, indemnity or recoupment for deductible expenses
20-1 Application of Subdivision 20-A of the Income Tax Assessment Act 1997
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Subdivision 20-B—Disposal of a car for which lease payments have been deducted
20-100 Application of Subdivision 20-B of the Income Tax Assessment Act 1997
20-105 The cost of a car acquired in the 1996-97 income year or an earlier income year
20-110 The termination value of a car disposed of in the 1996-97 income year or an earlier income year
20-115 Reducing the assessable amount for the disposal of a car in the 1997-98 income year or later if there has been an earlier disposal of it
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Part 2-5—Rules about deductibility of particular kinds of amounts
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Division 25—Some amounts you can deduct
25-1 Application of Division 25 of the Income Tax Assessment Act 1997
25-40 Application of section 25-40 of the Income Tax Assessment Act 1997
25-45 Application of section 25-45 of the Income Tax Assessment Act 1997
25-50 Application of section 25-90 of the Income Tax Assessment Act 1997
25-65 Local government election expenses
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Division 26—Some amounts you cannot deduct, or cannot deduct in full
26-1 Application of Division 26 of the Income Tax Assessment Act 1997
26-30 Application of section 26-30 of the Income Tax Assessment Act 1997
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Division 30—Gifts or contributions
30-1 Application of Division 30 of the Income Tax Assessment Act 1997
30-5 Keeping in force old declarations and instruments
30-25 Keeping in force the old gifts registers
30-102 Fund, authorities and institutions taken to be endorsed
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Division 32—Entertainment expenses
32-1 Application of Division 32 of the Income Tax Assessment Act 1997
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Division 34—Non-compulsory uniforms
34-1 Application of Division 34 of the Income Tax Assessment Act 1997
34-5 Things done under former section 51AL of the Income Tax Assessment Act 1936
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Division 35—Deferral of losses from non-commercial business activities
35-10 Deductions for certain new business investment
35-20 Application of Commissioner’s decisions
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Division 36—Tax losses of earlier income years
36-100 Tax losses for the 1997-98 and later income years
36-105 Tax losses for 1989-90 to 1996-97 income years
36-110 Tax losses for 1957-58 to 1988-89 income years
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Part 2-10—Capital allowances: rules about deductibility of capital expenditure
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Division 40—Capital allowances
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Subdivision 40-B—Core provisions
40-10 Plant
40-12 Plant acquired after 30 June 2001
40-13 Accelerated depreciation for split or merged plant
40-15 Recalculating effective life
40-20 IRUs
40-25 Software
40-30 Spectrum licences
40-33 Datacasting transmitter licences
40-35 Mining unrecouped expenditure
40-37 Post-30 June 2001 mining expenditure
40-38 Mining cash bidding payments
40-40 Transport expenditure
40-43 Post-30 June 2001 transport expenditure
40-44 No additional decline in certain cases
40-45 Intellectual property
40-47 IRUs
40-50 Forestry roads and timber mill buildings
40-55 Environmental impact assessment
40-60 Pooling under Subdivision 42-L of the former Act
40-65 Substituted accounting periods
40-67 Methods for working out decline in value
40-70 References to amounts deducted and reductions in deductions
40-72 New diminishing value method not to apply in some cases
40-75 Mining expenditure incurred after 1 July 2001 on an asset
40-77 Mining, quarrying or prospecting rights or information held before 1 July 2001
40-80 Other expenditure incurred after 1 July 2001 on a depreciating asset
40-100 Commissioner’s determination of effective life
40-105 Calculations of effective life
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Subdivision 40-BA—Backing business investment
40-120 Backing business investment—accelerated decline in value for businesses with turnover less than $500 million
40-125 Backing business investment—when an asset of yours qualifies
40-130 Method for working out accelerated decline in value
40-135 Division 40 of the Income Tax Assessment Act 1997 applies to later years
40-137 Choice to not apply this Subdivision to an asset
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Subdivision 40-BB—Temporary full expensing of depreciating assets
40-140 Definitions
40-145 Interaction with other provisions
40-150 When an asset of yours qualifies for full expensing
40-155 Businesses with turnover under $5 billion
40-157 Corporate tax entities with income under $5 billion
40-160 Full expensing of first and second element of cost for post-2020 budget assets
40-165 Exclusions—entities covered by section 40-155 or 40-157
40-167 Exclusions—entities covered by section 40-157
40-170 Full expensing of eligible second element of cost
40-175 When is an amount included in the eligible second element
40-180 Division 40 of the Income Tax Assessment Act 1997 applies to later years
40-185 Balancing adjustment for assets not used or located in Australia
40-190 Choice to not apply this Subdivision to an asset for an income year
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Subdivision 40-C—Cost
40-230 Car limit
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Subdivision 40-D—Balancing adjustments
40-285 Balancing adjustments
40-287 Disposal of pre-1 July 2001 mining depreciating asset to associate
40-288 Disposal of pre-1 July 2001 mining non-depreciating asset to associate
40-289 Surrendered firearms
40-290 Reduction of deductions under former Act etc.
40-292 Balancing adjustment—assets used for both general tax purposes and R&D activities
40-293 Balancing adjustment—partnership assets used for both general tax purposes and R&D activities
40-295 Later year relief
40-340 Roll-overs
40-345 Balancing adjustments for depreciating assets that retain CGT indexation
40-365 Involuntary disposals
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Subdivision 40-E—Low-value and software development pools
40-420 Low-value pools under Division 42 continue
40-430 Allocating assets to low-value pools
40-450 Software development pools
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Subdivision 40-F—Primary production depreciating assets
40-515 Water facilities, grapevines and horticultural plants
40-520 Special rule for water facilities you no longer hold
40-525 Amounts deducted for water facilities
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Subdivision 40-G—Capital expenditure of primary producers and other landholders
40-645 Electricity supply and telephone lines
40-650 Special rule for land that you no longer hold
40-670 Farm consultants
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Subdivision 40-I—Capital expenditure that is deductible over time
40-825 Genuine prospectors
40-832 New method not to apply in some cases
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Subdivision 40-J—Ships depreciated under section 57AM of the Income Tax Assessment Act 1936
40-840 Ships depreciated under section 57AM of the Income Tax Assessment Act 1936
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Division 43—Deductions for capital works
43-100 Application of Division 43 to quasi-ownership rights over land
43-105 Application of subsections 43-50(1) and (2) to hotel buildings and apartment buildings
43-110 Application of subsection 43-75(3)
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Division 45—Disposal of leases and leased plant
45-1 Application of Division 45 of the Income Tax Assessment Act 1997
45-3 Application of Division 45 to disposals between February 1999 and September 1999
45-40 Application of Division to plant formerly owned by exempt entities
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Part 2-15—Non-assessable income
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Division 50—Exempt entities
50-1 Application of Division 50 of the Income Tax Assessment Act 1997
50-50 Charities established prior to 1 July 1997
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Division 51—Exempt amounts
51-1 Application of Division 51 of the Income Tax Assessment Act 1997
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Division 52—Certain pensions, benefits and allowances are exempt from income tax
52-1 Application of Division 52 of the Income Tax Assessment Act 1997
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Division 53—Various exempt payments
53-1 Application of Division 53 of the Income Tax Assessment Act 1997
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Division 54—Exemption for certain payments made under structured settlements and structured orders
54-1 Application of Division 54 of the Income Tax Assessment Act 1997
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Division 55—Payments that are not exempt from income tax
55-1 Application of Division 55 of the Income Tax Assessment Act 1997
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Division 59—Particular amounts of non-assessable non-exempt income
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Subdivision 59-N—Native title benefits
59-50 Indigenous holding entities
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Part 2-20—Tax offsets
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Division 61—Generally applicable tax offsets
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Subdivision 61-L—Tax offset for Medicare levy surcharge (lump sum payments in arrears)
61-575 Application of Subdivision 61-L of the Income Tax Assessment Act 1997
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Part 2-25—Trading stock
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Division 70—Trading stock
70-1 Application of Division 70 of the Income Tax Assessment Act 1997
70-10 Accounting for your disposal of items that stop being trading stock because of the change of definition
70-20 Application of section 70-20 of the Income Tax Assessment Act 1997 to trading stock bought on or after 1 July 1997
70-55 Cost of live stock acquired by natural increase
70-70 Valuing interests in FIFs on hand at the start of 1991-92
70-90 Application of sections 70-90 and 70-95 of the Income Tax Assessment Act 1997 to disposals of trading stock outside the ordinary course of business
70-100 Application of section 70-100 of the Income Tax Assessment Act 1997 to disposals of trading stock outside ordinary course of business
70-105 Application of section 70-105 of the Income Tax Assessment Act 1997 to deaths on or after 1 July 1997
70-115 Application of section 70-115 of the Income Tax Assessment Act 1997 to insurance and indemnity payments in 1997-98 and later income years
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Part 2-40—Rules affecting employees and other taxpayers receiving PAYG withholding payments
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Division 82—Pre-10 May 2006 entitlements to life benefit termination payments
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Subdivision 82-A—Application of Division
82-10 Pre-10 May 2006 entitlements—transitional termination payments
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Subdivision 82-B—Transitional termination payments: general
82-10A Recipient has reached preservation age
82-10B Lower cap amount
82-10C Recipient under preservation age
82-10D Upper cap amount
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Subdivision 82-C—Pre-payment statements
82-10E Transitional termination payments—pre-payment statements
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Subdivision 82-D—Directed termination payments made to superannuation and other entities
82-10F Directed termination payments
82-10G Directed termination payments not assessable income and not exempt income
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Subdivision 82-E—Pre-10 May 2006 entitlements and employment termination payments made after 1 July 2012
82-10H Transitional termination payments may reduce ETP cap amount for payments under section 82-10 after 1 July 2012
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Division 83A—Employee share schemes
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Subdivision 83A-A—Application of Division 83A of the Income Tax Assessment Act 1997
83A-5 Application of Division 83A of the Income Tax Assessment Act 1997
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Subdivision 83A-B—Application of former provisions of the Income Tax Assessment Act 1936
83A-10 Savings—continued operation of former provisions
83A-15 Indeterminate rights
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Chapter 3—Specialist liability rules
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Part 3-1—Capital gains and losses: general topics
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Division 102—Application of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997
102-1 Application of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997
102-5 Working out capital gains and capital losses
102-15 Applying net capital losses
102-20 Net capital gains, capital gains and capital losses for income years before 1998-99
102-25 Transitional capital gains tax provisions for certain Cocos (Keeling) Islands and Norfolk Island assets
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Division 104—CGT events
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Subdivision 104-C—End of a CGT asset
104-25 Cancellation, surrender and similar endings
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Subdivision 104-D—Bringing into existence a CGT asset
104-40 Granting an option
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Subdivision 104-E—Trusts
104-70 Capital payment before 18 December 1986 for trust interest
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Subdivision 104-G—Shares
104-135 Capital payment for shares
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Subdivision 104-I—Australian residency ends
104-165 Choices made under subsection 104-165(2) of the Income Tax Assessment Act 1997
104-166 Subsection 104-165(1) still applies if you continue to be a short term Australian resident
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Subdivision 104-J—CGT events relating to roll-overs
104-175 Company ceasing to be member of wholly-owned group after roll-over
104-185 Change of status of replacement asset for a roll-over under Division 17A of former Part IIIA of the 1936 Act or Division 123 of the 1997 Act
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Subdivision 104-K—Other CGT events
104-205 Partial realisation of intellectual property
104-235 CGT event K7: asset used for old law R&D activities
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Division 108—CGT assets
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Subdivision 108-A—What a CGT asset is
108-5 CGT assets
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Subdivision 108-B—Collectables
108-15 Sets of collectables
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Subdivision 108-D—Separate CGT assets
108-75 Capital improvements to CGT assets for which a roll-over may be available
108-85 Improvement threshold
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Division 109—Acquisition of CGT assets
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Subdivision 109-A—Operative rules
109-5 General acquisition rules
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Division 110—Cost base and reduced cost base
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Subdivision 110-A—Cost base
110-25 Cost base of CGT asset of life insurance company or registered organisation
110-35 Incidental costs
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Division 112—Modifications to cost base and reduced cost base
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Subdivision 112-A—General rules
112-20 Market value substitution rule
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Subdivision 112-B—Special rules
112-100 Effect of terminated gold mining exemptions
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Division 114—Indexation of cost base
114-5 When indexation relevant
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Division 118—Exemptions
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Subdivision 118-A—General exemptions
118-10 Interests in collectables
118-24A Pilot plant
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Subdivision 118-B—Main residence
118-110 Foreign residents
118-195 Exemption—dwelling acquired from deceased estate
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Subdivision 118-C—Goodwill
118-260 Business exemption threshold
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Division 119—Minimum rate of tax on capital gains
119-1 Application of Division 119 of the Income Tax Assessment Act 1997
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Division 121—Record keeping
121-15 Retaining records under Division 121
121-25 Records for mergers between qualifying superannuation funds
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Part 3-3—Capital gains and losses: special topics
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Division 124—Replacement-asset roll-overs
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Subdivision 124-C—Statutory licences
124-140 New statutory licence—ASGE licence etc.
124-141 ASGE licence etc.—cost base of ineligible part
124-142 ASGE licence etc.—cost base of aquifer access licence etc.
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Subdivision 124-I—Change of incorporation
124-510 Application of Subdivision 124-I of the Income Tax Assessment Act 1997
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Division 125—Demerger relief
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Subdivision 125-B—Consequences for owners of interests
125-75 Employee share schemes
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Division 126—Roll-overs
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Subdivision 126-A—Merger of qualifying superannuation funds
126-100 Merger of qualifying superannuation funds
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Subdivision 126-B—Transfer of life insurance business
126-150 Roll-over on transfer of life insurance business
126-160 Effects of roll-over
126-165 References to Subdivision 126-B of the Income Tax Assessment Act 1997
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Division 128—Effect of death
128-15 Effect on the legal personal representative or beneficiary
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Division 130—Investments
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Subdivision 130-A—Bonus shares and units
130-20 Issue of bonus shares or units
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Subdivision 130-B—Rights
130-40 Exercise of rights
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Subdivision 130-C—Convertible notes
130-60 Shares or units acquired by converting a convertible note
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Division 134—Options
134-1 Exercise of options
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Division 136—Foreign residents
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Subdivision 136-A—Making a capital gain or loss
136-25 When an asset is taxable Australian property
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Division 137—Granny flat arrangements
Subdivision 137-A—Granny flat arrangements
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Operative provisions
137-10 Applicable CGT events
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Division 140—Share value shifting
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Subdivision 140-A—When is there share value shifting?
140-7 Pre-1994 share value shifts irrelevant
140-15 Off-market buy backs
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Division 149—When an asset stops being a pre-CGT asset
149-5 Assets that stopped being pre-CGT assets under old law
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Division 152—Small business relief
152-5 Small business roll-over chosen but no capital gain returned
152-10 Small business roll-over not chosen and time remains to acquire a replacement asset
152-15 Amendment of assessments
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Part 3-5—Corporate taxpayers and corporate distributions
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Division 165—Income tax consequences of changing ownership or control of a company
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Subdivision 165-CA—Applying net capital losses of earlier income years
165-95 Application of Subdivision 165-CA of the Income Tax Assessment Act 1997
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Subdivision 165-CB—Working out the net capital gain and the net capital loss for the income year of the change
165-105 Application of Subdivision 165-CB of the Income Tax Assessment Act 1997
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Subdivision 165-CC—Change of ownership or control of company that has an unrealised net loss
165-115E Choice to use global method to work out unrealised net loss
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Subdivision 165-CD—Reductions after alterations in ownership or control of loss company
165-115U Choice to use global method to work out adjusted unrealised loss
165-115ZC When certain notices to be given
165-115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used
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Subdivision 165-C—Deducting bad debts
165-135 Application of Subdivision 165-C of the Income Tax Assessment Act 1997
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Division 166—Income tax consequences of changing ownership or control of a listed public company
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Subdivision 166-C—Deducting bad debts
166-40 Application of Subdivision 166-C of the Income Tax Assessment Act 1997
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Division 167—Companies whose shares carry unequal rights to dividends, capital distributions or voting power
167-1 Application of provisions
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Division 170—Treatment of company groups for income tax purposes
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Subdivision 170-A—Transfer of tax losses within certain wholly-owned groups of companies
170-45 Special rules affecting utilisation of losses in a bundle do not affect the amount of a tax loss that can be transferred
170-55 Ordering rule for losses previously transferred under Subdivision 707-A of the Income Tax Assessment Act 1997
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Subdivision 170-B—Transfer of net capital losses within certain wholly-owned groups of companies
170-101 Application of Subdivision 170-B of the Income Tax Assessment Act 1997
170-145 Special rules affecting utilisation of losses in a bundle do not affect the amount of a net capital loss that can be transferred
170-155 Ordering rule for losses previously transferred under Subdivision 707-A of the Income Tax Assessment Act 1997
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Subdivision 170-C—Provisions applying to both transfers of tax losses and transfers of net capital losses within wholly-owned groups of companies
170-220 Direct and indirect interests in the loss company
170-225 Direct and indirect interests in the gain company
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Subdivision 170-D—Transfer of life insurance business
170-300 Transfer of life insurance business
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Division 175—Use of a company’s losses, deductions or bad debts to avoid income tax
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Subdivision 175-CA—Tax benefits from unused net capital losses of earlier income years
175-40 Application of Subdivision 175-CA of the Income Tax Assessment Act 1997
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Subdivision 175-CB—Tax benefits from unused capital losses of the current year
175-55 Application of Subdivision 175-CB of the Income Tax Assessment Act 1997
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Subdivision 175-C—Tax benefits from unused bad debt deductions
175-78 Application of Subdivision 175-C of the Income Tax Assessment Act 1997
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Division 197—Tainted share capital accounts
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Subdivision 197-A—Definitions
197-1 Definitions
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Subdivision 197-B—General application provision
197-5 Application of new Division 197
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Subdivision 197-C—Special provisions about companies whose share capital accounts were tainted when old Division 7B was closed off
197-10 Subdivision applies to companies whose share capital accounts were tainted when old Division 7B was closed off
197-15 Account taken to have ceased to be tainted when old Division 7B was closed off
197-20 After introduction day, account taken to have become tainted under new Division 197 to extent of previous tainting
197-25 Special provisions if company chooses to untaint after introduction day
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Part 3-6—The imputation system
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Division 201—Object and application of Part 3-6
201-1 Estimated debits
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Division 203—Benchmark rule
203-1 Franking periods straddling 1 July 2002
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Division 205—Franking accounts
205-1 Order of events provision
205-5 Washing estimated debits out of the franking account before conversion
205-10 Converting the franking account balance to a tax paid basis—companies whose 2001-02 franking year ends on 30 June 2002
205-15 Converting the franking account balance to a tax paid basis—companies whose 2001-02 franking year ends before 30 June 2002
205-20 A late balancing company may elect to have its FDT liability determined on 30 June
205-25 Franking deficit tax
205-30 Deferring franking deficit
205-35 No franking deficit tax if franking account in deficit at the close of the 2001-02 income year of a late balancing entity
205-70 Tax offset arising from franking deficit tax liabilities
205-71 Modification of franking deficit tax offset rules
205-75 Working out the tax offset for the first income year
205-80 Application of Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936
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Division 208—Exempting entities and former exempting entities
208-111 Converting former exempting company’s exempting account balance on 30 June 2002
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Division 210—Venture capital franking
210-1 Order of events provision
210-5 Washing estimated venture capital debits out of the old sub-account before conversion
210-10 Converting the venture capital sub-account balance to a tax paid basis—PDFs whose 2001-02 franking year ends on 30 June 2002
210-15 Converting the venture capital sub-account balance to a tax paid basis—PDFs whose 2001-02 franking year ends before 30 June 2002
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Division 214—Administering the imputation system
214-1 Application
214-5 Entity must give a franking return
214-10 Notice to a specific corporate tax entity
214-15 Effect of a refund on franking returns
214-20 Franking returns for the income year
214-25 Commissioner may make a franking assessment
214-30 Commissioner taken to have made a franking assessment on first return
214-35 Amendments within 3 years of the original assessment
214-40 Amended assessments are treated as franking assessments
214-45 Further return as a result of a refund affecting a franking deficit tax liability
214-50 Later amendments—on request
214-55 Later amendments—failure to make proper disclosure
214-60 Later amendments—fraud or evasion
214-65 Further amendment of an amended particular
214-70 Other later amendments
214-75 Amendment on review etc.
214-80 Notice of amendments
214-85 Validity of assessment
214-90 Objections
214-100 Due date for payment of franking tax
214-105 General interest charge
214-110 Refunds of amounts overpaid
214-120 Record keeping
214-125 Power of Commissioner to obtain information
214-135 Interpretation
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Division 219—Imputation for life insurance companies
219-40 Reversing and replacing (on tax paid basis) certain franking credits that arose before 1 July 2002
219-45 Reversing (on tax paid basis) certain franking debits that arose before 1 July 2002
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Division 220—Imputation for NZ resident companies and related companies
220-1 Application to things happening on or after 1 April 2003
220-5 Residency requirement for income year including 1 April 2003
220-10 NZ franking company cannot frank before 1 October 2003
220-35 Extended time to make NZ franking choice
220-501 Franking and exempting accounts of new former exempting entities
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Part 3-10—Financial transactions
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Division 235—Particular financial transactions
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Subdivision 235-I—Instalment trusts
235-810 Application of Subdivision 235-I of the Income Tax Assessment Act 1997
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Division 242—Leases of luxury cars
242-10 Application
242-20 Balancing adjustments
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Division 245—Forgiveness of commercial debts
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Subdivision 245-A—Application of Division 245 of the Income Tax Assessment Act 1997
245-5 Application and saving
245-10 Pre-28 June 1996 arrangements etc.
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Division 247—Capital protected borrowings
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Subdivision 247-A—Interim apportionment methodology
247-5 Interim apportionment methodology
247-10 Products listed on the Australian Stock Exchange that have explicit put options
247-15 Other capital protected products
247-20 The indicator method
247-25 The percentage method
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Subdivision 247-B—Other transitional provisions
247-75 Post-July 2007 capital protected borrowings
247-80 Capital protected borrowings in existence on 1 July 2013
247-85 Extensions and other changes
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Division 253—Financial claims scheme for account-holders with insolvent ADIs
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Subdivision 253-A—Tax treatment of entitlements under financial claims scheme
253-5 Application of section 253-5 of the Income Tax Assessment Act 1997
253-10 Application of sections 253-10 and 253-15 of the Income Tax Assessment Act 1997
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Part 3-25—Particular kinds of trusts
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Division 275—Australian managed investment trusts
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Subdivision 275-A—Choice for capital treatment of MIT gains and losses
275-10 Consequences of making choice—Commissioner cannot make certain amendments to previous assessments
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Subdivision 275-L—Modification for non-arm’s length income
275-605 Trustee taxed on amount of non-arm’s length income of managed investment trust—not applicable for pre-introduction scheme where amount derived before start of 2018-19 income year
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Division 276—Attribution managed investment trusts
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Subdivision 276-A—Application
276-5 Application of Division 276
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Subdivision 276-B—Starting income year
276-25 Starting income year
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Subdivision 276-T—Becoming an AMIT: unders and overs
276-700 Application of Subdivision to MIT that becomes AMIT
276-705 Accounting for unders and overs for base years before becoming an AMIT
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Subdivision 276-U—Becoming an AMIT: CGT treatment of payment by trustee of AMIT
276-750 Payment by trustee on or after 1 July 2011—certain CGT provisions etc. apply for the purposes of working out non-assessable part for first income year of AMIT
276-755 Payment by trustee before 1 July 2011—limit on amendment of assessment
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Part 3-30—Superannuation
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Division 290—Contributions
290-10 Directed termination payments not deductible etc.
290-15 Early balancers—deduction limits from end of 2006-2007 income year to 1 July 2007
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Division 291—Excess concessional contributions
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Subdivision 291-A—Application of Division 291 of the Income Tax Assessment Act 1997
291-10 Application of Division 291 of the Income Tax Assessment Act 1997
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Subdivision 291-C—Modifications for defined benefit interests
291-170 Transitional rules for notional taxed contributions
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Division 292—Excess non-concessional contributions tax
292-80 Application of excess non-concessional contributions tax from 10 May 2006 to 1 July 2007
292-80A Transitional release authority
292-80B Giving a transitional release authority to a superannuation provider
292-80C Superannuation provider given transitional release authority must pay amount
292-85 Non-concessional contributions cap for a financial year
292-90 Non-concessional contributions for a financial year
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Division 293—Sustaining the superannuation contribution concession
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Subdivision 293-A—Application of Division 293 tax rules
293-10 Application of Division 293 of the Income Tax Assessment Act 1997
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Division 294—Transfer balance cap
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Subdivision 294-A—Application of Division 294 of the Income Tax Assessment Act 1997
294-10 Application of Division 294 of the Income Tax Assessment Act 1997
294-30 Minor excess transfer balances disregarded if remedied in first 6 months
294-55 Repayment of limited recourse borrowing arrangements
294-80 Structured settlement contributions made before 1 July 2017—debit increased to match credits
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Subdivision 294-B—CGT relief
294-100 Object
294-105 Interpretation
294-110 Segregated current pension assets
294-115 Superannuation funds using the proportionate method—deemed sale and purchase of CGT asset
294-120 Superannuation funds using the proportionate method—disregard initial capital gain but recognise deferred notional gain
294-125 Pooled superannuation trust using proportionate or alternative exemption method—deemed sale and purchase of CGT asset
294-130 Pooled superannuation trusts using proportionate or alternative exemption method—disregard initial capital gain but recognise deferred notional gain
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Division 295—Taxation of superannuation entities
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Subdivision 295-B—Modifications of the Income Tax Assessment Act 1997 for 30 June 1988 assets
295-75 Application of Subdivision
295-80 Meaning of 30 June 1988 asset
295-85 Cost base of 30 June 1988 asset
295-90 Market value of stock exchange listed assets
295-95 Adjustment of cost base as at 30 June 1988—return of capital
295-100 Exercise of rights
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Subdivision 295-C—Notices relating to contributions
295-190 Deductions for personal contributions
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Subdivision 295-F—Exempt income
295-390 Fixed interest complying ADFs—exemption of income attributable to certain 25 May 1988 deposits
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Subdivision 295-G—Deductions
295-465 Complying funds—deductions for insurance premiums
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Subdivision 295-I—No-TFN contributions income
295-610 No-TFN contributions income
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Division 296—Better targeted superannuation concessions
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Subdivision 296-A—Application of Division 296 tax rules
296-1 Application of Division 296 of the Income Tax Assessment Act 1997
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Subdivision 296-B—CGT adjustments
296-50 CGT adjustment for small superannuation funds
296-55 CGT adjustment for small superannuation funds—requirement to keep records
296-60 CGT adjustment for complying superannuation funds (other than small superannuation funds) and pooled superannuation trusts
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Subdivision 296-C—Deferred notional gains
296-65 Deferred notional gains to be disregarded
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Division 301—Superannuation member benefits paid from complying plans etc.
301-5 Extended application to certain foreign superannuation funds
301-85 Extended meaning of disability superannuation benefit for superannuation income stream
301-90 Application of Subdivision 301-F of the Income Tax Assessment Act 1997
301-95 Amendment of assessments to give effect to Subdivision 301-F of the Income Tax Assessment Act 1997 etc.
301-100 Amendment of assessments—transitional rule for permanent incapacity benefits, etc.
301-105 Transitional rules for Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023
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Division 302—Superannuation death benefits paid from complying plans etc.
302-5 Extended application to certain foreign superannuation funds
302-195 Extended meaning of death benefits dependant for superannuation income stream
302-195A Meaning of death benefits dependant for 2008-2009 income year
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Division 303—Superannuation benefits paid in special circumstances
303-10 Superannuation lump sum member benefit paid to member having a terminal medical condition
303-15 Superannuation lump sum member benefit paid to member on compassionate ground relating to the coronavirus
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Division 304—Superannuation benefits in breach of legislative requirements etc.
304-15 Excess payments from release authorities
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Division 305—Superannuation benefits paid from non-complying superannuation plans
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Subdivision 305-B—Superannuation benefits from foreign superannuation funds
305-80 Lump sums paid into complying superannuation plans post-FIF abolition
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Division 306—Roll-overs etc.
306-10 Roll-over superannuation benefit—directed termination payment
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Division 307—Key concepts relating to superannuation benefits
307-125 Treatment of tax free component of existing pension payments etc.
307-127 Extension—income stream replacing an earlier one because of an involuntary roll-over
307-230 Total superannuation balance—modification for transfer balance just before 1 July 2017
307-231 Total superannuation balance—limited recourse borrowing arrangements
307-290 Taxed and untaxed elements of death benefit superannuation lump sums
307-345 Low rate component—Effect of rebate under the Income Tax Assessment Act 1936
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Part 3-32—Co-operatives and mutual entities
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Division 316—Demutualisation of friendly society health or life insurers
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Subdivision 316-A—Application
316-1 Application of Division 316 of the Income Tax Assessment Act 1997
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Part 3-35—Insurance business
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Division 320—Life insurance companies
Operative provisions
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Subdivision 320-A—Preliminary
320-5 Life insurance companies that are friendly societies
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Subdivision 320-C—Deductions and capital losses
320-85 Deduction for increase in value of liabilities under risk components of life insurance policies
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Subdivision 320-D—Taxable income and tax loss of life insurance companies
320-100 Savings—tax losses of previous income years
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Subdivision 320-F—Virtual PST
320-170 Transfer of part of an asset to a virtual PST
320-175 Transfers of assets to virtual PST
320-180 Deferred annuities purchased before 1 July 2007
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Subdivision 320-H—Segregation of assets for the purpose of discharging exempt life insurance policies
320-225 Transfer of part of an asset to segregated exempt assets
320-230 Transfers of assets to segregated exempt assets
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Division 322—Assistance for policyholders with insolvent general insurers
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Subdivision 322-B—Tax treatment of entitlements under financial claims scheme
322-25 Application of section 322-25 of the Income Tax Assessment Act 1997
322-30 Application of section 322-30 of the Income Tax Assessment Act 1997
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Part 3-45—Rules for particular industries and occupations
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Division 328—Small business entities
328-1 Definitions
328-110 Working out whether you are a small business entity for the 2007-08 or 2008-09 income year—turnover for earlier income years
328-111 Access to certain small business concessions for former STS taxpayers that are winding up a business
328-112 Working out whether you are a small business entity for certain small business concessions—entities connected with you
328-115 When you stop using the STS accounting method
328-120 Continuing to use the STS accounting method
328-125 Meaning of STS accounting method
328-175 Choices made in relation to depreciating assets used in primary production business
328-180 Increased access to accelerated depreciation from 12 May 2015 to 30 June 2026
328-181 Full expensing—2020 budget time to 30 June 2023
328-182 Backing business investment
328-185 Depreciating assets allocated to STS pools
328-195 Opening pool balances for 2007-08 income year
328-200 General small business pool for the 2012-13 income year
328-440 Taxpayers who left the STS on or after 1 July 2005
328-445 Bonus deduction for upskilling employees of small business entities etc.
328-450 Expenditure eligible for the bonus deduction for upskilling employees of small business entities etc.
328-455 Technology investment boost deduction
328-460 What expenditure qualifies for the technology investment boost
328-465 Energy incentive
328-470 What expenditure qualifies for the energy incentive
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Division 355—Research and Development
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Subdivision 355-D—Registration for activities before 2011-12 income year
355-200 Registration for activities before 2011-12 income year
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Subdivision 355-E—Balancing adjustments for decline in value deductions for assets used in R&D activities
355-320 Balancing adjustment—assets only used for R&D activities
355-325 Balancing adjustment—R&D partnership assets only used for R&D activities
355-340 Balancing adjustment—tax exempt entities that become taxable
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Subdivision 355-F—Integrity rules
355-415 Expenditure reduced to reflect group mark-ups
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Subdivision 355-K—Modified application of the old R&D law
355-550 Prepayments of R&D expenditure extending into the 2011-12 income year
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Subdivision 355-M—Undeducted core technology expenditure
355-600 Scope
355-605 Core technology that is a depreciating asset
355-610 Core technology that is not a depreciating asset
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Division 375—Australian films
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Subdivision 375-G—Film losses
375-100 Film component of tax loss for 1997-98 or later income year
375-105 Film component of tax loss for 1989-90 to 1996-97 income years
375-110 Film loss for 1989-90 or later income year
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Division 392—Long-term averaging of primary producers’ tax liability
392-1 Application of Division 392 of the Income Tax Assessment Act 1997
392-25 Transitional provision—election under section 158A of the Income Tax Assessment Act 1936
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Division 393—Farm management deposits
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Subdivision 393-A—Tax consequences of farm management deposits
393-1 Application of Division 393 of the Income Tax Assessment Act 1997
393-5 Unrecouped FMD deduction
393-10 Unrecouped FMD deduction for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976
393-27 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
393-30 Unclaimed moneys
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Subdivision 393-B—Meaning of farm management deposit and owner
393-40 The day the deposit was made for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976
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Division 410—Copyright collecting societies
410-1 Application of section 51-43 of the Income Tax Assessment Act 1997
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Division 415—Designated infrastructure projects
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Subdivision 415-B—Application of Subdivision 415-B of the Income Tax Assessment Act 1997
415-10 Application of Subdivision 415-B of the Income Tax Assessment Act 1997
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Part 3-50—Climate change
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Division 420—Registered emissions units
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Subdivision 420-A—General application provision
420-1 Application of Division 420 of the Income Tax Assessment Act 1997
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Part 3-80—Roll-overs applying to assets generally
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Division 615—Roll-overs for business restructures
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Subdivision 615-A—Modifications for roll-overs between the 2011 and 2012 Budget times
615-5 Roll-overs between the 2011 and 2012 Budget times
615-10 Modifications—when additional consequences can apply
615-15 Modifications—trading stock
615-20 Modifications—revenue assets
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Division 620—Assets of wound-up corporation passing to corporation with not significantly different ownership
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Subdivision 620-A—Corporations covered by Subdivision 124-I
620-10 Application of Subdivision 620-A of the Income Tax Assessment Act 1997
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Part 3-90—Consolidated groups
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Division 700—Application of Part 3-90 of Income Tax Assessment Act 1997
700-1 Application of Part 3-90 of Income Tax Assessment Act 1997
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Division 701—Modified application of provisions of Income Tax Assessment Act 1997 for certain consolidated groups formed in 2002-3 and 2003-4 financial years
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Subdivision 701-A—Preliminary
701-1 Transitional group and transitional entity
701-5 Chosen transitional entity
701-7 Working out the cost base or reduced cost base of a pre-CGT asset after certain roll-overs
701-10 Interpretation
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Subdivision 701-B—Modified application of provisions
701-15 Tax cost and trading stock value not set for assets of chosen transitional entities
701-20 Working out allocable cost amount on formation for subsidiary members other than chosen transitional entities
701-25 No operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities
701-32 No adjustment of amount of liabilities required in working out allocable cost amount
701-35 Act, transaction or event giving rise to CGT event for pre-formation roll-over after 16 May 2002 to be disregarded if cost base etc. would be different
701-40 When entity leaves transitional group, head company may choose, for purposes of transitional group’s allocable cost amount, to increase terminating values of over-depreciated assets
701-45 When entity leaves transitional group, head company may choose, for purposes of transitional group’s allocable cost amount, to use formation time market values, instead of terminating values, for certain pre-CGT assets
701-50 Increased allocable cost amount for leaving entity if it takes privatised asset brought into group by chosen transitional entity
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Division 701A—Modified application of provisions of Income Tax Assessment Act 1997 for entities with continuing majority ownership from 27 June 2002 until joining a consolidated group
701A-1 Continuing majority-owned entity, designated group etc.
701A-5 Modified application of Part 3-90 of Income Tax Assessment Act 1997 to trading stock of continuing majority-owned entity
701A-7 Modified application of Part 3-90 of Income Tax Assessment Act 1997 to registered emissions units of continuing majority-owned entity
701A-10 Modified application of Part 3-90 of Income Tax Assessment Act 1997 to certain internally generated assets of continuing majority-owned entity
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Division 701B—Modified application of provisions of Income Tax Assessment Act 1997 relating to CGT event L1
701B-1 Modified application of CGT Consolidation provisions to allow immediate availability of capital loss for CGT event L1
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Division 701C—Modified application etc. of provisions of Income Tax Assessment Act 1997: transitional foreign-held membership structures
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Subdivision 701C-A—Overview
701C-1 Overview
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Subdivision 701C-B—Membership rules allowing foreign holding
701C-10 Additional membership rules where entities are interposed between the head company and a subsidiary member—case where an interposed entity is a foreign resident and the subsidiary member is a company
701C-15 Additional membership rules where entities are interposed between the head company and a subsidiary member—case where an interposed entity is a foreign resident and the subsidiary member is a trust or partnership
701C-20 Transitional foreign-held subsidiaries and transitional foreign-held indirect subsidiaries
Subdivision 701C-C—Modifications of tax cost setting rules
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Application and object
701C-25 Application and object of this Subdivision
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Basic modification
701C-30 Transitional foreign-held subsidiary to be treated as part of head company
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Other modifications
701C-35 Trading stock value not set for assets of transitional foreign-held subsidiaries
701C-40 Cost setting rules for exit cases—modification of core rules
701C-50 Cost setting rules for exit cases—reference to modification of core rule
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Division 701D—Transitional foreign loss makers
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Subdivision 701D-A—Object of this Division
701D-1 Object of this Division
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Subdivision 701D-B—Rules allowing transitional foreign loss makers to remain outside consolidated group
701D-10 Transitional foreign loss maker not member of group if certain conditions satisfied
701D-15 Choice to apply transitional rules to entity
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Division 702—Modified application of this Act to assets that an entity brings into a consolidated group
702-1 Modified application of section 40-77 of this Act to assets that an entity brings into a consolidated group
702-4 Extended operation of subsection 40-285(3)
702-5 Modified application of subsection 40-285(6) of this Act after entity brings assets into consolidated group
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Division 703—Consolidated groups and their members
703-30 Debt interests that are not membership interests
703-35 Employee share schemes
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Division 705—Tax cost setting amount for assets where entities become members of consolidated groups
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Subdivision 705-E—Expenditure relating to exploration, mining or quarrying
705-300 Application and object of this Subdivision
705-305 Rules affecting depreciating assets
705-310 Adjustable value of head company’s notional assets
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Division 707—Losses for head companies when entities become members etc.
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Subdivision 707-A—Transfer of losses to head company
707-145 Certain choices to cancel the transfer of a loss may be revoked
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Subdivision 707-C—Amount of transferred losses that can be utilised
707-325 Increasing the available fraction for a bundle of losses by increasing the real loss-maker’s modified market value
707-326 Events involving only value donor and real loss-maker not covered by rule against inflation of modified market value
707-327 Choosing available fraction to apply to value donor’s loss
707-328 Income year and conditions for possible transfer under Division 170 of the Income Tax Assessment Act 1997
707-328A Some events involving only group members not covered by rule against inflation of modified market value
707-329 Modified market value at a time before 8 December 2004
707-350 Alternative loss utilisation regime to Subdivision 707-C of the Income Tax Assessment Act 1997
707-355 Ignore certain losses in working out when a choice can be made under this Subdivision
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Subdivision 707-D—Special rules about losses
707-405 Special rules about losses referable to part of income year
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Division 709—Other rules applying when entities become subsidiary members etc.
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Subdivision 709-D—Deducting bad debts
709-200 Application of Subdivision 709-D of the Income Tax Assessment Act 1997
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Division 712—Certain rules for where entities cease to be subsidiary members of consolidated groups
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Subdivision 712-E—Expenditure relating to exploration, mining or quarrying
712-305 Reducing adjustable value of head company’s notional asset
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Division 713—Rules for particular kinds of entities
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Subdivision 713-L—Transitional relief for certain transactions relating to life insurance companies
713-500 Object of Subdivision
713-505 When this Subdivision applies (first case)
713-510 When this Subdivision applies (second case)
713-515 Entities must choose the relief
713-520 Conditions
713-525 Time of transfer
713-530 What the relief is
713-535 Subsequent consequences
713-540 Requirement to notify happening of new event
713-545 Discount capital gain in certain cases
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Subdivision 713-M—General insurance companies
713-700 Application
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Division 715—Interactions between the consolidation rules and other areas of the income tax law
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Subdivision 715-F—Interactions with Division 230 (financial arrangements)
715-380 Exit history rule not to affect certain matters related to Division 230 financial arrangements
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Subdivision 715-J—Entry history rule and choices
715-658 Application
715-659 Extension of time for making choice if joining time was before commencement
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Subdivision 715-K—Exit history rule and choices
715-698 Application
715-699 Extension of time for making choice if leaving time was before commencement
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Division 716—Miscellaneous special rules
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Subdivision 716-G—Software development pools
716-340 Expenditure incurred before 1 July 2001 and allocated to a software pool
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Division 719—MEC rules
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Subdivision 719-A—Modified application of Part 3-90 to MEC groups
719-2 Modified application of Part 3-90 to MEC groups
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Subdivision 719-B—MEC groups and their members
719-5 Debt interests that are not membership interests
719-10 Effect of Division 701C
719-15 Modified effect of subsection 701D-10(2)
719-30 Employee share schemes
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Subdivision 719-C—Cost setting
719-160 Transitional cost setting rules on joining have effect with modifications
719-161 Modified effect of section 701-1
719-163 Modified effect of section 701-35
719-165 Modified effect of paragraph 701-45(1)(b)
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Subdivision 719-F—Losses
719-305 Available fraction for bundle of losses not affected by concessional rules
719-310 Certain choices may be revoked
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Subdivision 719-I—Bad debts
719-450 Application of Subdivision 719-I of the Income Tax Assessment Act 1997
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Division 721—Liability for payment of tax where head company fails to pay on time
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Subdivision 721-A—Application of Division
721-25 References in tax sharing agreements to former table item 25
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Part 3-95—Value shifting
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Division 723—Direct value shifting by creating right over non-depreciating asset
723-1 Application of Division 723
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Division 725—Direct value shifting affecting interests in companies and trusts
725-1 Application of Division 725
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Division 727—Indirect value shifting affecting interests in companies and trusts, and arising from non-arm’s length dealings
727-1 Application of Division 727
727-230 Transitional exclusion for certain indirect value shifts relating mainly to services
727-470 Affected interests do not include equity or loan interests owned by entity that is eligible to be an STS taxpayer
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Chapter 4—International aspects of income tax
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Part 4-5—General
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Division 815—Cross-border transfer pricing
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Subdivision 815-A—Cross-border transfer pricing
815-1 Application of Subdivision 815-A of the Income Tax Assessment Act 1997
815-5 Cross-border transfer pricing guidance
815-10 Scheme penalty applies in pre-commencement period as if only the old law applied
815-15 Application of Subdivisions 815-B, 815-C and 815-D of the Income Tax Assessment Act 1997
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Division 820—Application of the thin capitalisation rules
820-10 Application of Division 820 of the Income Tax Assessment Act 1997
820-12 Application of Division 974 of the Income Tax Assessment Act 1997 for the purposes of Division 820 of that Act
820-45 Transitional provision—accounting standards and prudential standards
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Division 830—Application of the foreign hybrid rules
830-1 Standard application
830-15 Modified version of income tax law to apply for certain past income years
830-20 Modifications of income tax law
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Division 832—Hybrid mismatch rules
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Subdivision 832-A—Application of Division 832 of the Income Tax Assessment Act 1997
832-10 Application of Division 832 of the Income Tax Assessment Act 1997 (other than imported hybrid mismatch rule)
832-15 Application of imported hybrid mismatch rule
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Division 840—Withholding taxes
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Subdivision 840-M—Managed investment trust amounts
840-805 Managed investment trust amounts
840-810 Payment of tax under section 840-805
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Subdivision 840-S—Labour mobility program withholding tax
840-905 Application of Subdivision 840-S of the Income Tax Assessment Act 1997
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Division 842—Exempt Australian source income and gains of foreign residents
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Subdivision 842-I—Investment manager regime
842-207 Application of replacement version of Subdivision 842-I
842-208 Modified meaning of IMR foreign fund for the purposes of earlier income years
842-209 Residence of corporate limited partnerships
842-210 Treatment of IMR foreign fund that is a corporate tax entity
842-215 Treatment of foreign resident beneficiary that is not a trust or partnership
842-220 Treatment of foreign resident partner that is not a trust or partnership
842-225 Treatment of trustee of an IMR foreign fund
842-230 Pre-2012 IMR deduction
842-235 Pre-2012 IMR capital loss
842-240 Pre-2012 non-IMR net income, pre-2012 non-IMR Division 6E net income and pre-2012 non-IMR net capital gain
842-245 Pre-2012 non-IMR partnership net income and pre-2012 non-IMR partnership loss
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Division 880—Sovereign entities and activities
880-1 Application of Division 880 of the Income Tax Assessment Act 1997
880-5 Certain income of sovereign entity in respect of a scheme is non-assessable non-exempt income if covered by a private ruling
880-10 Certain amounts of sovereign entity in respect of a scheme are not deductible if covered by a private ruling
880-15 Sovereign entity’s capital gain from membership interest etc.—gain disregarded
880-20 Sovereign entity’s capital loss from membership interest etc.—loss disregarded
880-25 Asset of sovereign entity—deemed sale and purchase
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Chapter 5—Administration
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Part 5-35—Miscellaneous
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Division 909—Regulations
909-1 Regulations
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Chapter 6—The Dictionary
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Part 6-1—Concepts and topics
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Division 960—General
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Subdivision 960-B—Utilisation of tax attributes
960-20 Utilisation—corporate loss carry back
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Subdivision 960-E—Entities
960-100 Effect of this Subdivision
960-105 Entities, and members of entities, benefiting from the application of this Subdivision
960-110 No taxation consequences to result from changes to managed investment scheme
960-115 Certain entities treated as agents
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Subdivision 960-M—Indexation
960-262 Application of Subdivision 960-M of the Income Tax Assessment Act 1997
960-275 Indexation factor
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
