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Income Tax (Transitional Provisions) Act 1997
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Administered by
Department of the Treasury
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C2025C00324 C100
01 April 2025
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Chapter 1—Introduction and core provisions
Part 1 1—Preliminary
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
Part 1 3—Core Provisions
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
Division 5—How to work out when to pay your income tax
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
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
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 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 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 2025
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
