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Income Tax Assessment Act 1936
No. 27, 1936
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Department of the Treasury
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C2006C00471
01 July 2006
-
13 September 2006
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Volume 1
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Part I—Preliminary
1 Short title [see Note 1]
2 Repeal
3 Saving
4 Tax payable on interest on certain Treasury Bills
6 Interpretation
6AA Certain sea installations and offshore areas to be treated as part of Australia
6A Provisions relating to cessation of superannuation benefits
6AB Foreign income and foreign tax
6AC Grossing-up of foreign income
6B Income beneficially derived
6BA Taxation treatment of certain shares
6C Source of royalty income derived by a non-resident
6CA Source of natural resource income derived by a non-resident
6E Resident superannuation funds and non-resident superannuation funds
6F Dual resident investment company
6G Accrued leave transfer payments
6H Recognised small credit unions, recognised medium credit unions and recognised large credit unions
7A Application of Act in relation to certain Territories
7B Application of the Criminal Code
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Part II—Administration
8 Commissioner
14 Annual report
16 Officers to observe secrecy
16A Provisions relating to the Fitzgerald inquiry
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Part III—Liability to taxation
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Division 1—General
17 Levy of income tax
18 Accounting period
18A Accounting periods for VCLPs, AFOFs and VCMPs
19 Money credited, reinvested etc. to be deemed to be derived
21 Where consideration not in cash
21A Non-cash business benefits
22 Income arising from past transactions
22A Limits on application of certain exempt income provisions
23 Exemptions
23AAAA Certain distributions may be made overseas
23AAAB Testamentary trusts may be treated as 2 trusts
23AAA Exemption of certain payments to persons formerly employed in Papua New Guinea
23AA Income of persons connected with certain projects of United States Government
23AB Income of certain persons serving with an armed force under the control of the United Nations
23AC Exemption of pay and allowances of members of Defence Force serving in operational areas
23AD Exemption of pay and allowances of Defence Force members performing certain overseas duty
23ADA Exemption of pay and allowances of AFP members serving with the United Nations Transitional Authority in Cambodia
23AE Certain mining payments not included in assessable income
23AF Exemption of certain income derived in respect of approved overseas projects
23AG Exemption of income earned in overseas employment
23AH Foreign branch income of Australian companies not assessable
23AI Amounts paid out of attributed income not assessable
23AJ Certain non-portfolio dividends from foreign countries not assessable
23AK Amounts paid out of attributed foreign investment fund income not assessable
23AL Exemption of certain Second World War payments
23C Exemption of certain income from sale of gold
23D Exemption of income from mining and treating uranium
23E Redemption of Special Bonds redeemable at a premium
23G Exemption of interest received by credit unions
23GA Interest on judgment debt relating to personal injury
23H Exemption of certain film income
23J Sale of securities purchased at a discount
23K Substitution of certain securities
23L Certain benefits in the nature of income not assessable
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Division 1AA—Exemption from income tax: payments under the Social Security Act 1991 and the Veterans’ Entitlements Act 1986, and similar payments
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Subdivision AA—Application of this Division
24 Application of this Division
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Subdivision A—Preliminary
24A Interpretation
24AA Interpretation—payments derived when due
24AAA Index of payments covered by Division
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Subdivision B—Exemption from income tax—payments under the Social Security Act 1991
24AB Index of payments covered by Subdivision
24ABA Interpretation—supplementary amounts
24ABB Interpretation—expressions used in the Social Security Act 1991
24ABC Age pension
24ABD Disability support pension
24ABDB Advance pharmaceutical supplement
24ABDC Disaster relief payment
24ABE Wife pension
24ABF Carer payment
24ABG Sole parent pension
24ABH Bereavement allowance
24ABI Widow B pension
24ABJA Disability wage supplement
24ABJ Widow allowance
24ABM Newstart allowance
24ABMA Mature age allowance
24ABMB Mature age partner allowance
24ABMC Mature age allowance (Part 2.12B)
24ABN Employment entry payment
24ABNA Education entry payment
24ABO Sickness allowance
24ABP Special benefit
24ABPA Partner allowance
24ABQ Special needs age pension
24ABR Special needs disability support pension
24ABS Special needs wife pension
24ABT Special needs sole parent pension
24ABU Special needs widow B pension
24ABV Bereavement payments—special needs pensions
24ABW Family payment
24ABX Family payment advance
24ABXAA Maternity allowance
24ABXAAA Maternity immunisation allowance
24ABXAB Family tax payment
24ABXA Home child care allowance
24ABXB Parenting allowance
24ABY Child disability allowance
24ABZ Double orphan pension
24ABZA Mobility allowance
24ABZAA Telephone allowance
24ABZB Exempt bereavement payment calculator A
24ABZC Exempt bereavement payment calculator AA
24ABZD Exempt bereavement payment calculator AB
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Subdivision BA—Exemption from income tax: Commonwealth education or training payments
24ABZE Interpretation
24ABZF Commonwealth education or training payments
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Subdivision C—Exemption from income tax-payments under the Veterans’ Entitlements Act 1986
24AC Index of payments covered by Subdivision
24ACA Interpretation—supplementary amounts
24ACB Interpretation—expressions used in the Veterans’ Entitlements Act 1986
24ACC Interpretation—meaning of pension age
24ACD Section 13 pension
24ACE Age service pension
24ACF Invalidity service pension
24ACG Partner service pension
24ACH Carer service pension
24ACHA Income support supplement
24ACI Section 70 pension
24ACJ Clothing Allowance
24ACK Attendant allowance
24ACL Section 98A bereavement payment
24ACM Section 99 funeral benefit
24ACN Section 100 funeral benefit
24ACO Decoration allowance
24ACP Victoria Cross allowance
24ACQ Recreation transport allowance
24ACR Vehicle Assistance Scheme
24ACS Special assistance
24ACT Temporary incapacity allowance
24ACU Loss of earnings allowance
24ACV Travelling expenses
24ACW Pharmaceutical allowance
24ACWA Telephone allowance
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Subdivision E—Exemption from income tax–payments by virtue of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986
24AE Payments by virtue of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986
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Subdivision F—Exemption from income tax–payments of allowances under Part III of the Disability Services Act 1986
24AF Allowances under Part III
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Subdivision G—Exemption from income tax–payments of domiciliary nursing care benefit under Part VB of the National Health Act 1953
24AG Domiciliary nursing care benefit
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Subdivision H—Exemption from income tax–similar Australian and United Kingdom veterans’ payments
24AH Similar Australian and United Kingdom veterans’ payments
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Subdivision I—Exemption from income tax–wounds and disability pensions
24AI Wounds and disability pensions
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Subdivision IA—Exemption from income tax–drought relief payment under the Farm Household Support Act 1992
24AIA Interpretation—supplementary amounts
24AIB Drought relief payment
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Subdivision IB—Exemption from income tax: farm household support converted into grants under the Farm Household Support Act 1992
24AIC Farm household support
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Subdivision J—Occupational superannuation payments not covered by this Division
24AJ Occupational superannuation payments not covered by this Division
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Division 1AB—Certain State/Territory bodies exempt from income tax
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Subdivision A—Exemption for certain State/Territory bodies
24AK Key principle
24AL Diagram—guide to work out if body is exempt under this Division
24AM Certain STBs exempt from tax
24AN Certain STBs not exempt from tax under this Division
24AO First way in which a body can be an STB
24AP Second way in which a body can be an STB
24AQ Third way in which a body can be an STB
24AR Fourth way in which a body can be an STB
24AS Fifth way in which a body can be an STB
24AT What do excluded STB, government entity and Territory mean?
24AU Governor, Minister and Department Head taken to be a government entity
24AV Regulations prescribing excluded STBs
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Subdivision B—Body ceasing to be an STB
24AW Body ceasing to be an STB
24AX Special provisions relating to capital gains and losses
24AY Losses from STB years not carried forward
24AYA Effect of unfunded superannuation liabilities
24AZ Meaning of period and prescribed excluded STB
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Division 1A—Provisions relating to certain External Territories
24B Interpretation
24BA Application of Division—1985-86 to 1990-91
24BB Application of Division—1991-92 and subsequent years
24C Territory resident
24D Territory company
24E Territory trusts
24F Exemption from tax of certain income derived from sources outside Australia
24G Exemption from tax of certain income derived from sources in a prescribed Territory
24H When income to be taken to be applied for benefit of a person
24J Source of dividends
24K Source of income from employment
24L Source of interest or royalty
24M Certain income deemed not to be derived from sources in a prescribed Territory or outside Australia
24N Transitional
24P Transitional capital gains tax provisions for certain Cocos (Keeling) Islands assets
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Division 2—Income
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Subdivision A—Assessable income generally
25 Gross income from certain sources
25A Assessable income to include certain profits
25B Limits on application of section 26
26 Certain items of assessable income
26AAAC Meals provided to clients etc. in in-house dining facilities
26AAB Assessable income from sale of leased motor vehicle
26AAC Shares and rights acquired under schemes for the acquisition of shares by employees
26AAD The effect of 100% takeovers and restructures on the operation of section 26AAC
26AB Assessable income—premium for lease
26AC Amounts received on retirement or termination of employment in lieu of annual leave
26AD Amounts received on retirement or termination of employment in lieu of long service leave
26AF Assessable income to include value of benefits received from or in connection with former paragraph 23(ja) funds or former section 23FB funds
26AFA Assessable income to include value of certain benefits received from or in connection with former section 23F funds
26AFB Assessable income to include certain benefits
26AG Certain film proceeds included in assessable income
26AH Bonuses and other amounts received in respect of certain short-term life assurance policies
26AJ Investment-related lottery winnings to be included in assessable income
26A Assessable income to include repayment of tax paid abroad in respect of dividends
26B Insurance recoveries in respect of losses of live stock and trees
26BA Double wool clips
26BB Assessability of gain on disposal or redemption of traditional securities
26BC Securities lending arrangements
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Volume 2
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Part III—Liability to taxation
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Division 2—Income
26C Disposal of certain securities
26D Assessable income of taxpayer to include foreign tax in certain circumstances
26E Income from RSAs
27 Interest on loans raised in Australia by governments outside Australia
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Subdivision AA—Superannuation, termination of employment and kindred payments
27A Interpretation
27AAAA Undeducted purchase price—interpretation
27AAA Special rules for death benefits
27AAB Interdependency relationship
27AA Components of an ETP
27AB Taxed and untaxed elements of post-June 83 component
27AC ETP—retained amounts
27ACA Effect of payment split under the Family Law Act 1975 on eligible termination payments
27ACB Interest splits while a payment split under the Family Law Act 1975 applies
27B Assessable income to include certain superannuation and similar payments
27C Assessable income to include 5% of certain amounts
27CAA Assessable income to include component of lump sum payment from an eligible non-resident non-complying superannuation fund
27CAB Working out the previously exempt amounts for the purposes of a relevant payment under section 27CAA
27CA Anti-detriment provision for service mismatch cases
27CB Exemption from tax—post-June 1994 invalidity component and tax-free amount of bona fide redundancy payment or approved early retirement scheme payment
27CC Exemption from tax—payment of unclaimed money to Commissioner etc. by superannuation fund or approved deposit fund
27CD Exemption from tax—exempt resident foreign termination payment
27CE Exemption from tax—payment from eligible resident non-complying superannuation fund
27D Roll-over of ETPs
27E Approved early retirement scheme payments
27F Bona fide redundancy payments
27G Invalidity payments
27GA Departing Australia superannuation payment
27H Assessable income to include annuities and superannuation pensions
27HA Information about contributions-splitting ETPs
27J Amendment of assessments
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Subdivision B—Trading stock
28 Trading stock to be taken into account
29 Value at beginning of year of income
31 Value at end of year of income
31C Purchase of trading stock not at arm’s length
32 Live stock other than horse breeding stock—value at end of year of income
32A Horse breeding stock—value at end of year of income
33 Changes in basis of valuation of live stock
34 Cost price of natural increase
36 Disposal of trading stock
36AAA Alternative election in case of disposal, death or compulsory destruction of live stock
36AA Compensation for death, disposal or compulsory destruction of live stock
36A Disposal on change of ownership or interests
37 Devolution on death
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Subdivision C—Business carried on partly in and partly out of Australia
38 Sales by manufacturers
39 Sales by merchants
40 Determination by Commissioner
41 Goods deemed to be sold in Australia
42 Ex-Australian profits
43 Assessable income to include certain profits
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Subdivision D—Dividends
43A Subdivision has effect subject to provisions of Division 216 of the Income Tax Assessment Act 1997
43B Application of Subdivision to non-share dividends
44 Dividends
45 Streaming of bonus shares and unfranked dividends
45A Streaming of dividends and capital benefits
45B Schemes to provide certain benefits
45BA Effect of determinations under section 45B for demerger benefits
45C Effect of determinations under sections 45A and 45B for capital benefits
45D Determinations under sections 45A, 45B and 45C
45Z Entitlement to intercorporate dividend rebate where shareholder is a trustee or partnership
45ZA Trustee or partnership not entitled to intercorporate dividend rebate for distribution that is equivalent to interest
45ZB Reduction of intercorporate dividend rebate in certain circumstances
46AA Sections 46 and 46A do not apply to the franked part of dividends paid after 30 June 2002
46AB Application of sections 46 and 46A to the unfranked part of dividends
46AC Different application for members of certain groups
46AE Who is a qualified person for the purposes of subsections 46(2B) and 46A(5B) after 30 June 2002
46 Rebate on dividends
46A Rebate on dividends paid as part of dividend stripping operation
46B Rebate not allowable in certain circumstances
46C Dividends paid instead of interest under short-term finance arrangements
46E Dividends paid out of profits arising from the re-valuation of certain assets
46F Rebate not allowable for certain dividends
46FA Deduction for dividends on-paid to non-resident owner
46FB Unfranked non-portfolio dividend account
46G Rebate not allowable for dividends debited against certain accounts
46H Meaning of disqualifying account and non-disqualifying account
46I Meaning of notional disqualifying account
46J Excluded transfers
46K Debit for deemed dividends
46L Apportionment of debits for dividends paid on the same day
46M Splitting of frankable dividends
47 Distributions by liquidator
47A Distribution benefits—CFCs
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Division 2A—Calculation of taxable income
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Subdivision A—General
48 Allowable deductions
49 Successive deductions
50 Deductions in case of composite incomes
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Subdivision B—Calculation of taxable income where disqualifying event occurs
50A Application of Subdivision
50B Interpretation
50C Calculation of taxable income
50D Eligible notional loss
50E Divisible amounts of assessable income
50F Full-year deductions and partnership deductions
50G Divisible deductions
50H Occurrence of disqualifying event
50HA Continuity of ownership tests inapplicable if company satisfies non-fixed trust ownership test
50HB Information about non-fixed trusts with interests in company
50HC Notices where requirements of section 50HB are met
50J Tracing of beneficial ownership of shares
50K Special provisions relating to beneficial ownership of, or rights attached to, shares
50KA Special provision relating to capacity in which family trust beneficially owns shares
50L Deemed dividends
50N Composition of taxable income
50P Information about family trusts with interests in company
50Q Notice where requirements of section 50P are met
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Division 3—Deductions
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Subdivision A—General
51AAA Deductions not allowable in certain circumstances
51 Losses and outgoings
51AB Club fees and expenditure relating to leisure facilities
51AD Deductions not allowable in respect of property used under certain leveraged arrangements
51AE Deductions not allowable for entertainment expenses
51AEA Meal entertainment—election under section 37AA of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AEB Meal entertainment—election under section 37CA of Fringe Benefits Tax Assessment Act 1986 to use the 12 week register method
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Volume 3
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Part III—Liability to taxation
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Division 3—Deductions
51AEC Entertainment facility—election under section 152B of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AF Car expenses incurred by employee
51AG Deductions for travel expenses where person accompanied by relative
51AGA No deduction to employee for certain car parking expenses
51AH Deductions not allowable where expenses incurred by employee are reimbursed
51AJ Deductions not allowable for private component of contributions for fringe benefits etc.
51AK Agreements for the provision of non-deductible non-cash business benefits
51AL No deduction to employee for expenditure incurred in connection with a non-compulsory uniform/wardrobe
52 Loss on property acquired for profit-making
52A Certain amounts disregarded in ascertaining taxable income
53 Repairs
53AA Payment for non-compliance with covenant to repair
53F Cost of converting plant for use in connection with decimal currency system to be allowable deduction
53G Cost of converting plant for use in connection with metric system to be allowable deduction
53I Application of depreciation provisions
54 Depreciation
54AA Property installed on leased Crown land—lessee deemed to be owner etc.
54AB Leased property affixed to land—lessor taken to be owner for depreciation purposes
54AC Eligible lessor—right of removal of property
54AD Lessor not an eligible lessor if property previously owned by the lessee
54AE Lessor taken to have disposed of property in certain cases
54A Effective life of property
55 Annual depreciation percentage
56 Calculation of depreciation
57AF Limit on cost price for depreciation of motor vehicle
57AK Special depreciation on property used for basic iron or steel production
57AM Special depreciation on trading ships
58 Depreciation roll-over relief for unpooled property where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 59AA
59 Disposal, loss or destruction of depreciated property
59AAA Disposal, loss or destruction of car for which certain methods have been used to calculate car expense deductions
59AA Disposal of depreciated property on change of ownership or interest
59AB Notional income where assessable income includes consideration receivable on disposal, loss or destruction of depreciated property
60 Acquisition of depreciated property
61 Property used partly for producing assessable income
61A Tax exempt entities that become taxable
62 Definition of depreciated value
62AAA Provisions relating to compensation payments for conversion of plant for use in connexion with the decimal currency system
62AAB Object of pooling of depreciable property
62AAC Taxpayer may create pools to which depreciable property may be allocated
62AAD Pool percentage
62AAE Allocation of property to a pool
62AAF Cancellation of allocation to pool—taxpayer’s notice
62AAG Cancellation of allocation to pool—cessation of exclusive assessable income-producing use
62AAH Cancellation of allocation to pool—annual depreciation percentage not equal to pool percentage
62AAJ Cancellation of allocation to pool—subsequent application of special depreciation provisions
62AAK Cancellation of allocation to pool—disposal to which section 58 applies
62AAL Effect of cancellation of allocation to pool
62AAM Reconstruction assumptions and reconstructed depreciated value
62AAN Opening balance of pool
62AAO Closing balance of pool
62AAP Calculation of depreciation—pooled property
62AAQ Cancellation of allocation of property to a pool—effect on subsequent operation of depreciation provisions
62AAR Cancellation of allocation of property to pool—taxpayer must use diminishing value method to calculate subsequent depreciation
62AAS No balancing charges/deductions while property allocated to pool
62AAT Taxpayer’s assessable income to include proceeds of disposal of pooled property etc.
62AAU Disposal of pooled property—application of CGT provisions
62AAV Taxpayers may use their own form of words in pool notices
63 Bad debts
63A Bad debts etc. of company not allowable deductions unless there is substantial continuity of beneficial ownership of shares in company
63AA Section 63A inapplicable to earlier year debts if company satisfies non-fixed trust ownership test
63AB Section 63A inapplicable to current year debts if company satisfies non-fixed trust ownership test
63AC Information about non-fixed trusts with interests in company
63AD Notices where requirements of section 63AC are met
63B Bad debts etc. of company not allowable deductions in certain circumstances
63C Bad debts etc. of a company may be allowable deductions where company carries on same business
63CA When tax losses resulting from bad debts cannot be deducted
63CB Information about family trusts with interests in company
63CC Notice where requirements of section 63CB are met
63D Bad debts etc. of money-lenders not allowable deductions where attributable to listed country or unlisted country branches
63E Debt/equity swaps
63F Limit on deductions where debt write offs and debt/equity swaps occur
63G Bad debts etc. of trust not allowable in certain circumstances
64 Commission
64A Legal expenses
65 Payments to associated persons and relatives
67 Expenses of borrowing
67AAA Deductions not allowable for interest etc. on loans obtained to finance certain superannuation contributions and life assurance premiums
67AA Deductions for debt dividends
67A Expenses of discharge of mortgage
68 Expenses relating to lease documents
68A Expenses relating to grant of patents etc.
69 Tax-related expenses
70 Cost of extending telephone lines
70A Cost of mains electricity connections
70B Deduction for loss on disposal or redemption of traditional securities
71 Losses by embezzlement etc.
72 Rates and taxes
72A Deductions for petroleum resource rent tax payments
73 Subscriptions to associations
73A Expenditure on scientific research
73AA Section 73A roll-over relief in the case of certain CGT roll-overs
73B Certain expenditure on research and development activities
73BAA Effect of consolidation
73BAB Head company treated as registered
73BABA History for purposes of eligibility for tax offset: joining entity
73BAC Expenditure history for purposes of sections 73P to 73Z: joining entity
73BACA History for purposes of eligibility for tax offset: leaving entity
73BAD Expenditure for purposes of sections 73P to 73Z history: leaving entity
73BAE Recoupment where entity leaves group
73BAF Preventing double deductions
73BAG Balancing adjustments for certain assets of consolidated groups
73BA Deduction for certain assets etc. used for the purpose of carrying on research and development activities
73BB Meaning of section 73BA depreciating asset
73BC Meaning of notional Division 40 deduction
73BD Treatment of certain expenditure for the purposes of section 73BC etc.
73BE Treatment of certain partnership expenditure for the purposes of section 73BC etc.
73BF Balancing adjustments: section 73BA depreciating assets
73BG Effective life calculation under Division 40 of Income Tax Assessment Act 1997 to take into account use for purpose of carrying on research and development activities
73BH Deduction for plant etc. used for purpose of carrying on research and development activities
73BI Meaning of section 73BH plant
73BJ Meaning of notional Division 42 deduction
73BK Treatment of certain expenditure for the purposes of section 73BJ etc.
73BL Treatment of certain partnership expenditure for the purposes of section 73BJ etc.
73BM Balancing adjustments: section 73BH plant
73BN Effective life calculation under Division 42 of Income Tax Assessment Act 1997 to take into account use for purpose of carrying on research and development activities
73C Recouped expenditure on research and development activities
73CA Guaranteed returns to investors
73CB Expenditure incurred to tax-exempt bodies
73D Reduction of deductions
73E Section 73B roll-over relief on disposal of unit of plant to another member of same wholly-owned group
73EA Section 73BF roll-over relief on disposal of asset to another member of wholly-owned group
73EB Section 73BM roll-over relief on disposal of plant to another member of wholly-owned group
73F Section 73B roll-over relief on disposal of building etc. to another member of same wholly-owned group
73G Section 73B roll-over relief on disposal of item of intellectual property to another member of same wholly-owned group
73H Interpretation
73I Tax offset instead of deduction under section 73B, 73BA, 73BH or 73Y
73J Eligibility for tax offset
73K Meaning of R&D group turnover
73L Grouped taxpayers
73M Meaning of affiliate
73P Interpretation
73Q Eligibility to claim additional deduction
73R Group members
73S Calculating the amounts relevant to the additional deduction
73T Adjustment amounts
73U Running averages
73V Adjustment balance
73W Premium amount
73X Apportionment between group members
73Y Additional deduction
73Z Anti-avoidance
74 Election expenses of candidates for Parliament
74A Election expenses of candidates for local governments
74B Certain election expenses not deductible
75A Deduction of certain expenditure on land used for primary production
75AA Deduction for capital expenditure incurred in establishing grape vines
75B Deduction of expenditure on conserving or conveying water
75D Deduction of expenditure on prevention of land degradation
77F Money paid before 1 July 1991 on shares in management and investment companies
78 Deduction for gifts, pensions etc.
78AA Register of Cultural Organisations
78AB Register of Environmental Organisations
78A Certain gifts not to be allowable deductions
78B Promoters recoupment tax
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Volume 4
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Part III—Liability to taxation
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Division 3—Deductions
79A Rebates for residents of isolated areas
79B Rebates for members of Defence Force serving overseas
79C Limitation on certain deductions
79D Limitation on deductions for foreign income
79DA Tax losses not deductible from foreign income unless taxpayer so elects
79E General domestic losses of 1989-90 to 1996-97 years of income
79EA Loss of company’s first year as a PDF where taxable income consists of pre-PDF income
79EB Losses incurred while a PDF not allowable after company ceases to be a PDF
79F Film losses of 1989-90 to 1996-97 years of income
80 General domestic losses of pre-1990 years of income
80AAA Film losses of pre-1990 years of income
80AA Primary production losses of pre-1990 years of income
80AB Order in which loss deductions are to be taken into account
80AC Limitations on net exempt income to be taken into account in respect of loss deductions
80A Losses of previous years not to be taken into account unless there is substantial continuity of beneficial ownership of shares in company
80B Special provisions relating to beneficial ownership of, or rights attached to, shares
80DA Losses of previous years not to be taken into account in certain circumstances
80E Losses of previous years may be taken into account where company carries on same business
80F Loss resulting from bad debt etc. not to be taken into account in certain circumstances
80G Transfer of loss within company group
81 Social services contributions
82 Double deductions
82A Deductions for expenses of self-education
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Subdivision AA—Contributions to superannuation funds for benefit of employees
82AAA Interpretation
82AAC Deduction for contributions to eligible superannuation fund for employees
82AAD Deduction for contribution to non-complying superannuation fund that taxpayer reasonably believes to be a complying superannuation fund
82AADA Deduction for contributions to RSAs
82AAF Deduction for deposits under the Small Superannuation Accounts Act 1995
82AAQ Amount paid from fund to be included in recipient’s assessable income
82AAQA Assessable income to include deposits refunded under the Small Superannuation Accounts Act 1995
82AAQB Assessable income to include contributions to RSAs that are refunded
82AAR Deductions for contributions to funds for employees not allowable under other provisions of Act
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Subdivision AB—Contributions to superannuation funds by eligible persons
82AAS Interpretation
82AAT Deductions for superannuation contributions by eligible persons
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Subdivision B—Development allowance
82AAAA Object
82AA Property to which Subdivision applies
82AB Deduction for new plant installed after 26 February 1992
82ABA Subdivision subject to Division 245 of Schedule 2C
82AC Limitation of deduction in case of leased property
82AD Lessor may transfer benefit of deduction to lessees
82AE Subdivision not to apply to certain structural improvements
82AF Subdivision not to apply to certain other property
82AG Disposal etc. of property within 12 months after installation etc.
82AH Disposal etc. of property after 12 months after installation etc.
82AHA Goods or services used to produce exempt income
82AI Notional disposal of property under hire-purchase
82AIA Transfer by way of security
82AJ Special provisions relating to partnerships
82AJA Disposals within company group
82AK Private use of property by employees etc. of private company
82AL Property acquired etc. in substitution for other property
82AM Deduction under Subdivision to be in addition to certain other deductions
82AN Ascertainment of amount of eligible expenditure
82AO Recoupment of expenditure
82APA Leases etc. granted in an entity’s capacity as an eligible entertainment/tourism operator
82AQ Interpretation
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Subdivision BA—General investment allowance
82AR Object
82ARA Subdivision subject to Division 245 of Schedule 2C
82AS How to work out entitlement etc. to general investment allowance
82AT Change to main deduction provision
82AU Changes to dates
82AV Change to section 82AC (limitation of deduction in case of leased property)
82AX Subdivision B object not applicable
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Subdivision C—Deductions for expenditure on environmental impact studies
82B Objects of Subdivision
82BA Interpretation
82BAA Subdivision subject to Division 245 of Schedule 2C
82BB Deduction of allowable environmental impact expenditure
82BC Allowable environmental impact expenditure
82BD Eligible environmental impact activities
82BE No deduction where expenditure is recouped
82BF Transactions between persons not at arm’s length
82BG Property used for eligible environmental impact activities taken to be used for the purpose of producing assessable income
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Subdivision CA—Deductions for environment protection expenditure
82BH Objects of Subdivision
82BJ Interpretation
82BK Deduction of allowable environment protection expenditure
82BL Allowable environment protection expenditure
82BM Eligible environment protection activity
82BN No deduction for expenditure on land, plant etc.
82BP No deduction where expenditure is recouped
82BQ Transactions between persons not at arm’s length
82BR Property used for eligible environment protection activities taken to be used for the purpose of producing assessable income
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Subdivision CB—Regional Headquarters (RHQs)
82C Object
82CA Deduction for setup costs of RHQ companies
82CB Interpretation
82CC Associated companies
82CD Application to become an RHQ company
82CE Determination of RHQ companies
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Subdivision D—Losses and outgoings incurred under certain tax avoidance schemes
82KH Interpretation
82KJ Deduction not allowable in respect of certain pre-paid outgoings
82KK Schemes designed to postpone tax liability
82KL Tax benefit not allowable in respect of certain recouped expenditure
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Subdivision F—Substantiation of certain expenses of years of income up to and including 1993-94
82KS Application of this Subdivision
82KT Interpretation
82KTAA Definition of eligible expense—extent to which transport expenses relate to eligible transport payments
82KTA Holding of car or motor vehicle
82KTB Holding period of car or motor vehicle
82KTBA Car records to be completed before lodgment date of return etc.
82KTC Deemed specification of matters in car records
82KTD Deemed specification of matters in odometer records
82KTE Unsigned or fraudulent entries in log book records
82KTF Reasonable estimate of underlying business percentage
82KTG Log book year of income
82KTH Business percentage established during applicable log book period
82KTJ Replacement cars
82KTK Re-acquisition etc. of cars
82KU Documentary evidence
82KUA Deductions not allowable for car expenses unless documentary evidence obtained etc.
82KUB Deductions not allowable for car expenses incurred in a log book year of income unless log book records and odometer records etc. are maintained
82KUC Deductions not allowable for car expenses incurred in a non-log book year of income unless log book records kept in previous log book year of income etc.
82KUD Amount of deduction allowable for car expenses—log book method
82KUE Nominated business percentage to be reduced if it exceeds business percentage established during applicable log book period or if it is unreasonable
82KV Car expenses—exemptions from log book method substantiation
82KW Deduction for car expenses where income-producing use exceeds 5,000 kilometres—statutory formula
82KX Deduction for car expenses where income-producing use does not exceed 5,000 kilometres—statutory formula
82KY Elections
82KZ Other expenses
82KZA Retention, and production, of documents
82KZAA Relief from substantiation requirements in special circumstances
82KZB Aggregate claims not exceeding a certain amount
82KZBA No substantiation required for eligible expenses relating to eligible transport payments in certain circumstances
82KZBB Relief from certain substantiation requirements where taxpayer had a reasonable expectation that substantiation would not be required
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Subdivision GA—Calculating car expense deductions, and substantiating certain expenses, of the 1994-95, 1995-96 and 1996-97 income years
82KZBC Schedule 2A has the rules about calculating car expense deductions
82KZBD Schedule 2B has the rules about substantiating certain expenses
82KZBE Application of Schedules 2A and 2B
82KZBF Transitional provisions about log books
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Subdivision G—Limitation on deductions for interest on money borrowed to finance rental property investments
82KZC Interpretation
82KZD Limitation on deductions for rental property loan interest
82KZE Carry forward of excess rental property loan interest
82KZF Transfer of excess rental property loan interest within company group
82KZG Special provision relating to partnerships
82KZH Deemed acquisition of property
82KZJ When property acquired
82KZK Rental property income to include taxable values of certain fringe benefits
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Subdivision H—Period of deductibility of certain advance expenditure
82KZL Interpretation
82KZM Expenditure by STS taxpayer and individuals incurring non-business expenditure
82KZMA Application of section 82KZMD
82KZMD Business expenditure (except by an STS taxpayer) and non-business expenditure by non-individual
82KZME Expenditure under some agreements
82KZMF Proportional deduction
82KZMG Deductions for certain forestry expenditure
82KZN Transfer etc. of rights under agreement
82KZO Partnership changes where entire interest in agreement rights is not transferred
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Division 3A—Convertible notes
82LA Application of Division
82L Interpretation
82M New loans and replacement loans
82N Prescribed stock exchanges
82P Bonus share allotments
82Q Classes of shares
82R Interest on certain convertible notes not to be an allowable deduction
82S Interest on certain convertible notes to be an allowable deduction—where loan made before 1 January 1976
82SA Interest on certain convertible notes to be an allowable deduction—where loan made on or after 1 January 1976
82T Value of shares
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Division 4—Leases
83 Interpretation
83AA Application of Division
83A Consideration for goodwill or licence
84 Premiums included in assessable income
85 Deductions upon disposal of lease, goodwill or licence
85A Deduction to sub-lessor
86 Notional income of a taxpayer deriving a premium
87 Value of improvements included in assessable income
88 Deductions to lessee
88A Crown leases of land used for primary production
88B Mining leases
89 Division not to apply to certain leases
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Division 5—Partnerships
90 Interpretation
91 Liability of partnerships
92 Income and deductions of partner
92A Deductions in respect of outstanding subsection 92(2AA) amounts
93 Options of partners in respect of live stock
94 Partner not having control and disposal of share in partnership income
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Division 5A—Income of certain limited partnerships
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Subdivision A—Preliminary
94A Object
94B Interpretation
94C Continuity of limited partnership not affected by changes in composition
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Subdivision B—Corporate limited partnerships
94D Corporate limited partnerships
94E Continuity of business test
94F Change in composition of limited partnership—election that partnership not be treated as an eligible limited partnership
94G Continuity of ownership test
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Volume 5
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Part III—Liability to taxation
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Division 5A—Income of certain limited partnerships
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Subdivision C—Corporate tax modifications applicable to corporate limited partnerships
94H Corporate tax modifications applicable to corporate limited partnerships
94J Company includes corporate limited partnership
94K Partnership does not include corporate limited partnership
94L Dividend includes distribution of corporate limited partnership
94M Drawings etc. deemed to be dividends paid out of profits
94N Private company does not include corporate limited partnership
94P Share includes interest in corporate limited partnership
94Q Shareholder includes partner in corporate limited partnership
94R Liquidator may include partner in corporate limited partnership
94S Continuity of corporate limited partnership not affected by changes in composition
94T Residence of corporate limited partnership
94U Incorporation
94V Obligations and offences
94W Pre-1995-96 years of income—certain corporate obligations do not arise if partnership became a corporate limited partnership because of something which happened during the year of income
94X Modification of loss provisions
94Y Modification of provisions relating to the collection of company tax
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Division 6—Trust income
95 Interpretation
95A Special provisions relating to present entitlement
95B Certain beneficiaries deemed not to be under legal disability
96 Trustees
96A Application of Division in respect of interests in non-resident trust estates to which Part XI applies
96B Beneficiary of non-resident trust estate
96C Calculation of beneficiary’s share of net income of non-resident trust estate
97 Beneficiary not under any legal disability
97A Beneficiaries who are owners of income equalization deposits or farm management deposits
98 Liability of trustee
98A Non-resident beneficiaries assessable in respect of certain income
99 Certain trust income to be taxed as income of an individual
99A Certain trust income to be taxed at special rate
99B Receipt of trust income not previously subject to tax
99C Determining whether property is applied for benefit of beneficiary
99D Refund of tax to non-resident beneficiary
100 Beneficiary assessable in respect of certain trust income
100A Present entitlement arising from reimbursement agreement
101 Discretionary trusts
101A Income of deceased received after death
102 Revocable trusts
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Division 6AAA—Special provisions relating to non-resident trust estates etc.
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Subdivision A—Preliminary
102AAA Object of Division
102AAB Interpretation
102AAC Each listed country and unlisted country to be treated as a separate foreign country
102AAD Subject to tax—application of subsection 324(2)
102AAE Listed country trust estates
102AAF Public unit trusts
102AAG When entity is in a position to control a trust estate
102AAH Non-resident family trusts
102AAJ Transfer of property or services
102AAK Deemed transfers of property or services to trust estate
102AAL Division not to apply to transfers by trustees of deceased estates
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Subdivision B—Payment of interest by taxpayer on distributions from certain non-resident trust estates
102AAM Payment of interest by taxpayer on distributions from certain non-resident trust estates
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Subdivision C—Winding-up of non-resident trust estates in existence on 12 April 1989
102AAN Winding-up of non-resident trust estates—tax rebates
102AAP Winding-up of non-resident discretionary trusts—adjustment of tax treatment of beneficiaries
102AAQ Winding-up of non-resident trust estates—modified accruals system of taxation
102AAR When trust estate is taken to be completely wound up
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Subdivision D—Accruals system of taxation of certain non-resident trust estates
102AAS Object of Subdivision
102AAT Accruals system of taxation—attributable taxpayer
102AAU Attributable income of a trust estate
102AAV Double tax agreements to be disregarded
102AAW Certain provisions to be disregarded in calculating attributable income
102AAY Modified application of trading stock provisions
102AAZ Modified application of depreciation provisions
102AAZA Modified application of Division 13 of Part III
102AAZB General modifications—CGT
102AAZBA Modified application of CGT—effect of certain changes of residence
102AAZC Modified application of loss provisions—pre-1990-91 losses
102AAZD Assessable income of attributable taxpayer to include attributable income of trust estate to which taxpayer has transferred property or services
102AAZE Accruals system of taxation does not apply to small amounts
102AAZF Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution
102AAZG Keeping of records
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Division 6AA—Income of certain children
102AA Interpretation
102AB Application of Division
102AC Persons to whom Division applies
102AD Taxable income to which Division applies
102AE Eligible assessable income
102AF Employment income and business income
102AG Trust income to which Division applies
102AGA Transfer of property as the result of a family breakdown
102AH Commissioner may allow rebate
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Division 6A—Alienation of income
102A Interpretation
102B Certain income transferred for short periods to be included in assessable income of transferor
102C Effect of certain transfers of rights to receive income from property
102CA Consideration in respect of transfer to be included in assessable income of transferor in certain cases
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Division 6B—Income of certain unit trusts
102D Interpretation
102E Prescribed arrangements
102F Eligible unit trusts
102G Public unit trusts
102H Resident unit trusts
102J Corporate unit trusts
102K Taxation of net income of corporate unit trust
102L Modified application of Act in relation to certain unit trusts
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Division 6C—Income of certain public trading trusts
102M Interpretation
102N Trading trusts
102P Public unit trusts
102Q Resident unit trusts
102R Public trading trusts
102S Taxation of net income of public trading trust
102T Modified application of Act in relation to certain unit trusts
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Division 6D—Provisions relating to certain closely held trusts
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Subdivision A—Overview
102UA What this Division is about
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Subdivision B—Interpretation
102UB Definitions—general
102UC Closely held trust
102UD Trustee beneficiary
102UE Ultimate beneficiary
102UF Listed person
102UG Correct UB statement
102UH UB statement period
102UI Tax-preferred amount
102UJ Present entitlement
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Subdivision C—Ultimate beneficiary non-disclosure tax on share of net income
102UK Ultimate beneficiary non-disclosure tax where no correct UB statement
102UL Exclusion of directors of closely held trust from liability to pay tax
102UM Ultimate beneficiary non-disclosure tax where no ultimate beneficiary
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Subdivision D—Payment etc. of ultimate beneficiary non-disclosure tax
102UN Amount of ultimate beneficiary non-disclosure tax reduced by notional tax offset
102UO Payment of ultimate beneficiary non-disclosure tax
102UP Late payment of ultimate beneficiary non-disclosure tax
102UR Notice of liability
102URA Request for notice of liability
102US Evidentiary effect of notice of liability
102USA Recovery of ultimate beneficiary non-disclosure tax from persons providing incorrect information etc. to head trustee
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Subdivision E—Making correct UB statement about ultimate beneficiaries of tax-preferred amounts
102UT Requirement to make correct UB statement about ultimate beneficiaries of tax-preferred amounts
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Subdivision F—Special provisions about tax file numbers
102UU Ultimate beneficiary may quote tax file number to trustee of closely held trust
102UV Trustee of closely held trust may record etc. tax file number
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Division 7—Private companies
102V Application of Division to non-share dividends
103 Interpretation
103A Private companies
103AA Prescribed dividends
104 Additional tax on undistributed amount
105 Phasing-out dividends
105A Sufficient distribution
105AAA Dividends paid in first 2 months of prescribed period not to be taken into account in certain circumstances
105AAB Dividend may be taken into account where company carries on same business
105AAC Special provisions relating to year of incorporation or winding up of company
105AA Additional period for making sufficient distribution
105AB Additional period for distribution by liquidator
105B Retention allowance
105C Election to have taxes paid deducted in ascertaining distributable income
107 Exemption of certain dividends
107A Private companies carrying on insurance business
108 Loans etc. to shareholders and associates deemed to be dividends
109 Excessive payments to shareholders, directors and associates deemed to be dividends
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Division 7A—Distributions to entities connected with a private company
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Subdivision A—Overview of this Division
109B Simplified outline of this Division
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Subdivision AA—Application of Division to non-share equity interests
109BA Application of Division to non-share dividends
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Subdivision B—Private company payments, loans and debt forgiveness are treated as dividends
109C Payments treated as dividends
109D Loans treated as dividends
109E Amalgamated loan from a previous year treated as dividend if minimum repayment not made
109F Forgiven debts treated as dividends
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Subdivision C—Forgiven debts that are not treated as dividends
109G Debt forgiveness that does not give rise to a dividend
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Subdivision D—Payments and loans that are not treated as dividends
109H Simplified outline of this Subdivision
109J Payments discharging pecuniary obligations not treated as dividends
109K Inter-company payments and loans not treated as dividends
109L Certain payments and loans not treated as dividends
109M Loans made in the ordinary course of business on arm’s length terms not treated as dividends
109N Loans meeting criteria for minimum interest rate and maximum term not treated as dividends
109NA Certain liquidator’s distributions and loans not treated as dividends
109NB Loans to purchase shares under employee share schemes not treated as dividends
109P Amalgamated loans not treated as dividends in the year they are made
109Q Commissioner may allow amalgamated loan not to be treated as dividend
109R Some payments relating to loans not taken into account
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Subdivision DA—Demerger dividends not treated as dividends
109RA Demerger dividends not treated as dividends
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Subdivision E—Payments and loans through interposed entities
109S Simplified outline of this Subdivision
109T Payments and loans by a private company to an entity through one or more interposed entities
109U Payments and loans through interposed entities relying on guarantees
109UA Certain liabilities under guarantees treated as payments
109V Amount of private company’s payment to target entity through one or more interposed entities
109W Private company’s loan to target entity through one or more interposed entities
109X Payment or loan may give rise to dividend despite Subdivision D
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Subdivision EA—Unpaid present entitlements
109XA Payments, loans and debt forgiveness by a trustee in favour of a shareholder etc. of a private company with an unpaid present entitlement
109XB Amounts included in assessable income
109XC Modifications
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Subdivision F—General rules applying to all amounts treated as dividends
109Y Proportional reduction of dividends so they do not exceed distributable surplus
109Z Characteristics of dividends taken to be paid under this Division
109ZA No dividend taken to be paid for withholding tax purposes
109ZB Amount treated as dividend is not a fringe benefit
109ZC Treatment of dividend that is reduced on account of an amount taken under this Division to be a dividend
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Subdivision G—Defined terms
109ZD Defined terms
109ZE Interpretation rules about entities
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Volume 6
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Part III—Liability to taxation
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Division 9—Co-operative and mutual companies
117 Co-operative companies
118 Company not co-operative if less than 90% of business with members
119 Sums received to be taxed
120 Deductions allowable to co-operative company
121 Mutual insurance associations
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Division 9AA—Demutualisation of insurance companies and affiliates
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Subdivision A—What this Division is about
121AA What this Division is about
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Subdivision B—Key concepts and related definitions
121AB Insurance company definitions
121AC Mutual affiliate company
121AD Demutualisation and demutualisation resolution day
121AE Demutualisation methods, the policyholder/member group and the listing period
121AEA Replacement of policyholders by persons exercising certain rights
121AF Demutualisation method 1
121AG Demutualisation method 2
121AH Demutualisation method 3
121AI Demutualisation method 4
121AJ Demutualisation method 5
121AK Demutualisation method 6
121AL Demutualisation method 7
121AM Embedded value of a mutual life insurance company
121AN Net tangible asset value of a general insurance company or mutual affiliate company
121AO Treasury bond rate, capital reserve adequacy level, eligible actuary and security
121AP Subsidiary and wholly-owned subsidiary
121AQ Other definitions
121AR List of definitions
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Subdivision C—Tax consequences of demutualisation
121AS Part IIIA consequences of demutualisation
121AT Other tax consequences of demutualisation
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Division 9A—Offshore banking units
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Subdivision A—Object and simplified outline
121A Object
121B Simplified outline
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Subdivision B—Interpretation
121C Interpretation
121D Meaning of OB activity
121DA Meaning of expressions relevant to investment activity
121E Meaning of offshore person
121EA OBU requirement
121EB Internal financial dealings of an OBU
121EC Meaning of OBU resident-owner money
121ED Meaning of trade with a person
121EE Definitions relating to assessable income of an OBU
121EF Definitions relating to allowable deductions of an OBU
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Subdivision C—Operative provisions
121EG Reduction of assessable OB income and allowable OB deductions
121EH Loss of special treatment where excessive use of non-OB money
121EI Deduction for foreign tax on amounts included in assessable OB income
121EJ Source of income derived from OB activities
121EK Deemed interest on 90% of certain OBU resident-owner money
121EL Exemption of income etc. of OBU offshore investment trusts
121ELA Exemption of income etc. of overseas charitable institutions
121ELB Adjustment of capital gains and losses from disposal of units in OBU offshore investment trusts
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Division 9B—State Bank of NSW
121EM Interpretation
121EN Deemed disposal and re-acquisition of assets
121EO Deemed cessation and re-assumption of liabilities
121EP Effect of unfunded pre-first taxing time superannuation liabilities
121EQ Effect of pre-first taxing time provision for bad debts
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Division 9C—Assessable income diverted under certain tax avoidance schemes
121F Interpretation
121G Diverted income and diverted trust income
121H Assessment of diverted income and diverted trust income
121J Ascertainment of diverted income or diverted trust income deemed to be an assessment
121K Application of International Tax Agreements Act
121L Division applies notwithstanding exemption under other laws
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Division 10—Mining and quarrying
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Subdivision A—General mining
122 Interpretation
122AA Division applies subject to provisions terminating gold mining exemptions
122AB Subdivision applies subject to Division 245 of Schedule 2C
122A Allowable capital expenditure
122B Purchase of mining or prospecting right or information
122BA Allowable capital expenditure in respect of cash bidding payments to acquire exploration or prospecting authorities or mining authorities
122C Residual previous capital expenditure
122D Deduction of residual previous capital expenditure
122DA Residual capital expenditure
122DB Deduction of residual capital expenditure
122DC Residual (1 May 1981 to 18 August 1981) capital expenditure
122DD Deduction of residual (1 May 1981 to 18 August 1981) capital expenditure
122DE Residual (19 August 1981 to 19 July 1982) capital expenditure
122DF Deduction of residual (19 August 1981 to 19 July 1982) capital expenditure
122DG Deduction of allowable (post 19 July 1982) capital expenditure
122H Election that Subdivision not apply to plant
122J Exploration and prospecting expenditure
122JA Deductions where exempt income derived
122JAA Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R
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Subdivision B—Quarrying
122JB Interpretation
122JBA Subdivision subject to Division 245 of Schedule 2C
122JC Allowable capital expenditure
122JD Purchase of quarrying or prospecting right or information
122JE Deduction of allowable capital expenditure
122JF Exploration and prospecting expenditure
122JG Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 122R
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Subdivision C—General provisions
122KAA Subdivision subject to Division 245 of Schedule 2C
122K Disposal, loss, destruction or termination of use of property
122KA Application of section 122K before 1 July 1991—subsequent use of property for rehabilitation
122L Transactions between persons not at arm’s length
122M Elections
122N Deductions not allowable under other provisions
122NB Apportionment of expenditure deductible under both Subdivision A and Subdivision B
122R Change in interests in property
122S Commissioner to determine deductions attributable to particular expenditure
122T Recoupment of expenditure
122U Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
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Division 10AAA—Transport of minerals and quarry materials
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Subdivision A—Transport of certain minerals
123 Interpretation
123AAA Subdivision subject to Division 245 of Schedule 2C
123A Application of Subdivision
123AA Division applies subject to provisions terminating gold mining exemptions
123B Deduction of expenditure
123BA Election in relation to certain expenditure
123BB Election in relation to expenditure incurred after 17 August 1976
123BBA Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 123F
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Subdivision B—Transport of quarry materials
123BC Interpretation
123BCA Subdivision subject to Division 245 of Schedule 2C
123BD Application of Subdivision
123BE Deduction of expenditure
123BF Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 123F
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Subdivision C—General provisions
123CA Subdivision subject to Division 245 of Schedule 2C
123C Disposal, loss, destruction or termination of use of property
123D Transactions between parties not at arm’s length
123E Deductions not allowable under other provisions
123EA Apportionment of expenditure deductible under both Subdivision A and Subdivision B
123F Change in interests in property
123G Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
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Division 10AA—Prospecting and mining for petroleum
124 Interpretation
124AAA Division subject to Division 245 of Schedule 2C
124AA Allowable capital expenditure
124AB Purchase of prospecting or mining rights or information
124ABA Allowable capital expenditure in respect of cash bidding payments for exploration permits and production licences
124AC Residual previous capital expenditure
124AD Deduction of residual previous capital expenditure
124ADA Residual capital expenditure
124ADB Deduction of residual capital expenditure
124ADC Residual (1 May 1981 to 18 August 1981) capital expenditure
124ADD Deduction of residual (1 May 1981 to 18 August 1981) capital expenditure
124ADE Residual (19 August 1981 to 19 July 1982) capital expenditure
124ADF Deduction of residual (19 August 1981 to 19 July 1982) capital expenditure
124ADG Deduction of allowable (post 19 July 1982) capital expenditure
124ADH Election in relation to limit on certain deductions
124AE Unrecouped previous capital expenditure
124AF Deductions of unrecouped previous capital expenditure
124AG Election that Division not to apply to plant
124AH Exploration and prospecting expenditure
124AJ Prospecting or mining by contractors, profit-sharing arrangements etc.
124AK Transactions between persons not at arm’s length
124AL Petroleum or petroleum products used in manufacturing other goods
124AM Disposal, loss, destruction or termination of use of property
124AMAA Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO or where election for roll-over relief made under section 124AO
124AMA Application of section 124AM before 1 July 1991—subsequent use of property for rehabilitation
124AN Double deductions
124AO Change in interests in property
124AP Commissioner to determine deductions attributable to particular expenditure
124AQ Recoupment of expenditure
124AR Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
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Division 10AB—Rehabilitation and restoration of mining, quarrying and petroleum sites
124B Interpretation
124BA Deduction of expenditure on rehabilitation-related activities
124BB Rehabilitation-related activity
124BC No deduction for certain expenditure
124BD No deduction where expenditure is recouped
124BE Transactions between persons not at arm’s length
124BF Property used for rehabilitation-related activities taken to be used for the purpose of producing assessable income
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Division 10A—Timber operations and timber mill buildings
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Subdivision AA—Application of this Division
124EAA This Division does not apply after 1996-97 year of income
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Subdivision A—Timber operations
124E Interpretation
124EA Subdivision subject to Division 245 of Schedule 2C
124F Deduction of expenditure
124G Disposal, destruction or termination of use of property
124GA Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO
124H Acquisition of property
124J Timber felled upon acquired land or under right
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Subdivision B—Timber mill buildings
124JAA Subdivision subject to Division 245 of Schedule 2C
124JA Deduction of expenditure
124JB Disposal, destruction or termination of use of building
124JC Acquisition of building
124JD Roll-over relief where CGT roll-over relief allowed under section 160ZZM, 160ZZMA, 160ZZN, 160ZZNA or 160ZZO
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Subdivision C—General provisions
124JE Transactions between persons not at arm’s length
124JF Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
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Division 10B—Industrial property
124K Interpretation
124KAA Division subject to Division 245 of Schedule 2C
124KA Application of Division where deduction allowable under section 124ZAF or 124ZAFA
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Volume 7
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Part III—Liability to taxation
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Division 10B—Industrial property
124L Application
124M Annual deductions
124N Deductions on the disposal or lapse of a unit of industrial property
124P Amount to be included in assessable income on disposal of a unit of industrial property
124PA Roll-over relief
124Q Disposal of part of a unit of industrial property
124R Cost of a unit of industrial property
124S Residual value
124T Consideration receivable on disposal
124UA Effective life of certain units of industrial property
124V Interest by licence in patent etc.
124W Disposal of unit of industrial property on change of partnership etc.
124WA Disposal of unit of industrial property where deduction allowable under section 124ZAF or 124ZAFA
124X Use of patent by Commonwealth or State
124Y Damages for infringement
124Z Benefit from overseas rights
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Division 10BA—Australian films
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Subdivision A—Preliminary
124ZAA Interpretation
124ZAB Provisional certificates
124ZAC Final certificates
124ZAD Determination of content of film
124ZADAA Delegation by Minister
124ZADAB Review of decisions of Minister
124ZADA Declarations
124ZADB Notification regarding non-completion of film
124ZAE Election that Division not apply
124ZAEA Transfer by way of security
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Subdivision B—Deductions for capital expenditure
124ZAFAA Subdivision subject to Division 245 of Schedule 2C
124ZAF Deductions for capital expenditure under pre 13 January 1983 contracts and certain other contracts
124ZAFA Deductions for capital expenditure under post 12 January 1983 contracts
124ZAG Expenditure of contributions
124ZAGA Satisfaction of Commissioner as to the future application of certain provisions
124ZAH Allocation of contributions expended
124ZAJ Non-arm’s length transactions
124ZAK Amounts expended in acquiring assets
124ZAL Deduction reduced if future copyright assigned
124ZAM No deduction unless expenditure at risk
124ZAN Variation of contracts
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Subdivision C—Miscellaneous
124ZAO Limitation on deductibility of revenue expenses
124ZAP Special provisions relating to partnerships
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Division 10C—Deductions for capital expenditure on traveller accommodation
124ZAPA Division to cease to have effect
124ZA Interpretation
124ZAAA Division subject to Division 245 of Schedule 2C
124ZB Qualifying expenditure
124ZC Deductions in respect of capital expenditure
124ZD Reduction of deductions
124ZE Deduction in respect of destruction of building
124ZEA Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
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Division 10D—Deductions for capital expenditure on certain buildings and structural improvements
124ZEB Division to cease to have effect
124ZF Interpretation
124ZFAA Division subject to Division 245 of Schedule 2C
124ZFA When building used in eligible industrial manner
124ZFB Division has effect as if certain structural improvements were buildings
124ZFC Division has effect as if certain environment protection earthworks were buildings
124ZG Qualifying expenditure
124ZH Deductions in respect of qualifying expenditure
124ZJ Reduction of deductions
124ZK Deduction in respect of destruction of building
124ZL Determination binding on Commissioner
124ZLA Modification of section 51AD and Division 16D—lessee of property deemed to be owner etc.
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Division 10E—PDFs (pooled development funds)
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Subdivision A—Shares in PDFs
124ZM Treatment of dividends on shares in a PDF
124ZN Exemption of income from sale of shares in a PDF
124ZO Shares in a PDF are not trading stock
124ZQ Effect of company becoming a PDF
124ZR Effect of company ceasing to be a PDF
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Subdivision B—The taxable income of PDFs
124ZS Definitions
124ZTA Taxable income in first year as PDF if PDF component is nil
124ZT SME assessable income
124ZU SME income component
124ZV Unregulated investment component
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Subdivision C—Adjustments of the tax treatment of capital gains and capital losses of PDFs
124ZW Definitions
124ZX Companies to which this Subdivision applies
124ZY Classes of assessable income
124ZZ Treatment of capital gains
124ZZA Allocation of gain amounts and loss amounts to classes of assessable income
124ZZB Assessable income etc. in relation to capital gains
124ZZD No net capital loss
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Division 10F—Deduction for capital expenditure incurred in establishing horticultural plants
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Subdivision AA—Application
124ZZEA This Division does not apply after 1997-98 year of income
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Subdivision A—Simplified outline
124ZZE Simplified outline
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Subdivision B—100% deduction where the effective life of a plant is less than 3 years
124ZZF When can a taxpayer get a 100% deduction for establishment expenditure?
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Subdivision C—Annual deduction where the effective life of a plant is 3 or more years
124ZZG When can a taxpayer get an annual deduction for establishment expenditure?
124ZZH How much can be deducted each year?
124ZZI What is the annual write-off rate and the maximum write-off period?
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Subdivision D—Establishment expenditure for a plant
124ZZJ What counts as establishment expenditure for a plant?
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Subdivision E—Effective lives of plants
124ZZK What is the effective life of a plant?
124ZZL Commissioner may make determination specifying effective lives of plants
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Subdivision F—Special deduction for destruction of plants
124ZZM Special deduction for destruction of plants
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Subdivision G—No deduction if expenditure recouped
124ZZN No deduction if expenditure recouped
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Subdivision H—Transfer of ownership of plants—transferor to give tax information to transferee
124ZZO Transfer of ownership of plants—transferor to give tax information to transferee
124ZZP Section 124ZZO obligations—treatment of partnerships
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Subdivision I—Interpretation
124ZZQ Owner includes lessee or licensee
124ZZR Definitions
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Division 11—Interest paid by companies on bearer debentures
126 Interest paid by a company on bearer debentures
127 Credit for tax paid by company
128 Assessments of tax
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Division 11A—Dividends, interest and royalties paid to non-residents and to certain other persons
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Subdivision A—General
128AAA Application of Division to non-share dividends
128A Interpretation
128AA Deemed interest in respect of transfers of certain securities
128AB Certificates relating to issue price of certain securities
128AC Deemed interest in respect of hire-purchase and certain other agreements
128AD Indemnification etc. agreements in relation to bills of exchange and promissory notes
128AE Interpretation provisions relating to offshore banking units
128AF Payments through interposed entities
128B Liability to withholding tax
128C Payment of withholding tax
128D Certain income not assessable
128E Interest paid by companies to non-residents on certain moneys
128EA Division not to apply to interest on borrowings by Australian Industry Development Corporation
128F Division does not apply to interest on certain publicly offered company debentures or debt interests
128FA Division does not apply to interest on certain publicly offered unit trust debentures or debt interests
128G Division not to apply to interest on certain loans
128GA Division not to apply to interest on certain government loans and government authority loans
128GB Division not to apply to interest payments on offshore borrowings by offshore banking units
128H Issue of certificates
128J Australian entities
128K Meaning of Australian participation in enterprise
128L Treatment of 2 or more enterprises as one
128N Special tax payable in respect of exempt interest in certain circumstances
128NA Special tax payable in respect of certain securities and agreements
128NB Special tax payable in respect of certain dealings by current and former offshore banking units
128P Objections
128Q Power of Commissioner to obtain information
128R Informal arrangements
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Division 11B—Equity investments in small-medium enterprises
128TG Summary of this Division
128TH When Division applies
128TI Consequences of Division applying
128TJ Acquiring a threshold interest in an SME
128TK SME or small-medium enterprise
128TL Subsidiary and direct ownership group
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Division 11C—Payments in respect of mining operations on Aboriginal land
128U Interpretation
128V Liability to mining withholding tax
128W Payment of mining withholding tax
128X Power of Commissioner to obtain information
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Division 12—Oversea ships
129 Taxable income of ship-owner or charterer
130 Master or agent to make return
131 Determination by Commissioner
132 Assessment of tax
133 Master liable to pay
134 Notice of assessment
135 Clearance of ship
135A Freights payable under certain agreements
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Division 13—International agreements and determination of source of certain income
136AA Interpretation
136AB Operation of Division
136AC International agreements
136AD Arm’s length consideration deemed to be received or given
136AE Determination of source of income etc.
136AF Consequential adjustments to assessable income and allowable deductions
136AG Modified application of Subdivision C of Division 2
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Division 13A—Employee share schemes
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Subdivision A—Key principle and overview of Division
139 The key principle
139A Overview of Division
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Subdivision B—Inclusion of discount in assessable income
139B Discount to be included in assessable income
139BA Reduction of amounts included—elections
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Subdivision C—Key concepts: employee share scheme, discount, cessation time, qualifying shares and rights and exemption conditions
139C Employee share schemes
139CA Cessation time—shares
139CB Cessation time—rights
139CC Calculation of discount
139CD Meaning of qualifying shares and qualifying rights
139CDA Additional requirement for shares or rights acquired while engaged in foreign service
139CE Exemption conditions
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Subdivision D—Special provisions
139D Discount assessable to associate if share acquired by taxpayer in respect of associate’s employment
139DA Acquisition of legal interest in shares or rights—certain discounts not assessable
139DB No deduction until share or right acquired
139DC Deduction for provider of certain qualifying shares or rights
139DD No benefit where rights lost
139DE Amount not assessable under section 21A or paragraph 26(e)
139DF Anti-avoidance—certain shares and rights not qualifying shares and qualifying rights
139DG Amendment of assessments to account for reductions of amounts included in assessable income
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Subdivision DA—Takeovers and restructures
139DP Object of this Subdivision
139DQ The effect of 100% takeovers and restructures on employee share schemes
139DR Conditions for the continuation of shares or rights
139DS Apportionment rules
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Subdivision E—Elections
139E Taxpayer may make election
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Subdivision F—Special provisions about the market value of a share or right
139F Meaning of market value of a share or right
139FA Listed shares or rights—market value
139FAA Listed shares—market value where public offer
139FB Unlisted shares—market value
139FC Unlisted rights—market value
139FD Conditions and restrictions to be disregarded
139FE Value of right nil or can not be determined
139FF Value of legal and beneficial interests
139FG Meaning of qualified person
139FI Provision of information about market value
139FJ Outline of remainder of Subdivision
139FK Step 1—calculate the calculation percentage
139FL Step 2—how to use calculation percentage
139FM Table 1 and instructions
139FN Table 2 and instructions
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Subdivision G—Definitions
139G Meaning of acquiring or providing a share or right
139GA Meaning of employee and employer
139GB Meaning of permanent employee
139GBA Meaning of foreign service
139GC Meaning of holding company
139GCA Meaning of subsidiary
139GCB Meaning of 100% takeover
139GCC Meaning of restructure
139GD Meaning of approved stock exchange
139GE Meaning of associate
139GF Meaning of conducting a scheme on a non-discriminatory basis
139GG Meaning of provision of financial assistance
139GH Index of definitions
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Division 14—Reasonable benefit limits (RBLs)
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Subdivision A—Objects, simplified outline and example
140 Objects of Division
140A Simplified outline
140B Example of how to determine whether a benefit is in excess of the recipient’s RBLs
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Subdivision B—Interpretation
140C Interpretation
140CA Deceased person’s RBL to be used to calculate excessive component for death benefit ETPs
140D Payer deemed not to make an ETP to the extent to which ETP is rolled-over
140E ETPs taken to be paid from superannuation fund
140F ETPs—retained amounts
140G Excessive component of ETP to be ignored in working out other components
140H Components of rolled-over ETP
140J When pension or annuity commences to be paid
140K When benefit previously received by recipient
140L Pension and annuity standards
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Subdivision C—Payers’ notification obligations
140M Payers of benefits to give certain information to Commissioner
140N Quotation of tax file numbers
140P Payer of benefit to provide copy of notice to recipient
140Q Roll-overs to be notified to Commissioner
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Subdivision D—Determination of whether a benefit is in excess of recipient’s RBLs
140RA Commissioner may use tax file numbers in his or her possession for the purposes of this Subdivision
140R Determination of whether a benefit is in excess of recipient’s RBLs
140S Revision of final determinations
140T Interim determinations
140U Interim determination may be made on certain assumptions
140UA Commutation of pension or annuity under payment split
140V Commissioner may determine standard indexation rate
140W Notification of determinations
140X Amendment of determinations
140Y Objections
140Z Person may request copy of previous determination
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Subdivision E—When benefits exceed recipient’s RBLs
140ZA When benefits exceed recipient’s RBLs
140ZB Discretion to treat benefits as within recipient’s RBLs
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Subdivision F—Benefits which are to be counted towards a person’s RBLs
140ZC Benefits which are counted towards a person’s RBLs
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Subdivision G—Lump sum RBLs and pension RBLs
140ZD Lump sum RBLs and pension RBLs
140ZE Transitional lump sum RBLs and transitional pension RBLs
140ZF Assessment of benefits against lump sum RBL
140ZFA Payment split under Family Law Act—assessment of benefits against pension RBL
140ZG Qualifying portion of benefits
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Subdivision H—RBL amounts
140ZH RBL amount—ETP paid by superannuation funds or ADFs
140ZI RBL amount—ETP paid by life assurance company
140ZJ RBL amount—ETP paid by employer
140ZJA RBL amount—certain CGT exempt ETPs
140ZK RBL amount—superannuation pension (other than disability superannuation pension)
140ZL RBL amount—disability superannuation pension
140ZM RBL amount—annuity
140ZN Reduction of ETP taken into account in working out RBL amount of annuity—roll-overs and payment splits
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Subdivision J—Capital value of superannuation pension
140ZO Capital value of superannuation pension
140ZP Reduction of capital value of superannuation pension
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Subdivision K—Rebatable proportion of rebatable superannuation pension or rebatable ETP annuity
140ZQ Rebatable proportion of rebatable superannuation pension or rebatable ETP annuity
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Division 15—Insurance with non-residents
141 Interpretation
142 Income derived by non-resident insurer
143 Taxable income of non-resident insurer
144 Liability of agents of insurer
145 Deduction of premiums
146 Exporter to furnish information
147 Rate of tax in special circumstances
148 Reinsurance with non-residents
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Volume 8
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Part III—Liability to taxation
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Division 16—Averaging of incomes
149 Average income
149A Capital gains, abnormal income and ETP excessive component to be disregarded
150 First average year
151 First application of Division in relation to a taxpayer
152 Taxpayer not in receipt of assessable income
153 Taxpayer with no taxable income
154 Excess of allowable deductions
155 Permanent reduction of income
156 Rebate of tax for, or complementary tax payable by, certain primary producers
157 Application of Division to primary producers
158 Application of Division
158A Election that Division not apply
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Division 16A—Abnormal income of artists, composers, inventors, performers, production associates, sportspersons and writers
158BA Division 16A does not apply to 1998-99 or later year of income
158B Interpretation
158C Joint authors and joint inventors
158D Year of income includes a pre-commencement year of income
158E Qualifying resident taxpayer
158F Activities that do not result in taxpayers being treated as eligible persons
158G Artists, composers, inventors and writers rendering services to others not to be treated as eligible persons unless engaged to produce specified works etc.
158H Eligible assessable income
158J Eligible taxable income
158K Average eligible taxable income
158L Abnormal income
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Division 16C—Income equalization deposits
159GA Interpretation
159GC Deductions in respect of income equalization deposits
159GD Unrecouped deduction included in assessable income on deposit becoming repayable
159GDA Credit for amounts withheld under section 20B of Deposits Act
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Division 16D—Certain arrangements relating to the use of property
159GE Interpretation
159GEA Division applies to certain State/Territory bodies
159GF Residual amounts
159GG Qualifying arrangements
159GH Application of Division in relation to property
159GJ Effect of application of Division on certain deductions etc.
159GK Effect of application of Division on assessability of arrangement payments
159GL Special provision relating to Division 10C or 10D property
159GM Special provision where cost of plant etc. is also eligible capital expenditure
159GN Effect of use of property under qualifying arrangement for producing assessable income
159GO Special provisions relating to partnerships
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Division 16E—Accruals assessability etc. in respect of certain security payments
159GP Interpretation
159GQ Tax treatment of holder of qualifying security
159GQA Accrual period
159GQB Accrual amount
159GQC Implicit interest rate for fixed return security
159GQD Implicit interest rate for variable return security
159GR Consequences of actual payments
159GS Balancing adjustments on transfer of qualifying security
159GT Tax treatment of issuer of a qualifying security
159GU Effect of Division on certain transfer profits and losses
159GV Consequence of variation of terms of security
159GW Effect of Division in relation to non-residents
159GX Effect of Division where certain payments not assessable
159GY Effect of Division where qualifying security is trading stock
159GZ Stripped securities
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Division 16H—Termination of gold mining exemptions
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Subdivision A—Paragraph 23(o), subparagraph 23(pa)(iv) and section 23C
159GZZG Termination of paragraph 23(o) exemption
159GZZH Removal of exclusion of gold from subparagraph 23(pa)(iv)
159GZZI Termination of exemption under section 23C
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Subdivision B—Division 10 and related provisions
159GZZJ Interpretation
159GZZK Eligible gold mining expenditure—Division 10 applies as if notional writing-down assumptions made
159GZZKA Eligible gold mining expenditure—election regarding estimate of mine life for pre-changeover years
159GZZL Eligible gold mining expenditure—proportionate deduction for changeover year
159GZZM Eligible gold mining expenditure—modified references to changeover year
159GZZN Eligible gold mining expenditure—election that property be depreciated under section 57AL
159GZZO Eligible gold mining expenditure—modified application of section 122K
159GZZQ Eligible gold exploration or prospecting expenditure—Division 10 applies as if incurred on 1 January 1991 etc.
159GZZR Eligible gold exploration or prospecting expenditure—7 year limit on deductibility
159GZZS Eligible gold exploration or prospecting expenditure—effect of application of paragraph 23(pa) before the changeover year
159GZZT Eligible gold exploration or prospecting expenditure—modified application of sections 79E, 80 and 80G
159GZZU Eligible gold mining and eligible gold exploration or prospecting expenditure—effect of certain transfers of mining rights etc.
159GZZV Removal of paragraph 23(o) exemption not to create actual pre-1991 Division 10 deductions
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Subdivision C—Division 10AAA
159GZZW Interpretation
159GZZX Division 10AAA applies as if eligible gold transport expenditure notionally written-down
159GZZY Proportionate deduction for changeover year
159GZZZ Modified application of section 123C
159GZZZB Removal of paragraph 23(o) exemption not to create actual pre-1991 Division 10AAA deductions
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Subdivision D—Part IIIA
159GZZZBA Interpretation
159GZZZBB Disposals of assets to which sections 159GZZZBC and 159GZZZBD apply
159GZZZBC Capital gains adjustment
159GZZZBD Capital loss adjustment
159GZZZBE Notional deductions for section 160ZK purposes
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Subdivision E—Subdivision B of Division 2
159GZZZBF Interpretation
159GZZZBG 31.12.90 eligible trading stock to be taken into account for beginning-of-changeover-year valuation purposes
159GZZZBH Method of determining value of beginning-of-changeover-year trading stock
159GZZZBI 31.12.90 eligible trading stock to be taken into account for end-of-changeover-year valuation purposes in determining exempt income
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Division 16J—Effect of cancellation of subsidiary’s shares in holding company
159GZZZC Interpretation—general
159GZZZD Meaning of eligible entity, eligible interest and eligible proportion
159GZZZE Share cancellations to which this Division applies
159GZZZF Effect on subsidiary of share cancellations to which this Division applies
159GZZZG Pre-cancellation disposals of eligible interests
159GZZZH Post-cancellation disposals of eligible interests etc.
159GZZZI Additional application of sections 159GZZZG and 159GZZZH to associates
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Division 16K—Effect of buy-backs of shares
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Subdivision AA—Application of Division to non-share equity interests
159GZZZIA Application of Division to non-share dividends
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Subdivision A—Interpretation
159GZZZJ Interpretation
159GZZZK Explanation of terms
159GZZZL Special buy-backs not made in ordinary course of trading on a stock exchange
159GZZZM Purchase price in respect of buy-back
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Subdivision B—Company buying-back shares
159GZZZN Buy-back and cancellation disregarded for certain purposes
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Subdivision C—Off-market purchases
159GZZZP Part of off-market purchase price is a dividend
159GZZZQ Consideration in respect of off-market purchase
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Subdivision D—On-market purchases
159GZZZR No part of on-market purchase price is a dividend
159GZZZS Consideration in respect of on-market purchase
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Division 16L—Tax-exempt infrastructure borrowings
159GZZZZD Interpretation
159GZZZZE Infrastructure borrowings to be non-assessable and non-deductible
159GZZZZF Tax exemption to be disregarded for certain purposes
159GZZZZG Rebate election
159GZZZZH Tax payable where infrastructure borrowing certificate cancelled
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Division 17—Rebates
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Subdivision A—Concessional rebates
159H Application
159HA Indexation of rebate amounts in sections 159J, 159K and 159L
159J Rebates for dependants
159K Sole parent rebate
159L Housekeeper
159M Double concessional rebates
159N Rebate for certain low-income taxpayers
159P Rebate for medical expenses
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Subdivision AAA—Rebate for annual leave, long service leave and eligible termination payments
159S Interpretation
159SA Rebate to ensure upper limit on tax on eligible assessable income
159SF Residual amount
159SG Upper limit for working out residual amount
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Subdivision AAB—Rebate for certain superannuation pensions and qualifying annuities
159SJ Interpretation
159SM Entitlement to rebate—superannuation pension
159SS Non-rebatable amount for superannuation pension
159ST Certain superannuation pensions to be regarded as being payable from funds
159SU Entitlement to rebate—rebatable ETP annuity
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Subdivision AACA—Rebate for superannuation contributions made on behalf of a low income or non-working spouse
159T Rebate for superannuation contributions made in relation to a spouse
159TA Taxpayers may qualify for rebate in relation to more than one spouse
159TB Quotation of tax file number
159TC Definitions
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Subdivision AAD—Heritage conservation rebate
159U Object
159UA Outline of Subdivision
159UB Definitions
159UC Expenditure does not include expenditure on plant or articles
159UD Minister must set maximum approval limit
159UE Minister may set closing date for applications
159UF Provisional certificate criteria and procedures
159UG Application for provisional certificate
159UH Form etc. of application
159UI Minister may request further information
159UJ Issue of provisional certificate
159UK Contents of provisional certificate
159UL When provisional certificate in force
159UM Application for final certificate
159UN Person dying—application for final certificate
159UO Final certificate
159UP Transactions between persons not at arm’s length
159UQ Heritage conservation rebate
159UR Heritage conservation rebate—partnerships
159US Heritage conservation rebate—trust estates
159UT Heritage conservation rebate—corporate unit trusts and public trading trusts
159UU No deduction allowed in respect of work covered by a certificate
159UV Review of final certificate decision
159UW Provision of information to recognised heritage bodies
159UX Delegation by Minister
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Subdivision AB—Lump sum payments in arrears
159ZR Interpretation
159ZRA Eligibility for rebate
159ZRB Calculation of rebate
159ZRC Notional tax amount for recent accrual years
159ZRD Notional tax amount for distant accrual years
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Subdivision B—Miscellaneous
160AAAA Tax rebate for low income aged persons
160AAAB Tax rebate for low income aged persons—trustees assessed under section 98
160AAA Rebate in respect of certain pensions, benefits etc.
160AAB Rebate in respect of amounts assessable under section 26AH
160AB Rebate in respect of loan interest
160ABB Rebate in respect of certain payments by the Commonwealth Savings Bank of Australia
160ACE Rebate for certain Cocos (Keeling) Islands income— 1991-92
160AD Maximum amount of rebates
160ADA Most tax offsets under the 1997 Assessment Act are treated as rebates
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Division 18—Credits in respect of foreign tax
160ADB Application of Division to non-share dividends
160AE Interpretation
160AEA Passive income
160AF Credits in respect of foreign tax
160AFA Certain dividends deemed to be interest income
160AFAA Certain dividends deemed to be offshore banking income
160AFB Related foreign companies
160AFCA Foreign tax in respect of amounts assessable under section 456
160AFCB Foreign tax in respect of amounts assessable under section 457
160AFCD Foreign tax in respect of amounts that are non-assessable non-exempt income under section 23AI
160AFCE Foreign tax in respect of certain amounts assessable under section 529 from interest in foreign company
160AFCF Foreign tax if taxpayer has indirect interest in foreign company
160AFCG Foreign tax in respect of certain amounts assessable under section 529 from interest in foreign trust
160AFCH Foreign tax if taypayer has indirect interest in foreign trust
160AFCJ Foreign tax in respect of amounts that are non-assessable non-exempt income under section 23AK
160AFCK Foreign tax if CFC has interest in FIF
160AFD Losses of previous years
160AFE Carrying forward excess foreign tax credits
160AFF Tax-sparing
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Division 18A—Credits in respect of overseas tax paid on certain film income
160AGA Credits in respect of overseas tax paid on certain film income
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Division 18B—Credits in respect of overseas tax paid on certain shipping income
160AGB Credits in respect of overseas tax paid on certain shipping income
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Division 19—Miscellaneous provisions with respect to credits
160AH Definitions
160AHA Some tax offsets under the 1997 Assessment Act are treated as credits
160AI Determination of claims for credits
160AIA Self-determination of credits by taxpayers
160AIB Reliance by Commissioner on claim for credit
160AJ Evidence of determinations
160AJA Deemed determination of credit by Commissioner
160AK Amendment of determinations
160AL Objections
160AM Information for credit to be furnished within 4 years
160AN Application of credits
160AO Maximum credits
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Part IIIAA—Franking of dividends
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Division 1AAAA—Part ceases to apply after 1 July 2002
160AOAA Part ceases to apply after 1 July 2002
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Division 1AAA—Application of Part to non-share dividends
160AOA Application of Part to non-share dividends
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Division 1—Interpretation
160APA Interpretation
160APAAAA Certain non-share dividends by ADIs not frankable
160APAAAB Non-share dividends not frankable unless profits available
160APAAA Reduction of adjusted amount
160APAA Arrangements
160APB Reference to company not to include trustee
160APBA References to franking year
160APBB Paying PAYG instalment or company tax
160APBC Application of PAYG instalment variation credit
160APBD Refund of company tax instalment or company tax
160APBE Life assurance company’s company tax assessed
160APC Liquidators
160APD Interim dividends
160APE What constitutes a class of shares
160APF Deemed separate dividend resolutions
160APG Sufficient residence for company in year of income
160APH Commissioner may determine that period be treated as a franking year
160APHA Dividends paid as part of dividend stripping operation
160APHB Life assurance companies—application of rebates against components of taxable income
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Division 1AA—Interpretative provisions relating to exempting companies and former exempting companies
160APHBA Exempting companies
160APHBB Effective ownership of company by prescribed persons
160APHBC Accountable shares
160APHBD Accountable interests
160APHBE Former exempting companies
160APHBF Prescribed persons
160APHBG Persons who are taken to be prescribed persons
160APHBH Eligible employee share schemes
160APHBI Membership of same effectively wholly-owned group of companies
160APHBJ Eligible continuing substantial shareholders
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Division 1A—Circumstances in which a taxpayer can qualify for a franking credit, a franking rebate or the intercorporate dividend rebate
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Subdivision A—Preliminary
160APHC Object of Division
160APHD Definitions
160APHE Meaning of ex dividend
160APHF Substantially identical securities
160APHG Special provisions relating to acquisition or disposal of shares or interests in shares by partners and trust beneficiaries
160APHH Other special provisions relating to acquisition or disposal of shares or interests in shares
160APHI Certain disposals of shares or interests are to be taken to be disposals of related shares or interests
160APHJ Position in relation to shares or interests etc.
160APHK Assets of partnership include shares or interest in shares: how to determine a partner’s interest in the shares
160APHL Trustee holding shares or interest in shares: how to determine a beneficiary’s interest in the shares
160APHM Material diminution of risks of loss or opportunities for gain in respect of shares or interests in shares
160APHN Related payments
160APHNA Certain payments not to be regarded as related payments
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Volume 9
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Part IIIAA—Franking of dividends
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Division 1A—Circumstances in which a taxpayer can qualify for a franking credit, a franking rebate or the intercorporate dividend rebate
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Subdivision B—Qualification for franking benefits and intercorporate dividend rebate
160APHO Persons qualified by holding shares or interests in shares for a prescribed number of days during a qualification period
160APHP Persons qualified by holding interests in shares as beneficiaries of a widely held trust for a prescribed number of days during a qualifying period
160APHQ Persons qualified by holding shares or interests in shares where the shares were issued in connection with a winding up
160APHR Persons qualified by electing to have franking credit ceilings and franking rebate ceilings applied by reference to franking credits or rebates on a benchmark portfolio of shares
160APHS Prescribed persons in relation to a unit trust
160APHT Individual taxpayers qualified as small shareholders
160APHU Beneficiary or partner not to be a qualified person if trustee or partnership is not a qualified person: trustee or partnership may be entitled to deduction
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Division 2—Franking surplus or deficit
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Subdivision A—Ascertainment of surplus or deficit
160APJ Ascertainment of surplus or deficit
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Subdivision B—General provisions on franking credits
160APK Residence requirement for credit to arise in relation to year of income
160APKA No credits of a mutual life assurance company or SGIO
160APL Carry forward of franking surplus
160APM Payment of company tax instalment
160APMAA Payment of additional amount on upwards estimate
160APMAB Deficit deferral amount
160APMA Initial payment of tax
160APMB Subsequent payments of tax before determination of taxable income
160APMC Final payment of tax
160APMD Payments of tax made after the final payment of tax
160APME Franking credits for paying PAYG instalments
160APMF Franking credits for applying PAYG instalment variation credits to reduce PAYG instalment liabilities
160APMG Franking credits for payments of company tax
160APP Receipt of franked dividends
160APPA Receipt of certain franked dividends by exempting companies
160APQ Receipt of franked dividends through trusts and partnerships
160APQA Payment of excess offset
160APQB Payment of excess foreign tax credit
160APU Lapsing of estimated debit
160APV Substituted estimated debit determination
160APVA Life assurance companies—credit reducing section 160APY or 160APYA debit
160APVB Life assurance companies—credit reversing subsection 160AQCCA(1) or 160AQCCA(1A) debit
160APVBA Life assurance companies—credit reducing section 160APYBA debit
160APVBB Life assurance companies—credit reducing section 160APYBB debit
160APVC Life assurance companies—credit reducing section 160APYB debit
160APVD Life assurance companies—credit reducing section 160APZ debit
160APVF Life assurance companies—credit reducing subsection 160AQCD(1) debit
160APVG Life assurance companies—credit reducing subsection 160AQCE(1) debit
160APVH Life assurance companies—statutory fund component
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Subdivision BB—Franking credits of life assurance companies where relevant year of income is later than 1999-2000
160APVI Application
160APVJ PAYG instalment payment, or application of PAYG instalment variation credit, before assessment
160APVK Franking credit on assessment for earlier PAYG instalment payment
160APVL PAYG instalment payment after assessment
160APVM Payment of company tax after assessment
160APVN Reversing subsection 160AQCNCE(1) franking debit on assessment
160APVO Substituted franking credit for payment of excess foreign tax credit
160APVP Credit for PDF when it pays venture capital deficit tax
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Subdivision BA—Franking credits of life assurance companies where relevant year of income is no later than 1999-2000
160APVAA Application
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Subdivision C—General provisions on franking debits
160APW Residence requirement for debit to arise in relation to year of income
160APWA No debits of a mutual life assurance company or SGIO
160APWB No debits of a registered organization
160APX Under-franking
160APXA Excessive reduction in section 160APX debit
160APY Refunds of company tax instalment
160APYA Refunds of company tax
160APYB Refunds in respect of initial payment of tax by a company
160APYBA Refunds of company tax
160APYBAA Refunds for 2000-01 year of income and later years of income
160APYBAB PAYG instalment variation credits
160APYBB Foreign tax credits—actual payment or application against non-franking credit liabilities
160APYC Waiver of franking deficit tax
160APZ Amended company tax assessment reducing tax
160AQB Payment of franked dividends
160AQC Estimated debit determination
160AQCA Transfer of asset to insurance funds
160AQCB Dividend streaming arrangements
160AQCBA Further provisions relating to dividend streaming
160AQCC On-market share buy-back arrangements
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Subdivision CA—Franking debits of life assurance companies where relevant year of income is no later than 1999-2000
160AQCCAA Application
160AQCCA Life assurance companies—debit reducing section 160APM or 160APMAA credit
160AQCCB Life assurance companies—debit reversing subsection 160APVA(1) or 160APVA(1A) credit
160AQCD Life assurance companies—debit reducing section 160APMA credit
160AQCE Life assurance companies—debit reducing section 160APMB credit
160AQCJ Life assurance companies—debit reducing section 160APMC credit
160AQCK Life assurance companies—debit reducing section 160APMD credit
160AQCL Life assurance companies—debit reducing section 160APQB credit
160AQCM Life assurance companies—debit reducing subsection 160APVC(1) credit
160AQCN Life assurance companies—statutory fund component
160AQCNA Company that streams dividends or other benefits
160AQCNB Company that is a party to a scheme to enable franking credit benefits to be obtained
160AQCNC Franking debits for private company distributions treated as dividends
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Subdivision CB—Franking debits of life assurance companies where relevant year of income is later than 1999-2000
160AQCNCA Application
160AQCNCB Reversing section 160APVJ franking credits on assessment
160AQCNCC Penalty for overestimating income attracting franking credits
160AQCNCD Refunds, and amended assessments, for 2000-01 and later years of income
160AQCNCE PAYG instalment variation credits arising before assessment
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Subdivision CC—Transitional provisions (life assurance companies)
160AQCNCF Late balancing life assurance company (1999-2000 year of income)
160AQCNCG Early balancing life assurance company (2000-01 year of income)
160AQCNCH Late balancing life assurance company (refunds and amended assessments for 1999-2000 year of income)
160AQCNCI Early balancing life assurance company (refunds and amended assessments for 2000-01 year of income)
160AQCNCJ Early balancing life assurance company (special timing rule for deficit tax, deficit deferral tax and franking additional tax for 2000-01 year of income)
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Subdivision D—Disposal of subsidiary by exempt company
160AQCNCK Cancellation of franking surplus, credit or debit
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Division 2A—Exempting companies and former exempting companies
160AQCND Calculation of surplus or deficit
160AQCNDA Carry forward of exempting surplus
160AQCNE Payment of exempted dividends by former exempting companies
160AQCNF Receipt of exempted dividends by former exempting companies or by exempting companies
160AQCNG Conversion of franking surplus to exempting credit when an exempting company becomes a former exempting company
160AQCNH Conversion of franking deficit to exempting debit when an exempting company becomes a former exempting company
160AQCNI Transitional provisions for certain exempting companies that become former exempting companies
160AQCNJ Exempting debits may arise when certain former exempting companies pay frankable dividends
160AQCNK Conversion of exempting surplus to franking credit when former exempting company becomes an exempting company
160AQCNL Conversion of exempting deficit to franking debit when former exempting company becomes an exempting company
160AQCNM Conversion of certain franking credits of former exempting company to exempting credits
160AQCNN Conversion of certain franking debits of former exempting company to exempting debits
160AQCNO Conversion of exempting deficit to franking debit
160AQCNP Treasurer may convert exempting surplus to franking credit of former exempting company previously owned by the Commonwealth
160AQCNQ Company that is a party to a scheme involving capital benefits
160AQCNR Debits arising from untainting share capital accounts
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Division 3—Estimated debits
160AQD Determination of estimated class A debit
160AQDA Determination of estimated class B debit
160AQDAA Determination of estimated class C debit
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Division 4—Required franking amount
160AQDB How to work out the class A required franking amount and the class B required franking amount
160AQE How to work out the required franking amount
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Division 5—Franking of dividends
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Subdivision A—Franking
160AQF What constitutes franking with a franked amount
160AQFA What constitutes franking with an exempted amount
160AQG Combined class of dividends to be equally franked
160AQH Company to give dividend statement to shareholders
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Subdivision B—Franking deficit tax
160AQJ Liability to franking deficit tax
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Subdivision BA—Deficit deferral tax
160AQJA Class A deficit deferral tax
160AQJB Class B deficit deferral tax
160AQJC Class C deficit deferral tax
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Subdivision C—Franking deficit tax and deficit deferral tax to offset company tax
160AQK Entitlement to offset
160AQKA Self-determination of offsets by companies
160AQKAA Entitlement for life assurance companies to offset on or after 4 May 1999
160AQKAB Amount of a life assurance company’s liability to pay company tax that would normally give rise to franking credits
160AQKAC Consequences of offset entitlement—reduction of company tax liability
160AQKAD Consequences of offset entitlement—franking credits and debits
160AQKAE Transitional—adjustments where franking year ends before 4 May 1999
160AQKB Reliance by Commissioner on claim for offset
160AQL Amendment of determination
160AQM Notice of determination
160AQN Determination not part of assessment
160AQP Evidence of determination
160AQQ Objections
160AQR Recovery of excess offsets
160AQS Refunds of amounts overpaid
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Division 6—Tax effects for shareholders
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Subdivision A—Assessable income of certain shareholders
160AQT Extra amount to be included in assessable income where franked dividend paid
160AQTA Where franked dividend paid by exempting company
160AQTB Where exempted dividend paid by former exempting company
160AQTC Subsidiaries
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Subdivision B—Franking rebate for certain shareholders
160AQU Franking rebate
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Division 6A—Transfer of shareholder status for tax purposes
160AQUA Transfer of shareholder status for tax purposes—cum-dividend stock exchange sales and securities lending arrangements
160AQUB Securities dealer to give dividend statement to other party—cum-dividend sale
160AQUC No securities dealer—party to cum-dividend sale contract to give dividend statement to other party
160AQUD Borrower under a securities lending arrangement to give dividend statement to lender
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Division 7—Dividends paid to trusts and partnerships
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Subdivision A—Preliminary
160AQV Division to be applied separately to each dividend
160AQW Allocation of section 160AQT amount
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Subdivision B—Rebates for beneficiaries, trustees and partners
160AQWA Assumptions when working out rebate
160AQX Franking rebate for certain beneficiaries
160AQY Franking rebate in trustee’s assessment
160AQYA Franking rebate for trustees of superannuation funds, ADF’s and PST’s
160AQZ Franking rebate for certain partners
160AQZA Franking rebate for certain life assurance companies
160AQZB Where franked dividend paid by exempting company to trust or partnership
160AQZC Where exempted dividend paid by former exempting company to trust or partnership
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Subdivision BA—Maximum franking credits, maximum franking rebates, and maximum potential rebate amounts (and allowable deductions), for taxpayers who elect under section 160APHR
160AQZD Application of Subdivision
160AQZE Maximum franking credits
160AQZF Maximum franking rebates or intercorporate dividend rebates
160AQZG Maximum potential rebate amount and allowable deduction
160AQZH Benchmark portfolio of shares
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Subdivision C—Adjustments in relation to section 160AQT amounts
160AR Adjustment where franking credit arises
160ARAA Adjustment where franking rebate arises
160ARAB Adjustment where taxpayer who receives a trust amount or partnership amount is not a qualified person under Division 1A in relation to relevant franked dividend
160ARAC Adjustment where rebate not allowed in respect of trust amount or partnership amount
160ARA Adjustment for non-resident beneficiary
160ARB Adjustment where trustee assessed for non-resident beneficiary
160ARC Adjustment where trustee assessed for company
160ARD Adjustment for non-resident partner
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Division 7AA—Franking rebates for certain exempt institutions
160ARDAA Definitions
160ARDAB Certain exempt institutions eligible for rebates in relation to franking credits
160ARDAC Franking rebates denied in certain circumstances
160ARDAD Controller liable to pay amount in respect of refund in some cases
160ARDAE Treatment of benefits provided by an exempt institution to a controller
160ARDAF Present entitlement of exempt institution disregarded in certain circumstances
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Division 7A—Application of Part in relation to trusts that are treated as companies
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Subdivision A—General modifications
160ARDA General application of Part in relation to corporate trust estates
160ARDB Company tax to include tax payable by current corporate trust
160ARDC Certain corporate trust dividends to be treated as frankable dividends
160ARDCA Schemes by way of dividend stripping
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Subdivision B—Modification of rules regarding franking credits and franking debits
160ARDD Residence requirement for credit or debit to arise
160ARDE Franking credit where franked dividends received
160ARDF Franking credit where franked dividends received through trusts and partnerships
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Subdivision C—Franking of corporate trust dividends
160ARDG Residence requirement for franking
160ARDH Residence requirement for franking deficit tax to offset tax payable by trustee
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Subdivision CA—Extension of Part to non-unit dividends
160ARDHA Definitions
160ARDHB Application of Part generally to non-unit dividends etc.
160ARDHC Application of this Subdivision to non-unit dividends etc.
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Subdivision D—Miscellaneous
160ARDJ No extra amount assessable under section 160AQT to trustee of corporate trust estate
160ARDK No rebate under section 160AQX or 160AQZ to trustee of current corporate trust
160ARDL Adjustments for section 160AQT amounts
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Division 7B—Tainted share capital accounts
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Subdivision A—Tainting and untainting accounts, and distributions from tainted accounts
160ARDM Tainted share capital account
160ARDN Untainting share capital account
160ARDO Untainting tax does not cause franking credit
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Subdivision B—Companies other than life assurance companies
160ARDP Subdivision applies to companies other than life assurance companies
160ARDQ Consequences of tainting share capital account—automatic franking debit
160ARDR Election to untaint share capital account
160ARDS Consequences of election to untaint—franking debit
160ARDT Consequences of election to untaint—untainting tax for companies with higher tax shareholders
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Subdivision C—Life assurance companies
160ARDU Subdivision applies to life assurance companies
160ARDV Consequences of tainting share capital account—automatic franking debit
160ARDW Election to untaint share capital account
160ARDX Consequences of election to untaint—franking debit
160ARDY Consequences of election to untaint—untainting tax for companies with higher tax shareholders
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Subdivision D—Payment etc. of untainting tax
160ARDZ Payment of untainting tax
160ARDZA Late payment of untainting tax
160ARDZB Recovery of tax
160ARDZC Notice of liability
160ARDZD Evidentiary effect of notice of liability
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Division 8—Returns and assessments
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Subdivision A—Returns
160ARE Annual returns
160AREA Deficit deferral tax returns
160ARF Further returns etc.
160ARG Requirements for returns
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Subdivision B—Assessments
160ARH First return deemed to be an assessment
160ARHA Deficit deferral tax return taken to be an assessment
160ARJ Part-year assessment
160ARK Default assessment
160ARL Assessment of franking additional tax
160ARM Notice of franking assessment
160ARN Amendment of assessments
160ARQ Validity of assessment
160ARR Refunds of amounts overpaid
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Subdivision C—Miscellaneous
160ARS Evidence
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Division 9—Objections
160ART Objections
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Division 10—Collection and recovery
160ARU Due date for payment of franking deficit tax
160ARUA Due date for payment of deficit deferral tax
160ARV Due date for payment of franking additional tax
160ARW Miscellaneous provisions relating to collection and recovery
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Division 11—Additional tax by way of penalty
160ARWA Division to stop applying
160ARXA Interpretation
160ARXB Treating a law as not applying
160ARXC Taxation statement can apply to different franking years or different refunds
160ARX Penalty for over-franking
160ARYA Class A deficit deferral tax—penalty
160ARYB Class B deficit deferral tax—penalty
160ARYC Class C deficit deferral tax—penalty
160ARY Penalty for setting out incorrect amounts in dividend statements
160ARZ Penalty for failure to furnish return
160ARZA Penalty tax where franking tax shortfall caused by lack of reasonable care
160ARZB Penalty tax where franking tax shortfall caused by recklessness
160ARZC Penalty tax where franking tax shortfall caused by intentional disregard of law
160ARZD Penalty tax because of position taken
160ARZE Penalty because private ruling disregarded
160ARZF Certain amounts not shortfall because of application for private ruling
160ARZG Certain amounts not shortfall because of advice etc.
160ARZH Where 2 or more shortfall sections apply
160ARZI Further penalty tax
160ARZJ Reduction of penalty tax—disclosure after tax audit notified
160ARZK Reduction of penalty tax—disclosure before tax audit notified
160ARZL When disclosure made
160ASA Minimum amount of additional tax
160ASB Remission of additional tax
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Division 12—Records, information and tax agents
160ASC Company to keep records
160ASD Power of Commissioner to obtain information
160ASE Tax agents
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Division 12A—Venture capital franking
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Subdivision A—Establishing a venture capital sub-account within the class C franking account
160ASEB PDF may establish a venture capital sub-account within its class C franking account
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Subdivision B—Ascertaining whether there is a surplus or deficit in the venture capital sub-account
160ASEC Ascertainment of surplus or deficit
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Subdivision C—Venture capital credits and debits
160ASED Venture capital credits and debits
160ASEE Venture capital credit—carry forward of venture capital sub-account surplus
160ASEF Venture capital credit—lapsing of estimated venture capital debit determination
160ASEG Venture capital debit—declaration made under section 160ASEL
160ASEH Venture capital debit—CGT limit for year of income exceeded
160ASEI Venture capital debit—estimated venture capital debit determination
160ASEJ Venture capital debit—PDF that streams dividends or other benefits
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Subdivision D—Determination of estimated venture capital debit
160ASEK Determination of estimated venture capital debit
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Subdivision E—Venture capital franking declaration
160ASEL PDF with a venture capital sub-account may declare class C franked dividend to be a venture capital franked dividend
160ASEM Requirement to empty the venture capital sub-account when PDF has a venture capital sub-account surplus
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Subdivision F—Venture capital deficit tax
160ASEN Liability to venture capital deficit tax
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Subdivision G—Venture capital franking rebates for certain taxpayers
160ASEO Taxpayers who qualify for venture capital franking rebates
160ASEP Venture capital franking rebate
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Division 13—Transitional provisions arising from the introduction of class C franking credits and class C franking debits
160ASEA Some provisions of this Division cease to apply to events occurring on or after 1 July 2000
160ASF Class C conversion time of a company
160ASG Conversion of class A franking account balance to class C franking account balance
160ASH Conversion of class B franking account balance to class C franking account balance
160ASI Changes to franking account balances after a company’s class C conversion time
160ASJ Provisions relating to companies that cease to be life assurance companies
160ASK Provisions relating to companies with class A or class B required franking amounts
160ASL Required franking amounts in certain cases covered by subsection 160AQE(2)
160ASM Required franking amounts in certain cases covered by subsection 160AQE(3)
160ASN Variation of certain declarations under section 160AQF
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Division 14—Transitional provisions for conversion to 34% rate on 1 July 2000
160ATA Conversion of account balances on 1 July 2000
160ATB Conversion of balance of class C franking account to reflect the new company tax rate
160ATC Conversion of balance of class A franking to reflect the new company tax rate and transfer to the class C franking account
160ATD Special treatment of some franking credits and debits arising on or after 1 July 2000
160ATDA Special treatment of some franking credits and debits arising before 1 July 2000
160ATF Series of dividends crossing over 1 July 2000
160ATG Dividends paid under resolution made before 1 July 2000 but with a reckoning day after 1 July 2000
160ATH Modifying the operation of subsection 160AQE(3)
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Division 15—Transitional provisions for conversion to 30% rate on 1 July 2001
160AUA Conversion of account balances on 1 July 2001
160AUB Conversion of balance of class C franking account to reflect the new company tax rate
160AUC Special treatment of some franking credits and debits arising on or after 1 July 2001
160AUD Special treatment of some franking credits and debits arising before 1 July 2001
160AUE Series of dividends crossing over 1 July 2001
160AUF Dividends paid under resolution made before 1 July 2001 but with a reckoning day after 1 July 2001
160AUG Modifying the operation of subsection 160AQE(3)
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Part IIIA—Capital gains and capital losses
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Division 1—Preliminary
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Subdivision A—Object, simplified outline, example and index
160AX Object
160AY Simplified outline of scheme of Part
160AZ Example of how this Part works
160AZA Index of key concepts
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Subdivision B—Interpretation
160A Assets to which Part applies
160B Personal-use assets
160C Taxpayer
160D Money or other property applied for benefit of taxpayer
160E Associated persons
160F Associated trust estates
160G Related companies
160H Resident trust estates and unit trusts
160J Asset passing to personal representative or beneficiary
160JA Interpretative provisions for Divisions 3A, 3B, 3C, 3CA, 3CB, 3CC, 3CD and 3D
160K Other interpretative provisions
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Division 2—Application
160L Part applies in respect of disposals of assets
160M What constitutes a disposal or acquisition
160MA Certain asset creation cases not to constitute an acquisition or disposal
160N Assets lost or destroyed
160P Composite assets
160Q Indexation of indexed cost base limit
160R Part disposals
160S Transfers by way of security etc.
160T Disposal of taxable Australian assets
160U Time of disposal and acquisition
160V Disposals by bare trustees and persons enforcing securities
160W Effect of bankruptcy etc.
160WA Deemed disposal and re-acquisition of valueless shares in companies in liquidation
160X Death not to constitute disposal etc.
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Volume 10
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Part IIIA—Capital gains and capital losses
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Division 2—Application
160Y Asset bequeathed to tax-advantaged person etc.
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Division 3—Determination of capital gains and capital losses
160Z Capital gains and capital losses
160ZA Reductions of capital gains where amount otherwise assessable
160ZAA Reduction of capital gains and capital losses for certain taxable Australian assets
160ZB Exemption of certain gains and losses
160ZC Net capital gains and net capital losses
160ZCA Information about family trusts with interests in companies: first case
160ZCB Notice where requirements of section 160ZCA are met
160ZCC Information about family trusts with interests in companies: second case
160ZCD Notice where requirements of section 160ZCC are met
160ZCE Information about non-fixed trusts with interests in company
160ZCF Notices where requirements of section 160ZCE are met
160ZD Consideration in respect of disposal
160ZE Consideration in respect of disposal of non-listed personal-use assets
160ZF Adjustment where consideration not received
160ZFA Adjustment where section 47A applies to rolled-over assets
160ZFB Adjustment where change of residence by a company from unlisted country to listed country
160ZG Cost base etc. of non-listed personal-use assets
160ZH Cost base, indexed cost base and reduced cost base
160ZI Apportionment of cost base upon disposal of part of asset
160ZJ Indexation of amounts for purposes of indexed cost base
160ZJA Reduction of amounts for purposes of cost base
160ZJB Reduction of amounts for purposes of indexed cost base
160ZK Reduction of amounts for the purposes of reduced cost base
160ZL Return of capital on shares
160ZM Return of capital on investment in trust
160ZN Application to joint owners
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Division 3A—Net capital gain or net capital loss of company in respect of year of income in which ownership or control of the company changed
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Guide to Division 3A
160ZNA What this Division is about
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When a company must work out its net capital gain or net capital loss under this Division
160ZNBA Application of this Division
160ZNB On a change of ownership, unless the company carries on the same business
160ZNC Who has more than a 50% stake in the company during a period
160ZND On a change of control of voting power in the company, unless the company carries on the same business
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Working out the company’s net capital gain or net capital loss
160ZNE First, divide the year of income into periods
160ZNF Next, calculate the notional net capital gain or notional net capital loss in respect of each period
160ZNG How to calculate the company’s net capital gain or net capital loss in respect of the year of income
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Division 3B—Tests for finding out whether the company has maintained the same owners
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The primary and alternative tests
160ZNH Who has more than 50% of the voting power in the company during a period
160ZNI Who has rights to more than 50% of the company’s dividends during a period
160ZNJ Who has rights to more than 50% of the company’s capital distributions during a period
160ZNK Rules about the primary test for a condition
160ZNL Tests can be satisfied by a single person
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Rules affecting the operation of the tests
160ZNM Arrangements affecting beneficial ownership of shares
160ZNN Shares treated as never having carried rights
160ZNO Shares treated as always having carried rights
160ZNP Disregard redeemable shares
160ZNQ Rules do not affect totals of shares or rights
160ZNR Death of beneficial owner
160ZNRA Companies in liquidation
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Division 3C—The same business test
160ZNS The test
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Division 3CA—Net capital gain or net capital loss of listed public company or its 100% subsidiary for year of income in which ownership or control of the company changed
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Guide to Division 3CA
160ZNSA What this Division is about
160ZNSB How Division 3A applies to a listed public company
160ZNSC How to work out the net capital gain or net capital loss
160ZNSD How Division 3A applies to 100% subsidiary of a listed public company
160ZNSE Companies can choose that this Division is not to apply to them
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Division 3CB—Tests for finding out whether the listed public company has maintained the same owners
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Guide to Division 3CB
160ZNSF What this Division is about
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Substantial continuity of ownership
160ZNSG Substantial continuity of ownership
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The ownership tests
160ZNSH Who has more than 50% of the voting power in the listed public company at a particular time
160ZNSI Who has rights to more than 50% of the listed public company’s dividends at a particular time
160ZNSJ Who has rights to more than 50% of the listed public company’s capital distributions at a particular time
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Rules affecting the operation of the ownership tests
160ZNSK Rules in Division 3B apply
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Division 3CC—How to treat shareholdings of less than 1%
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Guide to Division 3CC
160ZNSL What this Division is about
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Special tracing rules for listed public companies
160ZNSM Shareholdings of less than 1% in the listed public company
160ZNSN Shareholdings of less than 1% in an interposed listed public company
160ZNSO Notional shareholder
160ZNSP Notional shareholder taken to have minimum voting control, dividend rights and capital rights
160ZNSQ Voting, dividend and capital shareholding of less than 1%
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When the rules in this Division do not apply
160ZNSR Limit on listed public company splitting its shares into different classes
160ZNSS If listed public company would not have otherwise passed the ownership tests
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Division 3CD—How to treat interposed superannuation funds, approved deposit funds and special companies
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Guide to Division 3CD
160ZNST What this Division is about
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Special tracing rules for listed public companies
160ZNSU When fund or special company is taken to control voting power
160ZNSV When fund or special company is taken to have rights to dividends and capital
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Division 3D—Anti-avoidance measures for capital losses of companies
160ZNTA Application of this Division
160ZNT Capital gain accruing to company because of available capital losses
160ZNU Deduction or capital loss injected into company because of available capital gain
160ZNV Someone else obtains a tax benefit because of a capital loss or capital gain available to company
160ZNW Loss resulting from disallowed deductions
160ZNX Net capital loss resulting from disallowed capital losses
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Division 4—Treatment of gains and losses
160ZO Treatment of net capital gains and net capital losses
160ZP Transfer of net capital loss within company group
160ZPAA Continued operation of section 160ZPA
160ZPA Denial of duplicated capital loss where section 160ZZO rollover relief
160ZQ Treatment of gains and losses in respect of listed personal-use assets
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Division 5—Leases
160ZR Interpretation
160ZS Grant of lease to constitute disposal
160ZSA Election to treat grant of long term lease as disposal of freehold interest or head lease
160ZT Payments for variation of lease
160ZU Renewal or extension of lease
160ZV Consideration for disposal
160ZW Acquisition by lessee of reversionary interest of lessor
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Division 5A—Crown leases
160ZWA Roll-over or conversion of Crown lease
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Division 5B—Property installed on leased Crown land
160ZWB Interpretation
160ZWC Termination etc. of Crown lease followed by grant of fresh Crown lease or of freehold to lessee
160ZWD Termination etc. of Crown lease followed by grant of fresh Crown lease or of freehold to associate of lessee
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Division 6—Trusts other than unit trusts
160ZX Person becoming entitled to beneficial ownership of trust asset
160ZY Dealing with right to receive income from trust
160ZYA Transfer of asset in satisfaction of right to receive income from trust
160ZYB Dealing with interest in corpus of trust estate
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Division 7—Bonus units in unit trusts
160ZYC Application
160ZYD Time of acquisition of certain bonus units
160ZYE Consideration in respect of acquisition
160ZYEA Cost base etc. of certain bonus units
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Division 7A—Units in pooled superannuation trusts
160ZYEB Disposal of units in PSTs by complying superannuation funds and other tax-advantaged entities
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Division 8—Bonus shares
160ZYF Application
160ZYG Time of acquisition of bonus shares
160ZYH Consideration in respect of acquisition
160ZYHA Cost base etc. of certain bonus shares
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Division 8A—Bonus shares issued after 30 June 1987 where paid-up value is a dividend
160ZYHB Application
160ZYHC Cost base etc. of bonus shares
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Division 9—Employees’ shares–section 26AAC
160ZYHD Meaning of reducing amount
160ZYI Consideration for acquisition of shares by employees
160ZYJ Consideration for acquisition of share rights by employees
160ZYJA Employee share trusts
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Division 9A—Employees’ shares–Division 13A of Part III
160ZYJB Shares or rights under employee share scheme
160ZYJC Shares or rights under employee share scheme—associates
160ZYJD Employee share trusts
160ZYJE Terms have same meaning as in Division 13A of Part III
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Division 10—Rights to acquire shares
160ZYK Application
160ZYL Exercise of rights not to constitute disposal
160ZYM Time of acquisition of rights
160ZYN Shareholder not to be deemed to have paid or given consideration for rights
160ZYO Exercise of rights
160ZYP Division to be subject to Division 9
160ZYQ Application of Division to holders of convertible notes
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Division 10A—Rights to acquire units in a unit trust
160ZYQA Application
160ZYQB Exercise of rights not to constitute disposal
160ZYQC Time of acquisition of rights
160ZYQD Unitholder not to be deemed to have paid or given consideration for rights
160ZYQE Exercise of rights
160ZYQF Application of Division to holders of convertible notes
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Division 11—Company-issued options to shareholders to acquire unissued shares
160ZYR Application
160ZYS Exercise of option not to constitute disposal
160ZYT Time of acquisition of option
160ZYU Shareholder not to be deemed to have paid or given consideration for option
160ZYV Exercise of option
160ZYW Division to be subject to Division 9
160ZYX Application of Division to holders of convertible notes
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Division 11A—Unit trust-issued options to unitholders to acquire unissued units
160ZYXA Application
160ZYXB Exercise of option not to constitute disposal
160ZYXC Time of acquisition of option
160ZYXD Unitholder not to be deemed to have paid or given consideration for option
160ZYXE Exercise of option
160ZYXF Application of Division to holders of convertible notes
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Division 12—Convertible notes–companies
160ZYY Definition
160ZYYA Division not to apply to traditional securities
160ZYZ Conversion of note not to constitute disposal
160ZZ Time of acquisition of shares
160ZZA Consideration in respect of acquisition
160ZZB Division to be subject to Division 9
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Division 12A—Convertible notes–unit trusts
160ZZBA Definition of convertible note
160ZZBAA Division not to apply to traditional securities
160ZZBB Conversion of note not to constitute disposal
160ZZBC Time of acquisition of units
160ZZBD Consideration in respect of acquisition
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Division 12B—Convertible notes that are traditional securities
160ZZBE Conversion of notes into shares
160ZZBF Conversion of notes into units
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Division 13—Options generally
160ZZC Options
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Division 14—Industrial property
160ZZD Industrial property
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Division 15—Prospecting and mining rights
160ZZE Disposal of prospecting or mining right
160ZZF Roll-over of prospecting rights and mining rights
160ZZG Disposal of right to receive income from mining operations
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Division 16—Insurance and superannuation
160ZZH Policies of insurance
160ZZI Policies of life assurance
160ZZJ Superannuation and approved deposit funds
160ZZJA RSAs
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Division 17—Miscellaneous roll-over relief
160ZZK Involuntary disposal
160ZZL Asset received as a result of involuntary disposal
160ZZM Transfer of asset between spouses upon breakdown of marriage
160ZZMA Transfer of assets from company or trust to spouse upon breakdown of marriage
160ZZN Transfer of asset to wholly-owned company
160ZZNA Transfer of partnership assets to wholly-owned company
160ZZO Transfer of asset between related companies
160ZZOA Companies ceasing to be related after section 160ZZO application
160ZZOB Effect of section 160ZZO on certain liquidations
160ZZOC Definitions used in section 160ZZOB
160ZZP Exchange of shares in the same company
160ZZPAA Exchange of units in the same unit trust
160ZZPAB Options and rights to acquire unissued shares affected by share splits or share consolidations
160ZZPAC Options and rights to acquire unissued units affected by unit splits or unit consolidations
160ZZPA Exchange of units in a unit trust for shares in a company
160ZZPB Redemption or cancellation of units in a unit trust in exchange for shares in a company
160ZZPC Company schemes of arrangement—exchange of shares in original company for shares in interposed company
160ZZPD Company schemes of arrangement—redemption or cancellation of shares in original company in exchange for shares in interposed company
160ZZPE Renewal or extension of statutory licence
160ZZPF In specie distribution of shares by trustee of public trading trust
160ZZPG Strata title conversions
160ZZPH Conversion of incorporated association to company incorporated under company law
160ZZPI Merger of qualifying superannuation funds
160ZZPIA Definitions for the purposes of section 160ZZPI
160ZZPJ Changes in trust deeds
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Division 17A—Roll-over relief for certain disposals of assets related to small businesses
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Subdivision A—Interpretative provisions
160ZZPK Definitions
160ZZPL Assets, active assets and roll-over assets
160ZZPM Associates
160ZZPN Entity connected with taxpayer
160ZZPNA Controlling individual
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Subdivision B—How roll-over relief is available on the disposal of an asset
160ZZPO What this Subdivision is about
160ZZPP Threshold criteria in respect of maximum net value of assets of taxpayer and related persons
160ZZPQ When roll-over relief is available
160ZZPQA No election if election already made under Division 17B
160ZZPR How net non-goodwill roll-over amount is worked out
160ZZPS How net goodwill roll-over amount is worked out
160ZZPT Nomination of replacement assets
160ZZPU Application of net goodwill roll-over amount if the only replacement assets are goodwill
160ZZPV Application of net roll-over amounts if the only replacement assets are assets other than goodwill
160ZZPW Application of net roll-over amounts if the replacement assets include both goodwill and assets other than goodwill
160ZZPX Change of status of replacement asset
160ZZPXA Change of circumstances of company or unit trust
160ZZPY Roll-over of replacement asset under another provision of Part IIIA other than section 160X
160ZZPZ Roll-over of replacement asset under section 160X
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Division 17B—Disposal of small business assets: proceeds used for retirement
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Subdivision A—Introduction
160ZZPZA What this Division is about
160ZZPZB Structure of the Division
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Subdivision B—Taxpayers who are individuals
160ZZPZC Scope of Subdivision
160ZZPZD Conditions for exemption
160ZZPZE What happens if the disposal is exempt
160ZZPZF Taxpayers under 55 must roll over proceeds, or lose exemption
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Subdivision C—Taxpayers that are private companies or trusts
160ZZPZG Scope of Subdivision
160ZZPZH Single-controller conditions
160ZZPZI Dual-controller conditions
160ZZPZJ What happens if the disposal is exempt
160ZZPZK Exemption reduced if controlling individual did not control taxpayer throughout taxpayer’s ownership of asset
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Subdivision D—Previous years’ net capital losses
160ZZPZL Exemption reduced if net capital losses available from previous years
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Subdivision E—Definitions
160ZZPZM List of expressions
160ZZPZN CGT retirement exemption limit
160ZZPZO Actual consideration
160ZZPZP Controlling individual
160ZZPZQ Pattern of distributions test
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Volume 11
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Part IIIA—Capital gains and capital losses
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Division 18—Principal residence
160ZZQ Principal residence
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Division 19—Goodwill
160ZZR Exemption of part of gain attributable to goodwill
160ZZRAA Calculation of exemption threshold for purposes of section 160ZZR
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Division 19A—Transfers of assets between companies under common ownership
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Subdivision A—Outline and interpretation
160ZZRAAA Outline of Division
160ZZRA Interpretation
160ZZRB When companies under common ownership
160ZZRBA Cost base etc. of certain assets
160ZZRBB Meaning of indexed common ownership market value
160ZZRC Underlying interest
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Subdivision B—Application of Division
160ZZRD Transfers of assets between companies under common ownership
160ZZRDA How Division applies to grouped assets
160ZZRDB How Division applies to depreciable assets
160ZZRDC Application of Subdivision E
160ZZRDD Application of Subdivision F
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Subdivision C—Grouped assets
160ZZRDE Transferor may elect to group assets
160ZZRDF Depreciable property groups
160ZZRDG Pre-common ownership groups
160ZZRDH Post-common ownership groups
160ZZRDI Shares or loans created after first asset in group is disposed of
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Subdivision D—Depreciable assets
160ZZRDJ Shares in, and loans to, transferor—depreciable assets—deemed disposal
160ZZRDK Shares of different classes
160ZZRDL Loans to transferor—depreciable assets
160ZZRDM Loans to transferor—depreciable assets—deemed disposal
160ZZRDN More than one loan
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Subdivision E—Other assets
160ZZRE Shares in, and loans to, transferor—deemed disposal and re-acquisition
160ZZRF First asset acquired before transferor and transferee came under common ownership—shares in, and loans to, transferor—reduction in cost base etc.
160ZZRFA First asset acquired when transferor and transferee under common ownership—shares in, and loans to, transferor—reduction in cost base etc.
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Subdivision F—Other adjustments
160ZZRG Indirect equity or debt interests in transferor—reduction in cost base etc.
160ZZRH Equity interests in transferee—compensatory increase in cost base etc.
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Division 19B—Share value shifting arrangements
160ZZRI Object
160ZZRJ Simplified outline
160ZZRK List of definitions
160ZZRL Requirements for Division to apply
160ZZRM Share value shift under an arrangement
160ZZRN Controller of a company etc.
160ZZRO Material decrease, material increase and total market value increase
160ZZRP Consequences of value shift to pre-CGT share
160ZZRQ Consequences of value shift to post-CGT share
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Division 20—Changes in majority underlying interests in assets
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Subdivision A—Preliminary
160ZZRR Interpretation
160ZZRRA What is a 100% subsidiary
160ZZRRB Position to affect rights in relation to a company
160ZZRS Indirect beneficial interest in asset
160ZZRT Indirect beneficial interest in income derived from asset
160ZZRU Acquisition of percentage of underlying interests as a result of death
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Subdivision B—Provisions applying to taxpayers other than public entities
160ZZS Changes in majority underlying interests in assets of taxpayers other than public entities
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Subdivision C—Provisions applying to public entities
160ZZSA Public entities to determine at identified times whether changes have occurred since 19 September 1985 in majority underlying interests in assets of the entities
160ZZSB Date of acquisition of asset if failure to make determination on time
160ZZSC If no continuity of majority underlying interests found at first test time
160ZZSD If no continuity of majority underlying interests at later test time
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Subdivision D—Abnormal trading
160ZZSE Abnormal trading in shares in a public company or units in a publicly traded unit trust
160ZZSF Abnormal trading: general provision
160ZZSG Abnormal trading: 5% of shares or units in one transaction
160ZZSH Abnormal trading: suspected acquisition or merger
160ZZSI Abnormal trading—20% of shares or units traded over 60 day period
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Subdivision E—How holdings of shares or units of less than 1% in certain public entities may be treated
160ZZSJ What this Subdivision is about
160ZZSK Holdings of less than 1% in public company or publicly traded unit trust
160ZZSL Holdings of less than 1% in interposed public company or interposed publicly traded unit trust
160ZZSM Notional single shareholder or unitholder
160ZZSN Capital shareholding and dividend shareholding of less than 1%
160ZZSO Capital unitholding and income unitholding of less than 1%
160ZZSP Shares that are part of a substantial shareholding
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Subdivision F—How interposed superannuation funds, approved deposit funds, special companies and government bodies may be treated
160ZZSR What this Subdivision is about
160ZZSS When fund, special company or government body is taken to have rights to capital, dividends or other income
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Subdivision G—Determination of underlying interests if mutual insurance organisation with more than 50 members ceases to be such an organisation but continues to be a public entity
160ZZST Members of former mutual insurance organisation taken to hold underlying interests in assets since base time
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Division 20A—Special provisions relating to disposals of certain pre-20 September 1985 assets
160ZZT Disposal of shares or interest in trust
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Division 21—Miscellaneous
160ZZU Keeping of records
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Part IIIB—Australian branches of foreign banks
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Division 1—Preliminary
160ZZVA Object
160ZZVB Application
160ZZV Definitions
160ZZW Certain provisions to apply as if Australian branch of foreign bank were a separate legal entity
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Division 2—Provisions relating to income tax
160ZZX Income of branch to have Australian source
160ZZY Deduction for foreign tax
160ZZZ Notional borrowing by branch from bank
160ZZZA Notional payment of interest by branch to bank
160ZZZC Offshore banking units
160ZZZE Notional derivative transactions between branch and bank
160ZZZF Notional foreign exchange transactions between branch and bank
160ZZZG Losses
160ZZZH Net capital losses
160ZZZI Certain transactions to be disregarded
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Division 3—Provisions relating to withholding tax
160ZZZJ Withholding tax on interest paid by branch to bank
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Division 4—Extension of Part to Australian branches of foreign financial entities
160ZZZK Treatment like Australian branches of foreign banks
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Part IV—Returns and assessments
161 Annual returns
161A Form and content of returns
161AA Contents of returns of full self-assessment taxpayers
161G Tax agent to give taxpayer copy of notice of assessment
162 Further returns and information
163 Special returns
163A Late lodgement penalty—relevant entities, instalment taxpayers and full self-assessment taxpayers
163AA General interest charge on unpaid penalty
163B Late lodgment of returns by persons other than relevant entities, instalment taxpayers and full self-assessment taxpayers
164 Returns deemed to be duly made
166 Assessment
166A Deemed assessment
167 Default assessment
168 Special assessment
169 Assessments on all persons liable to tax
169A Reliance by Commissioner on returns and statements
170 Amendment of assessments
170AA Liability of taxpayer where assessment amended
170C Power of Commissioner to reduce amount of tax payable in certain cases
171 Where no notice of assessment served
171A Limited period to make assessments for nil liability returns for the 2003-04 year of income or earlier
172 Refunds of amounts overpaid
173 Amended assessment to be an assessment
174 Notice of assessment
175 Validity of assessment
175A Objections against assessments
176 Judicial notice of signature
177 Evidence
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Part IVA—Schemes to reduce income tax
177A Interpretation
177B Operation of Part
177C Tax benefits
177CA Withholding tax avoidance
177D Schemes to which Part applies
177E Stripping of company profits
177EA Creation of franking debit or cancellation of franking credits
177EB Cancellation of franking credits—consolidated groups
177F Cancellation of tax benefits etc.
177G Amendment of assessments
177H Amendment of foreign tax credit determinations
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Part VA—Tax file numbers
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Division 1—Preliminary
202 Objects of this Part
202A Interpretation
202AA Definition of eligible PAYG payment
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Division 2—Issuing of tax file numbers
202B Application for tax file number
202BA Issuing of tax file numbers
202BB Current tax file number
202BC Deemed refusal by Commissioner
202BD Interim notices
202BE Cancellation of tax file numbers
202BF Alteration of tax file numbers
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Division 3—Quotation of tax file numbers by recipients of eligible PAYG payments
202C TFN declarations by recipients of eligible PAYG payments
202CA Operation of TFN declaration
202CB Quotation of tax file number in TFN declaration
202CC Making a replacement TFN declaration in place of an ineffective declaration
202CD Sending of TFN declaration to Commissioner
202CE Effect of incorrect quotation of tax file number
202CF Payer must notify Commissioner if no TFN declaration by recipient
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Division 4—Quotation of tax file numbers in connection with certain investments
202D Explanation of terms: investment, investor, investment body
202DA Phasing-in period for Division
202DB Quotation of tax file numbers in connection with investments
202DC Method of quoting tax file number
202DD Investor excused from quoting tax file number in certain circumstances
202DDA Quotation of investment body remitter number to be alternative to quoting tax file number
202DDB Quotation of tax file number in connection with indirectly held investment
202DE Securities dealer to inform the investment body of tax file number
202DF Effect of incorrect quotation of tax file number
202DG Investments held jointly
202DH Tax file number quoted for superannuation or surcharge purposes taken to be quoted for purposes of the taxation of eligible termination payments
202DI Tax file number quoted for RSA purposes taken to be quoted for purposes of the taxation of eligible termination payments
202DJ Tax file number quoted for purposes of taxation of eligible termination payments taken to be quoted for surcharge purposes
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Division 4A—Quotation of tax file numbers in connection with farm management deposits
202DK Interpretation
202DL Quotation of tax file number
202DM Effect of incorrect quotation of tax file number
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Division 5—Exemptions
202EA Persons receiving certain pensions etc.—employment
202EB Persons receiving certain pensions etc.—investments
202EC Entities not required to lodge income tax returns
202EE Non-residents
202EF Territory residents etc.
202EG Manner of completing declarations
202EH Declarations under this Division to be retained in certain circumstances
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Division 6—Review of decisions
202F Review of decisions
202FA Statements to accompany notification of decisions
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Division 7—Manner of providing information
202G Transmission of information in accordance with specifications
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Part VI—Collection and recovery of tax
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Division 1—General
204 When tax payable
205 Taxpayer leaving Australia
206 Extension of time and payment of tax by instalments
208 Tax a debt due to the Commonwealth
209 Recovery of tax
213 Temporary business
214 Substituted service
214A Interest rates
215 Liquidators, receivers and certain agents
216 When tax not paid during lifetime
218 Commissioner may collect tax from person owing money to taxpayer
219 Consolidated assessments
220 Assessment where no administration
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Division 1AAA—Payment of RPS, PAYE and PPS deductions to Commissioner
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Subdivision A—Outline of Division
220AAA Outline of Division
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Subdivision B—Large remitters
220AAB Who is a large remitter—general
220AAC Who is a large remitter—determination by Commissioner
220AAD Application to cease to be a large remitter
220AAE When amounts must be remitted
220AAF How amounts must be paid
220AAG What else must be sent
220AAGA Commissioner must be notified of amounts
220AAH Variation of requirements
220AAI Grouping of companies
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Subdivision C—Medium remitters
220AAJ Who is a medium remitter—general
220AAK Who is a medium remitter—determination by Commissioner
220AAL Application to cease to be a medium remitter
220AAM When amounts must be remitted
220AAN How amounts must be paid
220AAO What else must be sent
220AAOA Commissioner must be notified of amounts
220AAP Variation of requirements
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Subdivision D—Small remitters
220AAQ Who is a small remitter
220AAR When amounts must be remitted
220AAS How amounts must be paid
220AAT What else must be sent
220AATA Commissioner must be notified of amounts
220AAU Variation of requirements
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Subdivision E—Offences and penalties
220AAW Large remitters—non-electronic payment
220AAZ Failure to send statements to Commissioner—offence
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Subdivision F—Recovery of amounts by Commissioner
220AAZA Recovery of amounts by Commissioner
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Subdivision G—Miscellaneous
220AAZB Power of Commissioner to obtain information
220AAZC Declarations
220AAZD Application of this Division to partnerships
220AAZE Application of this Division to unincorporated companies
220AAZF Review of decisions
220AAZG Interpretation
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Division 1AA—Reportable payments system (RPS)
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Subdivision A—Object and outline
220AA Object
220AB Outline
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Subdivision B—Interpretation
220AC Interpretation
220AD Money not actually paid to a person
220ADA Transfer of reportable payment debts
220AE Signing of documents
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Subdivision C—Payer of reportable payment must make deduction if payee’s tax file number not quoted
220AF Deduction from reportable payment if payee’s tax file number not quoted
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Subdivision D—Payers’ reporting and record-keeping obligations
220AH Obligation to issue receipt for deduction
220AJ Annual report
220AK Retention of annual report
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Subdivision E—How payees can quote their tax file numbers
220AL Method of quoting tax file number
220AM Meaning of tax file number declaration
220AN When tax file number declaration in force
220AO Commissioner may correct tax file number set out in tax file number declaration form
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Subdivision F—Making of pensioner exemption declaration to be alternative to quotation of tax file number
220AP Making of pensioner exemption declaration to be alternative to quotation of tax file number
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Subdivision G—Payer to send tax file number declaration form or pensioner exemption declaration form to Commissioner
220AQ Obligations of payer—tax file number declaration form or pensioner exemption declaration form
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Subdivision H—Refund of deductions in special circumstances
220AR Commissioner may refund deductions
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Subdivision I—Civil penalties for failure to make deductions from reportable payments and for failure to send deductions to the Commissioner
220AS Failure to make deduction from reportable payment
220AU Commissioner may remit penalty for failure to deduct
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Subdivision J—Payers to have civil protection for making deductions
220AX Payers to have civil protection for making deductions
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Subdivision K—Recovery of amounts payable under this Division
220AY Recovery of amounts by Commissioner
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Subdivision L—Tax credits for deductions from reportable payments
220AZ Entitlement to credit—payee neither a partnership nor a trustee
220AZA Entitlement to credit—payee a partnership
220AZB Entitlement to credit—payee a trustee
220AZC Application of credits
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Subdivision M—Miscellaneous
220AZD Power of Commissioner to obtain information
220AZE Declarations
220AZF Application of this Division to partnerships
220AZG Application of this Division to unincorporated companies
220AZH Review of decisions
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Division 1A—Collection by instalments of tax on companies in respect of years of income before the year of income ending on 30 June 1990
221AAA Application
221AA Interpretation
221AB Modified application of Division for early balancing companies
221AC Liability to pay instalments of tax
221AD Amount of notional tax
221AE Amount of instalment of tax
221AF When instalment of tax payable
221AG Estimated income tax
221AH Notice of alteration of amount of instalment
221AI Application of payments of instalments of tax
221AJ Notice of instalment of tax to be prima facie evidence
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Division 1B—Collection of Tax on Companies and Trustees of certain Funds
221AK General interpretative provisions
221AKA Termination of operation of this Division
221AL Net capital gains to be disregarded in making certain calculations
221AM When income tax becomes due and payable
221AN Modified application of Division for certain entities with substituted accounting periods
221AO Liability to make payments under this Division
221AP When initial payment to be made
221AQ Amount of initial payment
221AR Power of relevant entity to revise estimate in certain circumstances
221AS Statement as to basis of estimate
221AT Circumstances in which initial payment not required
221AU Election to make single payment
221AV Power of Commissioner to reduce amount of initial payment or waive initial payment
221AW Power of Commissioner to vary estimate of income tax
221AX Initial payment avoidance arrangements
221AY Additional tax if income or deduction transferred under avoidance scheme
221AZ Additional payments to form part of initial payment
221AZA Refund to reduce initial payment of tax
221AZB Notional tax
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Volume 12
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Part VI—Collection and recovery of tax
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Division 1B—Collection of Tax on Companies and Trustees of certain Funds
221AZC Modification of notional tax for certain entities with substituted early accounting periods
221AZD Final tax liability
221AZE Additional tax if estimate incorrect
221AZF Crediting of payments
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Division 1C—Payment of instalments by companies and certain trustees
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Subdivision A—Interpretation
221AZH Interpretation
221AZI References to tax payable modified for years in which taxpayer had net capital gain
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Subdivision B—General rules for payment of instalments
221AZJA Application of this Division
221AZJ Object of Division
221AZK Liability to pay instalments
221AZKA Classification and likely tax in certain cases
221AZKB For 1999-2000, some medium and small taxpayers need not pay instalment due in month 18
221AZKC Deferring payment of the final instalment for 1999-2000
221AZKD Notification of deferred payments
221AZKEA Effect on sections 221AZKB and 221AZKC if assessment is amended
221AZKE Modified application of sections 221AZKB and 221AZKC to entity adopting a substituted accounting period
221AZL Commissioner may waive or reduce instalment
221AZM Entitlement to instalment credit
221AZMAA Late payment of instalments
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Subdivision BA—Instalment taxpayer groups
221AZMA Medium taxpayer in large group treated as large taxpayer
221AZMB Instalment taxpayer groups
221AZMC When one instalment taxpayer controls another
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Subdivision C—Calculating likely tax for current year
221AZN General rule for calculating likely tax
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Subdivision D—Estimates of current year’s tax
221AZO Taxpayer may lodge estimates of current year’s tax
221AZP Liability if estimate is too low
221AZQ Refund of excessive instalment on downwards estimate
221AZR Liability to pay an additional amount on upwards estimate
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Subdivision E—Miscellaneous
221AZS Taxpayer must specify taxable income etc. in return
221AZT Due date for payment of tax
221AZU Additional tax if income or deduction transferred under avoidance scheme
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Division 2—Collection by instalments of tax on persons other than companies
221A Interpretation
221B Eligible local governing bodies—when resolutions take effect etc.
221C Deductions by employer from salary or wages
221D Variation of deductions
221DA No obligation to make deductions if inconsistent with the Constitution
221E Certificates of exemption
221EAA Failure to make deductions from salary or wages
221F Group employers, group certificates etc.
221H Record-keeping and application of deductions in payment of tax
221K Tax vouchers
221N Remission of penalty
221R Recovery of amounts by Commissioner
221S Arrangements with authorities of other countries
221V Offences
221W Joinder of charges under this Division
221X Offences by partners
221YAA Power of Commissioner to obtain information
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Division 3—Provisional tax
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Subdivision A—General provisions
221YA Interpretation
221YAAA Provisional tax uplift factor
221YAB Certain employees to be subject to provisional tax
221YB Liability to provisional tax
221YBA Liability to pay instalments of provisional tax
221YC Amount of provisional tax
221YCAA Uplifted provisional tax amount
221YCA Amount of instalment of provisional tax
221YCB Reduction of amount of instalment of provisional tax
221YD When provisional tax payable
221YDAA Notification of instalments of provisional tax
221YDA Provisional tax on estimated income
221YDB Liability where income under-estimated or where PAYE deductions over-estimated
221YDC Reduction of provisional tax
221YE Entitlement to provisional tax credit
221YF Provisional tax not to be notified where tax assessed
221YG Alteration of notice of provisional tax
221YH Notice of provisional tax to be prima facie evidence
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Subdivision B—Provisional tax avoidance schemes
221YHAAA Interpretation
221YHAAB Additional estimates and information required to be set out in statement estimating taxable income
221YHAAC Provisional tax avoidance schemes relating to taxpayers other than taxpayers in the capacity of trustees
221YHAAD Provisional tax avoidance schemes relating to trustees liable to be assessed under section 98
221YHAAE Review of decisions
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Division 3A—Collection of tax in respect of certain payments for work
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Subdivision A—Object and simplified outline
221YHAAF Object
221YHAAG Simplified outline
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Subdivision B—Operative provisions
221YHAAH Division does not apply to payments made after 30 June 2000
221YHA Interpretation
221YHB Making of payee declarations
221YHC Sending of payee declaration form to Tax Office
221YHD Deductions where payee declaration
221YHDA Deductions where no payee declaration
221YHDB Eligible paying authority (non-householder) notification obligation
221YHDC Eligible paying authority (non-householder) reporting etc. obligations
221YHDD Householders
221YHDE Issuing authorities
221YHE Refund of deductions in certain cases
221YHF Credits in respect of deductions from prescribed payments
221YHG Application of credits
221YHH Failure to make deductions from prescribed payments
221YHL Remission of certain amounts
221YHM Persons discharged from liability in respect of deductions
221YHN Recovery of amounts by Commissioner
221YHP Deduction variation certificates
221YHQ Deduction exemption certificates and reporting exemption approvals
221YHR Higher deduction percentage elections
221YHS Revocation of certificates
221YHSA Revocation of approval to quote reporting exemption number
221YHT Notification and review of decisions
221YHU Offences
221YHW Joinder of charges under this Division
221YHX Power of Commissioner to obtain information
221YHY Declarations
221YHZ Special provisions relating to partnerships
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Division 3B—Collection of tax in respect of certain payments
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Subdivision AA—Application of Division to non-share equity interests
221YHZAA Application of Division to non-share dividends
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Subdivision A—Interpretation
221YHZA Interpretation
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Subdivision B—Deductions from certain payments
221YHZB Person making natural resource payment to non-resident to ascertain amount to be deducted in respect of tax
221YHZC Duties of payers
221YHZCA Duty to notify Commissioner of amount deducted
221YHZD Duty of payer to pay deducted amount to Commissioner
221YHZDA Refund of deductions made in error—pre-16 July cases
221YHZDAA Refund of deductions made in error—post-15 July cases
221YHZDAB Special provision covering pre-1 July 1995 deductions
221YHZDAC Special provision covering pre-commencement 1995-96 deductions
221YHZDB Refund of deductions where exemption not claimed
221YHZE Remission of certain amounts
221YHZH Persons discharged from liability in respect of deducted amounts
221YHZJ Recovery of amounts by Commissioner
221YHZK Credits in respect of deducted amounts
221YHZL Application of credits
221YHZM Objections
221YHZN Application of Division to partnerships
221YHZO Power of Commissioner to obtain information
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Subdivision C—Collection of TFN withholding tax payable on the non-quotation of tax file numbers in respect of eligible deferred interest investments
221YHZP Interpretation
221YHZQ Undeducted TFN amount
221YHZR Liability for TFN withholding tax
221YHZS Amount of TFN withholding tax
221YHZT By whom TFN withholding tax is payable
221YHZU Untaxable Commonwealth entity authorised to pay TFN withholding tax for investor
221YHZV Investment body may recover TFN withholding tax from investor
221YHZW When TFN withholding tax payable
221YHZX Extended operation of some provisions of Subdivision B
221YHZXA Extended operation of certain provisions of the Taxation Administration Act
221YHZXB Penalty for failure to pay within time
221YHZY Remission of TFN withholding tax—TFN exemption declarations not given
221YHZZ Overpayments of TFN withholding tax
221YHZZA TFN withholding tax not deductible to investors
221YHZZB Other laws do not exempt a person from TFN withholding tax
221YHZZC Subdivision to bind Crown
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Division 4—Collection of withholding tax
221YJ Object of Division
221YJA Application of Division to non-share dividends
221YK Interpretation
221YL Deductions from dividends, interest and royalties
221YM Exemptions and variations
221YMA Effect of section 128AB certificates and section 265B notices
221YN Deductions to be forwarded to Commissioner etc.
221YP Dividends etc. not in money not to be paid until payment made to Commissioner on account of tax
221YQ Liability of person who fails to make deductions etc.
221YQA Liability of payer where Part IVA applies
221YR Recovery of amounts by Commissioner
221YRA Interest or royalty not allowable deduction until payment made to Commissioner on account of tax
221YS Credits in respect of deductions made from dividends, interest or royalties
221YSA Credits in respect of amounts assessed under Division 16E of Part III
221YT Application of credits
221YU Liability of trustee to pay to Commissioner amounts deducted before 1 June 1993
221YV Persons discharged from liability in respect of deductions
221YY Joinder of charges under this Division
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Division 5—Collection of mining withholding tax
221Z Object of Division
221ZA Interpretation
221ZB Deductions from mining payments
221ZC Deductions to be forwarded to Commissioner etc.
221ZD Liability of person who fails to make deduction etc.
221ZE Recovery of amounts by Commissioner
221ZF Credits in respect of deductions made from mining payments
221ZG Application of certain credits
221ZH Persons discharged from liability in respect of deductions
221ZL Joinder of charges under this Division
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Division 6—Deductions from certain withdrawals from Australian Film Industry Trust Fund accounts
221ZMA Division does not apply to withdrawals made after 30 June 2000
221ZM Interpretation
221ZN Deductions from certain withdrawals from film accounts
221ZNA Notification of amount deducted
221ZO Liability of person who fails to make deduction
221ZP Late payment of deduction
221ZR Recovery of amounts by Commissioner
221ZS Entitlement to credits in respect of deductions
221ZT Application of credits
221ZU Persons discharged from liability in respect of deductions from refunds
221ZX Joinder of charges under this Division
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Division 6A—Deductions from certain repayments of farm management deposits
221ZXA Interpretation
221ZXB Deduction of amount from repaid deposits
221ZXC Giving deduction to Commissioner
221ZXD Reporting to Commissioner on repayments
221ZXE Deduction exemption certificates
221ZXF Guidelines relating to decisions about financial difficulty
221ZXG Penalty tax payable if assessable FMD amounts understated
221ZXK Credit for amounts deducted under section 221ZXB
221ZXL Secrecy
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Division 8—Prompt recovery, through estimates and payment agreements, of certain amounts not remitted
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Subdivision A—Object and interpretation
222AFA Object and outline
222AFB Interpretation
222AFC Unpaid amount
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Subdivision B—Making, reducing and revoking estimates
222AGA When Commissioner may make estimate
222AGB Notice to person liable
222AGC Reducing amount of estimate
222AGD Revoking estimate
222AGE Matters for Commissioner to consider under sections 222AGC and 222AGD
222AGF Requirements for statutory declaration under section 222AGC or 222AGD
222AGG Further estimate after previous estimate revoked or discharged
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Subdivision C—Recovering unpaid amount of estimate
222AHA Nature of liability created by notice
222AHB Refund if estimate exceeds underlying liability
222AHC Defences in recovery proceedings
222AHD Effect of affidavit on estimate
222AHE Requirements for affidavit under section 222AHC
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Subdivision D—Insolvency proceedings
222AIA Effect on statutory demand if estimate reduced or revoked
222AIB Defences on winding up application
222AIC Effect of affidavit on estimate
222AID Requirements for affidavit under section 222AIB
222AIE Defences under section 222AIB not available on application to set aside statutory demand
222AIF Estimate provable in bankruptcy or winding up
222AIG Rejection of proof of debt relating to estimate
222AIH Requirements for statutory declaration under section 222AIG
222AII Provisions altering effect of Corporations Act
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Subdivision E—Late payment of estimate
222AJA Liability to the general interest charge
222AJB Effect of paying the general interest charge
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Subdivision F—Effect on liabilities under this and other Divisions if estimate reduced or revoked
222AKA Liabilities adjusted with effect from when they arose
222AKB Reduction or revocation does not prejudice Commissioner’s rights in relation to underlying liability
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Subdivision G—Payment agreements
222ALA Commissioner may make agreement
222ALB Effect of certain payments
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Subdivision H—Miscellaneous
222AMA Effect of judgment on liability on which it is based
222AMB Notices under this Division where trustee has control of affairs of person liable
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Division 9—Penalties for directors of non-remitting companies
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Subdivision A—Object and interpretation
222ANA Object and outline
222ANB Interpretation
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Subdivision B—Company failing to remit deductions, amounts withheld etc.
222AOA Application
222AOB Directors to cause company to remit or to go into voluntary administration or liquidation—deductions and amounts withheld
222AOBAA Directors to cause company to remit or to go into voluntary administration or liquidation—alienated personal services payments
222AOBA Directors to cause company to remit or to go into voluntary administration or liquidation—non-cash benefits
222AOC Penalty for directors in office on or before due date
222AOD Penalty for new directors
222AOE Commissioner must give 14 days’ notice before recovering penalty
222AOF How notice may be given
222AOG Remission of penalty if section 222AOB, 222AOBAA or 222AOBA complied with before notice period ends
222AOH Effect of director paying penalty or company discharging underlying liability
222AOI Director’s rights of indemnity and contribution
222AOJ Defences
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Subdivision C—Company failing to pay estimate under Division 8
222APA Application
222APB Directors to cause company to pay estimate or to go into voluntary administration or liquidation
222APC Penalty for directors in office within 14 days after notice of estimate
222APD Penalty for new directors
222APE Commissioner must give 14 days’ notice before recovering penalty
222APF Remission of penalty if section 222APB complied with before notice period ends
222APG Effect of director paying penalty or company discharging liability in respect of estimate
222APH Director’s rights of indemnity and contribution
222API Defences
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Subdivision D—Company contravening payment agreement under Division 8
222AQA Directors to ensure that company complies with payment agreement
222AQB Effect of director paying penalty or company discharging liability
222AQC Director’s rights of indemnity and contribution
222AQD Defences
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Division 10—Miscellaneous
222ARA This Part not to limit or exclude Chapter 5 of the Corporations Act
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Part VII—Penalty tax
222AA Part to stop applying
222A Interpretation
222B Taxation statements
222C Reasonably arguable
222D Treating a law as not applying
222E Taxation statement can apply to different years
222F Omission of assessable income from return
222 Penalty for failure to keep or furnish documents or information
224 Penalty tax where certain anti-avoidance provisions apply
225 Penalty tax where Division 13 of Part III applies
226 Penalty tax where Part IVA applies—general
226AA Penalty tax where Part IVA applies—foreign tax credits
226B Certain penalty tax under scheme sections not payable because of advice etc.
226C Further penalty tax—scheme sections
226D Reduction of penalty tax under scheme sections—disclosure after tax audit notified
226E Reduction of penalty tax under scheme sections—disclosure before tax audit notified
226F When disclosure about scheme sections made
226G Penalty tax where shortfall caused by lack of reasonable care
226H Penalty tax where shortfall caused by recklessness
226J Penalty tax where shortfall caused by intentional disregard of law
226K Penalty tax where unarguable position taken
226L Penalty tax where unarguable position taken about scheme
226M Penalty because private ruling disregarded
226N Shortfall because of statement by partner
226P Shortfall because of unarguable position of partner
226Q Penalty tax because of unarguable position of partner about scheme
226R Shortfall because of statement by trustee
226S Shortfall because of unarguable position of trustee
226T Penalty tax because of unarguable position of trustee about scheme
226U Certain amounts not shortfall because of application for private ruling
226V Certain amounts not shortfall because of advice etc.
226W Where 2 or more shortfall sections apply
226X Further penalty tax
226Y Reduction of penalty tax—disclosure after tax audit notified
226Z Reduction of penalty tax—disclosure before tax audit notified
226ZA When disclosure made
226ZB Minimum amount of additional tax
227 Assessment of additional tax
228 Return to be incorporated in objection for certain purposes
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Part VIIA—Registration of tax agents
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Division 1—Interpretation
251A Interpretation
251B Territories
251BA Companies in which qualified directors have a substantial interest
251BB Non-exempt companies
251BC Fit and proper persons to prepare income tax returns
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Division 2—Tax Agents’ Boards
251C Tax Agents’ Boards
251D Constitution of Boards
251DA Remuneration and allowances
251E Conduct of business of Board
251F Board not to be sued
251G Summoning of witnesses etc.
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Division 3—Registration of tax agents
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Subdivision A—Original registration of tax agents
251J Applications for original registration of tax agents
251JA Original registration of tax agents
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Subdivision B—Re-registration of tax agents
251JB Applications for re-registration of tax agents
251JC Re-registration of tax agents
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Subdivision C—Effect of changes in constitution of partnerships
251JD Registration of a partnership terminated if constitution changes
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Subdivision D—Changes in constitution of partnerships–registration of successor tax agents
251JE Applications for registration of successor tax agents
251JF Registration of successor
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Subdivision E—Duration of registration of tax agents
251JG Registration of tax agents to be in force for 3 years
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Subdivision F—Surrender of registration of tax agents
251JH Surrender of registration
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Subdivision G—Termination of registration of tax agents other than partnerships
251JK Death of natural person
251JM Companies ceasing to exist
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Subdivision H—Cancellation or suspension of registration of tax agents
251K Cancellation or suspension of registration of tax agents
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Division 4—Registration of nominees of tax agents
251KA Original nominee to be registered as a nominee
251KB Applications for registration or re-registration of nominees
251KC Registration and re-registration of nominees of tax agents
251KD Duration of registration of nominees
251KE Cancellation of registration of nominees
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Division 5—Refund of lodgment fees
251KF Refund of lodgment fees if application withdrawn
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Volume 13
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Part VIIA—Registration of tax agents
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Division 6—Notification obligations of tax agents etc.
251KG Tax agents who are natural persons
251KH Tax agents that are partnerships
251KJ Changes in the constitution of partnerships
251KK Tax agents that are companies
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Division 7—Privileges and duties of registered tax agents
251L Unregistered tax agents not to charge fees
251LA Recognised professional associations
251M Negligence of registered tax agent etc.
251N Preparation of returns etc. on behalf of registered tax agents
251O Advertising etc. by persons other than registered tax agents
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Division 8—Miscellaneous
251P Offences by partnerships
251Q Removal of business to another State
251QA Review of decisions
251QB Statements to accompany notification of decisions
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Part VIIB—Medicare levy and Medicare levy surcharge
251R Interpretation
251S Medicare levy
251T Levy (other than certain levy increases) not payable by prescribed persons or by certain trustees
251U Prescribed persons
251V Subsections 251R(4), (5), (6B), (6C) and (6D) not to apply to certain medicare levy increases
251VA Subsection 251U(3) not to apply for certain medicare levy increases
251W Regulations
251X Notice of assessment to set out Medicare levy and surcharge
251Y Calculation of provisional tax on estimated income
251Z Administration of Medicare levy surcharge Act
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Part VIII—Miscellaneous
252 Public officer of company
252A Public officer of trust estate
254 Agents and trustees
255 Person in receipt or control of money from non-resident
257 Payment of tax by banker
258 Recovery of tax paid on behalf of another person
259 Contribution from joint taxpayers
260 Contracts to evade tax void
262 Periodical payments in the nature of income
262A Keeping of records
263 Access to books etc.
264 Commissioner may require information and evidence
264AA Reporting to Department of Primary Industries and Energy
264A Offshore information notices
264BB Commissioner may require health funds to provide information
264CA Commissioner may require health funds to provide information
265A Release of liability of members of the Defence Force on death
265B Notices in relation to certain securities
266 Regulations
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Part IX—Taxation of superannuation business and related business
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Division 1—Preliminary
267 Interpretation
268 Trustees of funds not constituted as trusts
269 Issue, revocation etc. of SIS notices
269A Exempting laws ineffective
269B Certain exempting provisions ineffective
270 Part to apply to government funds etc.
271 Part has effect subject to the Constitution
271A Constitutionally protected funds exempt from tax
272 Assumption to be made in calculating taxable income
273 Special income
273A Segregated current pension assets
273B Segregated non-current pension assets
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Division 2—Taxable contributions
274 Taxable contributions
275 Transfer of taxable contributions
275A Pre-1 July 88 funding credit balance
275B Application of pre-1 July 88 funding credits
276 Contribution notices or eligible person notices given after return lodgment date
277 Contributions treated as assessable in determining deductions for ADFs and resident superannuation funds
277AA Deposits treated as assessable in determining deductions for RSA providers who are not life assurance companies
277A Deduction for taxable contributions that are fringe benefits
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Division 3—Complying superannuation funds
278 Liability to taxation
279 Deduction for premiums for death or disability cover
279A Clawback of rebates or refunds of deductible premiums
279B Deduction for future service element of death or disability benefits
279D Deduction for certain potential detriment payments made after the death of a fund member
279E Expenses of investing in pooled superannuation trusts or life assurance policies
280 No deduction in respect of benefits
281 Assessable income to include taxable contributions
281A Liability to taxation where fund was previously a constitutionally protected fund
282 Exclusion from assessable income of amounts that accrued before 1 July 1988
282A Exclusion from assessable income of non-reversionary bonuses on life assurance policies
282B Exemption of income derived from segregated current pension assets
283 Exemption of proportion of income attributable to current pension liabilities
284 Special component of taxable income
285 Standard component of taxable income
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Division 4—Non-complying superannuation funds
286 Liability to taxation
286A Deduction for section 82AAQ assessable amounts
287 No deduction in respect of benefits
288 Assessable income to include taxable contributions
288A Liability to taxation of non-complying fund that was previously a complying fund
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Division 4A—Resident superannuation fund that was previously a non-resident superannuation fund
288B Liability to taxation of resident fund that was previously a non-resident fund
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Division 5—Complying approved deposit funds
289 Liability to taxation
289A Expenses of investing in pooled superannuation trusts or life assurance policies
290 Assessable income to include taxable contributions
290A Fixed interest complying ADFs—exemption of income attributable to certain 25 May 1988 deposits
291 Exclusion from assessable income of amounts that accrued before 1 July 1988
291A Exclusion from assessable income of non-reversionary bonuses on life assurance policies
292 Special component of taxable income
293 Standard component of taxable income
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Division 6—Non-complying Approved Deposit Funds
294 Liability to taxation
295 Assessable income to include taxable contributions
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Division 7—Pooled Superannuation Trusts
296 Liability to taxation
297 Exclusion from assessable income of amounts that accrued before 1 July 1988
297A Exclusion from assessable income of non-reversionary bonuses on life assurance policies
297B Exemption of income attributable to current pension liabilities of complying superannuation funds
297C Exemption of income attributable to constitutionally protected funds
298 Special component of taxable income
299 Standard component of taxable income
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Division 7A—RSA providers
299A Overview
299B Taxable income includes taxable contributions
299C Calculation of RSA amount
299CA Taxable income in certain cases
299D Components of taxable income
299E Deductions from assessable income of RSA providers
299F Clawback of rebates or refunds of deductible premiums
299G Exempt income of RSA providers
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Division 8—Rebates and provisional tax
300 Rebates
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Division 9—Assessments
300A Assessment as if entity were a complying superannuation fund, complying ADF or PST
300B Assessment on basis of anticipated pre-1 July 88 funding credit balance
301 Amendment of assessments
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Division 10—Tax treatment of gains or losses on disposal of assets owned by complying superannuation funds, complying ADFs and PSTs
302 Division applies to trustees of complying superannuation funds, complying ADFs and PSTs
303 Interpretation
304 CGT to be primary code for calculating gains or losses
305 Division to be treated as a provision of Part IIIA
306 Treatment of CGT asset owned at the end of 30 June 1988
308 Cost base of 30 June 1988 asset
309 Market value of stock exchange listed assets
310 Adjustment of cost base as at 30 June 1988—return of capital
311 Exercise of rights
315 Options
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Division 11—Tax treatment of matters relating to superannuation (financial assistance funding) levies
315A Definition
315B Deduction for financial assistance funding levy
315C Financial assistance exempt from income tax
315D Repayment of financial assistance not an allowable deduction
315E Amendment of assessments—remission or refund of financial assistance funding levy
315F This Division to be primary code for tax treatment of matters relating to financial assistance funding levy
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Part X—Attribution of income in respect of controlled foreign companies
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Division 1—Preliminary
316 Object of Part
317 Interpretation
318 Associates
319 Statutory accounting period of a company
320 Listed countries and unlisted countries
321 Each listed country and each unlisted country to be treated as a separate foreign country
322 Meaning of entitled to acquire
323 State foreign taxes may be treated as federal foreign taxes
324 When income or profits subject to tax in a listed country
325 When dividends etc. taxed in a country at normal company tax rate
326 AFI subsidiary
327 Eligible finance shares
327A Widely distributed finance shares
327B Transitional finance shares
328 Non-resident family trusts
329 Public unit trusts
330 Tax detriment
331 Company deemed to be treated as a resident of a listed country or an unlisted country for the purposes of the tax law of that country
332 Companies that are residents of listed countries
332A Companies that are residents of section 404 countries
333 Companies that are residents of unlisted countries
334 Member of a non-portfolio company group
335 References extend to pre-commencement matters and things
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Division 2—Types of entity
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Subdivision A—Australian entities
336 Australian entity
337 Australian partnership
338 Australian trust
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Subdivision B—Controlled foreign entities (CFEs)
339 Controlled foreign entity (CFE)
340 Controlled foreign company (CFC)
341 Controlled foreign partnership (CFP)
342 Controlled foreign trust (CFT)
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Subdivision C—Eligible transferors in relation to trusts
343 Interpretation
344 References to transfer of property or services
345 Deemed transfers of property or services
346 Circumstances in which a transfer of property or services is an eligible business transaction
347 Eligible transferor in relation to a discretionary trust
348 Eligible transferor in relation to a non-discretionary trust or a public unit trust
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Division 3—Control interests, attribution interests, attributable taxpayers and attribution percentages
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Subdivision A—Control interests
349 Associate-inclusive control interest in a company or trust
350 Direct control interest in a company
351 Direct control interest in a trust
352 Indirect control interest in a company or trust
353 Control tracing interest in a company
354 Control tracing interest in a CFP
355 Control tracing interest in a CFT
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Subdivision B—Attribution interests
356 Direct attribution interest in a CFC or CFT
357 Indirect attribution interest in a CFC or CFT
358 Attribution tracing interest in a CFC
359 Attribution tracing interest in a CFP
360 Attribution tracing interest in a CFT
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Subdivision C—Attributable taxpayers and attribution percentages
361 Attributable taxpayer in relation to a CFC or a CFT
362 Attribution percentage of an attributable taxpayer
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Division 4—Attribution accounts
363 Attribution account entity
364 Attribution account percentage
365 Attribution account payment
366 Direct attribution account interest in a company
367 Direct attribution account interest in a partnership
368 Direct attribution account interest in a trust
369 Indirect attribution account interest in an entity
370 Attribution surplus
371 Attribution credit
372 Attribution debit
373 Grossed-up amount of an attribution debit
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Division 5—Attributed tax accounts
374 Attributed tax account surplus
375 Attributed tax account credit
376 Attributed tax account debit
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Division 7—Calculation of attributable income of CFC
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Subdivision A—Basic principles
381 Separate attributable income for each attributable taxpayer
382 Attributable income is taxable income calculated on certain assumptions
383 Basic assumptions
384 Additional assumption for unlisted country CFC
385 Additional assumption for listed country CFC
386 Adjusted tainted income
387 Reduction of attributable income because of interim dividends
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Subdivision B—General modifications of Australian tax law
388 Double tax agreements to be disregarded
389 Certain provisions to be disregarded in calculating attributable income
389A Other provisions to be disregarded in calculating attributable income
390 Elections to be made by eligible taxpayer
392 Notional assessable amounts are to be pre-tax
393 Notional allowable deduction for taxes paid
394 Notional allowable deduction for eligible finance share dividends, widely distributed finance share dividends and transitional finance share dividends
395 Expenditure incurred to produce income or profits in later statutory accounting periods
396 Modified application of sections 25A and 52
397 Modified application of trading stock provisions
398 Modified application of depreciation provisions
398A Application of Division 3A of Part III
399 Modifications of net income of partnerships and trusts
399A Modified application of bad debt etc. provisions
400 Modified application of Division 13 of Part III
401 Reduction of disposal consideration or capital proceeds where attributed income not distributed
402 Additional notional exempt income—unlisted or listed country CFC
403 Additional notional exempt income—unlisted country CFC
404 Additional notional exempt income—listed or section 404 country CFC
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Subdivision C—Modifications relating to Australian capital gains tax
405 Interpretation
406 Meaning of commencing day and commencing day asset
407 Certain provisions of this Subdivision to be treated as provisions of Part IIIA
408 Certain capital gains and losses disregarded
408A Certain events before commencing day ignored
409 Losses before 30 June 1990 to be disregarded
410 General modifications—CGT
411 Commencing day assets taken to have been acquired on commencing day
412 Cost base of commencing day asset
413 Adjustment of cost base as at commencing day—return of capital
414 Exercise of rights
418 Options
418A Effect of change of residence from Australia to listed or unlisted country
419 Modified application of Subdivision 126-B of the Income Tax Assessment Act 1997
421 Elections under CGT roll-over provisions
422 Adjustment of capital proceeds where change of residence by eligible CFC from unlisted to listed country
423 Adjustment of capital proceeds where section 47A applies to rolled-over assets
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Subdivision D—Modifications relating to losses
424 Classes of notional assessable income
425 Sometimes-exempt income etc.
426 Creation of loss in relation to a class of notional assessable income
427 Certain provisions to be disregarded
428 Subdivision to apply as if there were always a requirement to calculate attributable income
429 Notional allowable deduction for (sometimes-exempt income) loss of a particular class
430 Limitation on deductions for classes of notional assessable income
431 Deduction etc. for previous period loss in relation to a class of notional assessable income
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Subdivision E—Modifications relating to application of Part XI
431A Exemption of attributable taxpayer from Part XI
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Division 8—Active income test
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Subdivision A—Basic conditions for passing the active income test
432 Active income test
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Subdivision B—Tainted income ratio
433 Tainted income ratio
434 Gross turnover
435 Gross tainted turnover
436 Amounts excluded from active income test
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Subdivision C—Treatment of partnership income
437 Treatment of partnership income
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Subdivision D—General interpretive provisions
438 Roll-overs—asset disposals
439 When currency exchange gains or losses relate to active income transactions
440 Asset disposals—revaluations and arm’s length amounts
441 Hire-purchase and other property financing transactions
442 Assumption of rights of lender under a loan
443 Net tainted commodity gains
444 Net tainted currency exchange gains
445 Net gains—disposal of tainted assets
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Subdivision E—Passive income, tainted sales income and tainted services income
446 Passive income
447 Tainted sales income
448 Tainted services income
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Subdivision F—Special rules relating to AFI subsidiaries carrying on financial intermediary business
449 AFI subsidiaries—interest income
450 AFI subsidiaries—asset disposals and currency transactions
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Subdivision G—Substantiation requirements
451 Active income test—substantiation requirements for company
452 Active income test—substantiation requirements for partnership
453 Active income test—substantiation requirements for attributable taxpayer
454 Assessment on assumption—retention of accounts etc. and compliance with information notices
455 Amendment of assessments
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Volume 14
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Part X—Attribution of income in respect of controlled foreign companies
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Division 9—Attribution of attributable income and other amounts
456 Assessability in respect of CFC’s attributable income
456A Reduction of section 456 assessability where item subject to foreign accruals tax
457 Assessability where CFC changes residence from unlisted country to listed country or to Australia
459A Assessability where CFC or CFT has interest in certain attributable taxpayers
460 Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution
460A Effect of reducing section CGT event J1 amount
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Division 10—Post-attribution asset disposals
461 Reduction of disposal consideration where attributed income not distributed
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Division 11—Keeping of records
462 Keeping of records—section 456
462A Keeping of records—section 457
464A Keeping of records—section 459A
465 Offence of failing to keep records
466 Manner in which records required to be kept
467 Circumstances where records not required to be kept—reasonable excuse etc.
468 Treatment of partnerships
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Part XI—Foreign investment funds and foreign life assurance policies
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Division 1—Preliminary
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Subdivision A—Application of Part
469 Taxpayers to be taxed on share of income of certain foreign investment funds and foreign life assurance policies
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Subdivision B—Meaning of certain expressions used in this Part
470 Definitions
471 Australian entity
472 Australian partnership
473 Australian trust
474 Distributions by a FIF or a FLP
475 Entitlement to acquire
476 Quoted price
477 Resident Part IX entity
478 Tax detriment
479 Wholly-owned subsidiary
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Subdivision C—Key concepts
480 Outline of Subdivision
481 What is a FIF
482 What is a FLP
483 What is an interest in a FIF or a FLP
484 Bare trustee’s interest to be attributed to beneficiary
485 Taxpayers to whose interests in FIFs and FLPs this Part applies
485AA Election to exclude interests in foreign hybrids from operation of this Part
485A Applying operative provision in working out net income of partnership or trust estate
486 Notional accounting period of a FIF
487 Notional accounting period of a FLP
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Subdivision D—The disposal and acquisition of interests
488 What is a disposal or acquisition of an interest in a FIF or a FLP
489 Time of disposal or acquisition of interest
490 Consideration for disposal or acquisition
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Subdivision E—Associates
491 Associates of an entity to be determined in accordance with section 318 as modified
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Division 2—Exemption of attributable taxpayers for interests in certain FIFs
492 Object of Division
493 Exemption of attributable taxpayer in relation to certain trusts
494 Exemption of attributable taxpayer referred to in section 456
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Division 3—Exemption for interest in foreign company that is designated as engaging, or whose assets are principally for use, in certain activities
495 Object of Division
496 Interpretation
497 Exemption
498 How to determine whether a foreign company is taken to have been principally engaged in eligible activities
499 Stock exchange listing method
500 Balance-sheet method
501 Indirect ownership of paid-up share capital of company
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Division 4—Exemption for interest in foreign bank or holding company of foreign bank
502 Object of Division
503 Exemption for interest in foreign bank
504 Exemption for interest in foreign holding company of foreign bank
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Division 5—Exemption for interest in foreign company whose assets are principally for use in carrying on life insurance business
505 Object of Division
506 Exemption for interest in foreign life insurance company
507 How to determine whether a foreign company was principally engaged in carrying on life insurance business
507A Exemption for interest in foreign holding company of foreign life insurance company
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Division 6—Exemption for interest in foreign general insurance company
508 Object of Division
509 Exemption for interest in foreign general insurance company
509A Exemption for interest in foreign holding company of foreign general insurance company
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Division 7—Exemption for interest in foreign company engaged in certain activities connected with real property
510 Object of Division
511 Exemption
511A Exemption for interest in foreign holding company of foreign real property company
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Division 8—Exemption for interests in certain US entities
512 Object of Division
512A Division does not apply to interests in CFTs
513 Exemptions
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Division 9—Exemption for interests of less than $50,000
514 Object of Division
515 Exemption
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Division 11—Exemption for interest in an employer-sponsored superannuation fund
518 Object of Division
519 Interests of employees and former employees to be exempt
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Division 11A—Exemption for virtual PST assets, segregated exempt assets and interests held by complying superannuation entities etc.
519A Objects of Division
519B Exemption
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Division 12—Exemption for certain interests that are trading stock
520 Object of Division
521 Exemption
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Division 13—Exemption for interest in foreign company principally engaged in several activities
522 Object of Division
523 Exemption
523A Exemption for interest in foreign holding company of foreign mixed activity company
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Division 14—Exemption for interests in FIFs the value of which is not more than 10% of the value of all taxpayers’ interests in FIFs
524 Object of Division
525 Exemption
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Division 15—Exemption for certain interests of underwriting members of Lloyd’s
526 Object of Division
527 Exemption
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Division 16—Assessable income to include foreign investment fund income
528 Object of Division
529 Foreign investment fund income to be included in assessable income
530 Reduction of foreign investment fund income because of interim dividend or interim distribution of trust income
530A Reduction of foreign investment fund income because of employee share scheme shares or rights
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Division 17—Foreign Investment Fund losses resulting from application of market value method or cash surrender value method to be allowable deductions
531 Object of Division
532 Foreign investment fund loss from FIF under market value method to be allowable deduction
533 Foreign investment fund loss from FLP under cash surrender value method to be allowable deduction
533A Foreign investment fund losses to be expressed in Australian currency
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Division 17A—Deduction for overseas superannuation transfers
533B Deduction for overseas superannuation transfers
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Division 18—How to determine whether Foreign Investment Fund income accrued to a taxpayer from a FIF or a FLP
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Subdivision A—Preliminary
534 Object of Division
535 Methods applicable in relation to a FIF
536 Methods applicable in relation to FLP
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Subdivision B—Market value method for FIFs
537 Procedure for determining foreign investment fund income by market value method
538 Step 1—calculation of foreign investment fund amount
539 How market value is ascertained
540 Gross foreign investment fund income
541 Foreign investment fund loss
542 Step 2—Calculation of foreign investment fund income
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Subdivision C—Deemed rate of return method for FIFs
543 Procedure for determining foreign investment fund income from a FIF by deemed rate of return method
544 Step 1—groups of interests
545 Step 2—determination of opening value of interests
546 If relevant period starts on 1 January 1993
547 Value of interests at start of relevant period (being 1 January 1993)—quoted prices
548 Value of interests at start of relevant period (being 1 January 1993)—fair market value
549 Value of interests at start of relevant period (being 1 January 1993)—notional past application of deemed rate of return method
550 If relevant period starts after 1 January 1993
551 Value of interests at start of relevant period (being later than 1 January 1993)—deemed rate of return method applied for previous period
552 Value of interests at start of relevant period (being later than 1 January 1993)—calculation method applied, or interests exempt, for previous period
553 Value of interests at start of relevant period (being later than 1 January 1993)—market value method applied for previous period
554 Value of interests at time of acquisition (after start of relevant period)
555 Step 3—determination of foreign investment fund amount
556 Step 4—conversion of foreign investment fund amount to Australian currency
557 Foreign investment fund income
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Subdivision D—Calculation method for FIFs
557A Certain other provisions to be disregarded in applying this Subdivision
558 Procedure for determining foreign investment fund income by calculation method
559 Determination of calculated profit or calculated loss of FIF
560 Notional income—general provision
561 Section 560 to be subject to following provisions
562 Notional income—discounted securities
563 Notional income—interest in net income from partnership
564 Notional income—exclusion of certain dividends and trust distributions
565 Derivation of income, profits or gains
566 Notional income to be pre-tax
567 Notional deductions—general provision
567A Notional deductions: net capital losses
568 Notional deductions—expenditure in acquiring trading stock
569 Notional deductions—exclusion of expenditure in acquiring securities or partnership interest
570 Notional deductions—amortisation of expenditure in acquiring property
571 Notional deductions—interest in partnership loss
572 Notional deductions—past calculated losses
573 Notional deductions—taxes
574 Notional deductions—certain amounts to be excluded
575 Application
576 Notional income of FIF to include foreign investment fund income from second tier FIF or from FLP
577 How to determine whether foreign investment fund income accrued from second tier FIF or from FLP
578 What happens if there is a calculated loss in respect of second tier FIF
579 If second tier FIF has interest in a third tier FIF or in a FLP
580 Procedure to be followed
581 How to work out attribution percentage applicable to taxpayer in respect of interest or interests in foreign company
582 Procedure to be followed
583 Foreign investment fund income
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Subdivision E—Deemed rate of return method for FLPs
584 Procedure for determining foreign investment fund income from FLP by deemed rate of return method
585 Step 1—interests in a FLP
586 Step 2—determination of opening value
587 If relevant period starts on 1 January 1993
588 Value at start of relevant period (being 1 January 1993)
589 If relevant period starts after 1 January 1993
590 Value at start of relevant period (being later than 1 January 1993)
591 Value at time of acquisition (after start of relevant period)
592 Step 3—determination of foreign investment fund amount
593 Step 4—conversion of foreign investment fund amount to Australian currency
594 Foreign investment fund income
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Subdivision F—Cash surrender value method for FLPs
595 Procedure for determining foreign investment fund income by cash surrender value method
596 Step 1—calculation of foreign investment fund amount
597 If no cash surrender value available on 1 January 1993
598 Gross foreign investment fund income
599 Foreign investment fund loss
600 Step 2—Calculation of foreign investment fund income
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Division 19—FIF attribution accounts
601 FIF attribution account entity
602 FIF attribution account percentage
603 FIF attribution account payments
604 FIF attribution surplus
605 FIF attribution credit
606 FIF attribution debit
607 Additional FIF attribution debit
607AA Additional FIF attribution debit—deduction for overseas superannuation transfers
607A Grossed-up amount of a FIF attribution debit
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Division 20—FIF attributed tax accounts
608 FIF attributed tax account surplus
609 FIF attributed tax account credit
610 Further FIF attributed tax account credit
611 FIF attributed tax account credit flowing through more than one FIF
612 FIF attributed tax account debit
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Division 21—Post-attribution asset disposals
613 Reduction of disposal consideration if FIF attributed income not distributed
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Division 22—Keeping of records
614 Application of Division
615 Records of acts, transactions etc.
616 Interest in FIF—if market value method was applied
617 Interest in FIF—if deemed rate of return method was applied
618 Interest in FIF—if calculation method was applied
619 Interest in FLP
620 Interest in FIF or FLP—if exemption applied
621 Offence of failing to keep records
622 Manner in which records required to be kept
623 If calculation method was applied—defence for failing to keep records if information unobtainable
624 Treatment of partnerships
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Part XII—Drought investment allowance
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Division 1—Object, key principle and overview
625 Object
626 The key principle
627 Overview of Part
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Division 2—Primary producer deduction
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Subdivision A—Entitlement to deduction
628 Expenditure qualifying for the deduction
629 Timing of deduction
630 Amount of the deduction
631 $5,000 limit on total deductions
632 Relationship with other deductions
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Subdivision B—Loss of entitlement to deduction
633 Disposal etc. of item within 12 months
634 Disposal etc. of item after 12 months
635 Recoupment of expenditure
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Division 3—Leasing company deduction
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Subdivision A—Entitlement to deduction
636 Expenditure qualifying for the deduction
637 Timing of deduction
638 Amount of the deduction
639 $5,000 limit on deduction for any one item
640 Limit on total deductions
641 Proportionate allocation of limits
642 Relationship with other deductions
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Subdivision B—Loss of entitlement to deduction
643 Contracts or arrangements before lease entered into
644 Disposal etc. of item within 12 months
645 Disposal etc. of item after 12 months
646 Recoupment of expenditure
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Subdivision C—Transfer of entitlement to deduction
647 Leasing company may transfer entitlement to lessee
648 Transferred deduction taken into account in applying $5,000 limit under section 631
649 Loss of lessee entitlement
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Division 4—Key concepts: drought mitigation property and associated terms
650 Meaning of drought mitigation property
651 Meaning of fodder storage facility
652 Meaning of water storage facility and water transport facility
653 Meaning of approved water conservation plan and associated terms
654 Meaning of minimum tillage equipment
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Division 5—Special provisions about primary producers
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Subdivision A—Partnerships
655 No primary producer deduction for partnership that leases out item
656 Amount assessable where disposal of partner interest
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Subdivision B—Group companies
657 Entitlement to primary producer deduction not lost for disposals in fewer than 12 months within company groups
658 Deduction not lost to primary producer despite leasing etc. item during 12 month period
659 Deduction not lost to primary producer despite leasing etc. item after 12 month period
660 Deduction not lost to primary producer taking item on lease despite contract etc. for use of item after 12 month period
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Division 6—Special provisions about leasing companies
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Subdivision A—Partnerships
661 Partner deduction for property leased out by partnership
662 Loss of partner deduction if pre-lease contract etc.
663 Loss of partner deduction where disposal by partner within 12 months
664 Loss of partner deduction where disposal by partnership etc. within 12 months
665 Loss of partner deduction where disposal by partner after 12 months
666 Loss of partner deduction where disposal by partnership etc. after 12 months
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Subdivision B—Group companies
667 Deduction not lost to leasing company despite lessee contract etc. for use of property before start of 12 month period
668 Deduction not lost to leasing company despite lessee contract etc. for use of item within 12 month period
669 Deduction not lost to leasing company despite lessee contract etc. for use of property after 12 month period
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Subdivision C—Lease-back of used property
670 Deduction for property used by lessee
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Division 7—Transitional
671 Modification of date in section 647
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Division 8—Definitions etc.
672 Meaning of acquire
673 Ownership of item
674 Meaning of hire purchase agreement
676 Meaning of assessable primary production income
677 Meaning of partner’s partnership interest
678 Meaning of install ready for use
679 Meaning of lease
680 Meaning of leasing company
681 Meaning of new
682 Meaning of group company and associated terms
683 Adjustment of excessive amounts in respect of drought mitigation property
684 Index of definitions
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Volume 15
Schedule 1
Schedule 2
Part I
Part II
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Schedule 2A—Calculating car expense deductions
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Division 1—Overview of the main points in this Schedule
1-1 Map of this Schedule
1-2 Application
1-3 Key principles
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Division 2—Choosing which method to use
2-1 Choosing among the 4 methods
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Division 3—The “cents per kilometre” method
3-1 The key principle
3-2 How to calculate your deduction
3-3 Depreciation
3-4 Substantiation
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Division 4—The “12% of original value” method
4-1 The key principle
4-2 How to calculate your deduction
4-3 Eligibility
4-4 Depreciation
4-5 Substantiation
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Division 5—The “one-third of actual expenses” method
5-1 The key principle
5-2 How to calculate your deduction
5-3 Eligibility
5-4 Substantiation
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Division 6—The “log book” method
6-1 The key principle
6-2 How to calculate your deduction
6-3 Eligibility
6-4 Substantiation
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Division 7—Keeping a log book
7-1 The key principle
7-2 Income years for which you need to keep a log book
7-3 Choosing the 12 week period for a log book
7-4 How to keep a log book
7-5 Replacing one car with another
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Division 8—Odometer records for a period
8-1 The key principle
8-2 How to keep odometer records for a car for a period
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Division 9—Retaining the log book and odometer records
9-1 The key principle
9-2 Retaining the log book for the retention period
9-3 Retaining odometer records
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Division 10—Situations where you don’t need to use one of the 4 methods
10-1 The key principle
10-2 Exception for particular cars used in particular ways
10-3 Further miscellaneous exceptions
10-4 Car expenses related to award transport payments
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Division 11—Definitions of “car”, “car expense”, “holding a car” and “owning a car”
11-1 Definition of car
11-2 Definition of car expense
11-3 Definition of holding a car
11-4 Definition of owning a car
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Schedule 2B—Substantiation rules
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Division 1—Introduction
1-1 The key principle
1-2 Application
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Division 2—Substantiating work expenses
2-1 The key principle
2-2 Meaning of work expense
2-3 Getting written evidence
2-4 Retaining the written evidence
2-5 Exception for small total of expenses
2-6 Exception for laundry expenses below a certain limit
2-7 Exception for work expense related to award transport payment
2-8 Exception for domestic travel allowance expenses
2-9 Exception for overseas travel allowance expenses
2-10 Exception for reasonable overtime meal allowance
2-11 Crew members on international flights need not keep travel records
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Division 3—Substantiating car expenses
3-1 The key principle
3-2 Getting written evidence
3-3 Retaining the written evidence and odometer records
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Division 4—Substantiating business travel expenses
4-1 The key principle
4-2 Meaning of business travel expense
4-3 Getting written evidence
4-4 Retaining the written evidence
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Division 5—Written evidence
5-1 The key principle
5-2 Choosing a way
5-3 Time limits
5-4 Written evidence from supplier
5-5 Written evidence of depreciation expense
5-6 Evidence of small expenses
5-7 Evidence of expenses considered otherwise too hard to substantiate
5-8 Evidence on a group certificate
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Division 6—Travel records
6-1 The key principle
6-2 Recording activities in travel records
6-3 Showing which of your activities were income-producing activities
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Division 7—Retaining and producing records
7-1 The key principle
7-2 Extending the 5 years if an expense is disputed
7-3 Commissioner may tell you to produce your records
7-4 How to comply with a notice
7-5 What happens if you don’t comply
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Division 8—Relief from effects of failing to substantiate
8-1 Commissioner’s discretion to review failure to substantiate
8-2 Reasonable expectation that substantiation would not be required
8-3 What if your documents are lost or destroyed?
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Division 9—Award transport payments
9-1 The key principle
9-2 Deducting an expense related to an award transport payment
9-3 Definition of award transport payment
9-4 Substituted industrial instruments
9-5 Changes to industrial instruments applied for before 29 October 1986
9-6 Changes to industrial instruments solely referable to matters in the instrument
9-7 Deducting in anticipation of receiving award transport payment
9-8 Effect of exception in this Division on exception for small total of expenses
9-9 Effect of exception in this Division on methods of calculating car expense deductions
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Schedule 2C—Forgiveness of commercial debts
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Division 245—Forgiveness of commercial debts
Guide to Division 245
245-1 What this Division is about
245-2 Simplified outline of this Division
245-3 Map of this Division
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Subdivision 245-A—Debts to which this Division applies
Guide to Subdivision 245-A
245-5 What this Subdivision is about
245-6 Map of this Subdivision
Operative provisions
245-10 Application of this Division
245-15 What is a debt
245-20 Debt includes accrued interest
245-25 What constitutes a commercial debt
245-26 Application to trustees
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Subdivision 245-B—What constitutes forgiveness of a debt
Guide to Subdivision 245-B
245-30 What this Subdivision is about
245-31 Map of this Subdivision
Operative provisions
245-35 What constitutes forgiveness of a debt
245-40 Forgivenesses to which this Division does not apply
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Subdivision 245-C—Calculation of gross forgiven amount of a debt
Guide to Subdivision 245-C
245-45 What this Subdivision is about
245-46 Simplified outline of this Subdivision
245-47 Map of this Subdivision
Operative provisions
245-50 What constitutes a forgiven debt if consideration is given in respect of the forgiveness
245-55 Working out notional value of a debt other than a non-recourse debt
245-60 Special rule for working out notional value of a non-recourse debt
245-61 Special rule for working out notional value of parked debt
245-65 The consideration in respect of forgiveness of a debt
245-70 Money or other property applied for benefit of creditor
245-75 Gross forgiven amount of a debt
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Subdivision 245-D—Calculation of net forgiven amount of a debt
Guide to Subdivision 245-D
245-80 What this Subdivision is about
245-81 Map of this Subdivision
Operative provisions
245-85 Reduction of gross forgiven amount
245-90 Agreement between companies under common ownership for creditor to forgo capital loss or revenue deduction
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Subdivision 245-E—Application of net forgiven amounts
Guide to Subdivision 245-E
245-95 What this Subdivision is about
245-96 Map of this Subdivision
General operative provisions
245-100 Subdivision not to apply to calculation of attributable income
245-105 How total net forgiven amount is to be applied
Operative provisions relating to reduction of revenue losses
245-110 Definitions applicable to provisions reducing revenue losses
245-115 Total net forgiven amount to be applied in reduction of revenue losses
245-120 Allocation of total net forgiven amount in respect of deductible revenue losses
Operative provisions relating to reduction of net capital losses
245-125 Definitions applicable to provisions reducing net capital losses
245-130 Residual forgiven amount to be applied in reduction of net capital losses
245-135 Allocation of residual forgiven amount in respect of deductible net capital losses
Operative provisions relating to reduction of deductible expenditure
245-140 Definitions applicable to provisions reducing deductible expenditure
245-145 Residual forgiven amount to be applied in reduction of deductible expenditures
245-150 Allocation of residual forgiven amount in respect of deductible expenditures
245-155 How a reduction of a deductible expenditure is to be effected
245-160 Amount applied in reduction of deductible expenditure to be included in assessable income in certain circumstances
Operative provisions relating to reduction of cost bases of assets
245-165 Definitions applicable to provisions reducing cost bases
245-170 Excluded assets
245-175 Residual forgiven amount to be applied in reduction of cost bases of assets
245-180 Allocation of residual forgiven amount among relevant cost bases of assets
245-185 Relevant cost bases of investments in associated entities to be reduced last
245-190 How a reduction of the relevant cost bases of an asset is to be effected
Operative provision relating to unapplied total net forgiven amount
245-195 No further consequences if there is any remaining unapplied total net forgiven amount
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Subdivision 245-F—Special rules relating to partnerships
Guide to Subdivision 245-F
245-200 What this Subdivision is about
245-201 Map of this Subdivision
Operative provisions
245-205 This Subdivision does not apply to corporate limited partnerships
245-210 Subdivisions 245-A to 245-E to apply to partnerships
245-215 Unapplied total net forgiven amount of a partnership to be transferred to partners
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Subdivision 245-G—Special rules affecting related companies
Guide to Subdivision 245-G
245-220 What this Subdivision is about
245-221 Map of this Subdivision
Operative provisions
245-225 Application of Subdivision
245-230 If any non-debtor companies in a group of related companies have deductible revenue losses
245-235 If any non-debtor companies in a group of related companies have deductible net capital losses
245-240 If neither section 245-230 nor 245-235 applies
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Subdivision 245-H—General
245-245 Definitions
245-250 Companies under common ownership
245-255 Controller of company
245-260 Time of incurring debt
245-265 Keeping and retention of records
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Schedule 2D—Tax exempt entities that become taxable [see Note 2]
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Division 57—Tax exempt entities that become taxable
Table of Subdivisions
Guide to Division 57
Guide to Division 57
57-1 What this Division is about
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Subdivision 57-A—Key concepts
57-5 Entities to which this Division applies
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Subdivision 57-B—Predecessors of the transition taxpayer
57-10 Activities of transition taxpayer’s predecessor attributed to transition taxpayer
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Subdivision 57-C—Time when income derived
57-15 Time when income derived
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Subdivision 57-D—Time when losses and outgoings incurred
57-20 Time when losses and outgoings incurred
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Subdivision 57-E—Assets and liabilities
57-25 Deemed disposal and re-acquisition of assets
57-30 Deemed cessation and re-assumption of liabilities
57-35 Interpretation
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Subdivision 57-F—Superannuation deductions
57-40 Contributions under defined benefit superannuation schemes
57-45 Deduction for surplus to meet defined benefit superannuation scheme liabilities
57-50 Contributions generally
57-52 Section 57-50 does not apply if there is a surplus at transition time
57-55 Deductions reduced under both sections 57-40 and 57-50
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Subdivision 57-G—Denial of certain deductions
57-60 Effect of pre-transition time accrued leave entitlements
57-65 Treatment of bad debts
57-70 Treatment of eligible termination payments
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Subdivision 57-H—Domestic losses
57-75 Domestic losses
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Subdivision 57-I—Depreciation deductions
57-80 Depreciation
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Subdivision 57-J—Capital allowances and certain other deductions
57-85 What are the modified deduction rules and corresponding deduction provisions?
57-90 Post-transition deductions—assume that the transition taxpayer had never been exempt
57-95 Amount of deduction not allowable for transition year
57-100 No elections etc. before transition time
57-105 Special rules for mining and quarrying
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Subdivision 57-K—Balancing adjustments
57-110 Apportionment of balancing adjustments
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Subdivision 57-L—Trading stock
57-115 Modification of trading stock provisions
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Subdivision 57-MImputation
57-120 Cancellation of franking surplus, credit or debit
57-125 Subsidiary
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Subdivision 57-N—Division not applicable in respect of certain plant
57-130 Plant or depreciating assets covered by Subdivision 58-B of the Income Tax Assessment Act 1997
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Schedule 2E—Leases of luxury cars [see Note 2]
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Division 42A—Leases of luxury cars
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Guide to Division 42A
42A-1 What this Division is about
Subdivision 42A-A—Notional sale of car, and notional loan, to lessee
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Guide to Subdivision 42A-A
42A-5 What this Subdivision is about
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Operative provisions
42A-10 Application of this Division
42A-15 Notional sale of car by lessor and notional acquisition of car by lessee
42A-20 Consideration for notional sale, cost of notional acquisition, and depreciated value, of car
42A-25 Notional loan by lessor to lessee
Subdivision 42A-B—Amounts to be included in lessor’s assessable income
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Guide to Subdivision 42A-B
42A-30 What this Subdivision is about
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Operative provisions
42A-35 Amounts to be included in lessor’s assessable income
42A-40 Treatment of lease payments
Subdivision 42A-C—Deductions allowable to lessee
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Guide to Subdivision 42A-C
42A-45 What this Subdivision is about
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Operative provisions
42A-50 Extent to which deductions are allowable to lessee
42A-55 Lease payments not to be allowable deductions
Subdivision 42A-D—Adjustments if total amount assessed to lessor differs from amount of finance charge
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Guide to Subdivision 42A-D
42A-60 What this Subdivision is about
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Operative provisions
42A-65 Adjustments for lessor
42A-70 Adjustments for lessee
Subdivision 42A-E—What happens when the lease expires
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Guide to Subdivision 42A-E
42A-75 What this Subdivision is about
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Operative provisions
42A-80 What happens if the lease term is extended or the lease is renewed
42A-85 What happens if an amount is paid by or on behalf of the lessee to acquire the car
42A-90 What happens if the lessee ceases to have the right to use the car
Subdivision 42A-F—What happens if the lease is terminated before the end of the lease term
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Guide to Subdivision 42A-F
42A-95 What this Subdivision is about
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Operative provisions
42A-100 What happens if an amount is paid by or on behalf of the lessee to acquire the car
42A-105 What happens if the lessee ceases to have the right to use the car
Subdivision 42A-G—Interpretation
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Guide to Subdivision 42A-G
42A-110 What this Subdivision is about
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Operative provisions
42A-115 General definitions
42A-120 Luxury car
42A-125 Consecutive short-term hiring agreements
42A-130 Finance charge
42A-135 Lease payment periods
42A-140 Accrual periods and accrual amounts
42A-145 Outstanding notional loan principal
42A-150 Implicit interest rate
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Schedule 2F—Trust losses and other deductions
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Division 265—Overview of Schedule
265-5 What this Schedule is about
265-10 Diagram giving overview of Schedule
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Division 266—Income tax consequences for fixed trusts of abnormal trading or change in ownership
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Subdivision 266-A—Overview of this Division
266-5 What this Division is about
266-10 Diagram giving overview of this Division
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Subdivision 266-B—Effect of change in ownership of fixed trust
266-15 What this Subdivision is about
266-20 Diagram giving overview of this Subdivision
266-25 Fixed trust may be denied tax loss deduction
266-30 Fixed trust may be required to work out its net income and tax loss in a special way
266-35 Fixed trust may be denied debt deduction
266-40 The trust must pass 50% stake test
266-45 The trust must meet non-fixed trust stake test
266-50 Deducting part of a tax loss
266-55 Information about non-fixed trusts with interests in fixed trust
266-60 Notices where requirements of section 266-55 are met
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Subdivision 266-C—Effect of change in ownership of unlisted widely held trust
266-65 What this Subdivision is about
266-70 Diagram giving overview of this Subdivision
266-75 Unlisted widely held trust may be denied tax loss deduction
266-80 Unlisted widely held trust may be required to work out its net income and tax loss in a special way
266-85 Unlisted widely held trust may be denied debt deduction
266-90 If abnormal trading or end of income year, trust must pass the 50% stake test
266-95 Deducting part of a tax loss
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Subdivision 266-D—Effect of abnormal trading on listed widely held trust
266-100 What this Subdivision is about
266-105 Diagram giving overview of this Subdivision
266-110 Listed widely held trust may be denied tax loss deduction
266-115 Listed widely held trust may be required to work out its net income and tax loss in a special way
266-120 Listed widely held trust may be denied debt deduction
266-125 There must be no abnormal trading (subject to 50% stake or same business exceptions)
266-130 Deducting part of a tax loss
266-135 Listed widely held unit trust may be denied tax loss deduction otherwise allowable
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Subdivision 266-E—Effect of abnormal trading on unlisted very widely held trust or wholesale widely held trust
266-140 What this Subdivision is about
266-145 Diagram giving overview of this Subdivision
266-150 Unlisted very widely held trust or wholesale widely held trust may be denied tax loss deduction
266-155 Unlisted very widely held trust or wholesale widely held trust may be required to work out its net income and tax loss in a special way
266-160 Unlisted very widely held trust or wholesale widely held trust may be denied debt deduction
266-165 There must be no abnormal trading (subject to 50% stake exception)
266-170 Deducting part of a tax loss
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Subdivision 266-F—Information about family trusts with interests in other trusts
266-175 What this Subdivision is about
266-180 Information about family trusts with interests in other trusts
266-185 Notices where requirements of section 266-180 are met
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Division 267—Income tax consequences for non-fixed trusts of change in ownership or control
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Subdivision 267-A—Overview of this Division
267-5 What this Division is about
267-10 Diagram giving overview of this Division
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Subdivision 267-B—Deducting tax losses, and certain amounts in respect of debts, from earlier years
267-15 What this Subdivision is about
267-20 Non-fixed trust may be denied tax loss deduction
267-25 Non-fixed trust may be denied debt deduction
267-30 If certain distributions are made, the trust must pass the pattern of distributions test
267-35 The trust must not have previously failed to meet the condition in subsection 267-30(2)
267-40 If there are individuals with more than a 50% stake in income or capital, more than a 50% stake in income or capital must be maintained
267-45 Group must not begin to control the trust
267-50 Deducting part of a tax loss
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Subdivision 267-C—Current year net income and tax loss, and certain debts incurred in current year
267-55 What this Subdivision is about
267-60 Trust may be required to work out its net income and tax loss in a special way
267-65 Non-fixed trust may be denied debt deduction
267-70 If there are individuals with more than a 50% stake in income or capital, more than a 50% stake in income or capital must be maintained
267-75 Group must not begin to control trust
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Subdivision 267-D—Information about family trusts with interests in other trusts
267-80 What this Subdivision is about
267-85 Information about family trusts with interests in other trusts
267-90 Notices where requirements of section 267-85 are met
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Division 268—How to work out a trust’s net income and tax loss for the income year
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Subdivision 268-A—Overview of Division
268-5 What this Division is about
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Subdivision 268-B—Dividing the income year into periods
268-10 Income year of fixed trust to be divided into periods—first case
268-15 Income year of fixed trust to be divided into periods—second case
268-20 Income year of widely held unit trust to be divided into periods
268-25 Income year of non-fixed trust to be divided into periods
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Subdivision 268-C—Other steps in working out the net income and tax loss
268-30 Calculate the notional loss or net income for each period
268-35 How to attribute deductions to periods
268-40 How to attribute assessable income to periods
268-45 How to calculate the trust’s net income for the income year
268-50 How to calculate the trust’s section 79E loss for the income year
268-55 How to work out the trust’s film loss for the income year
268-60 How to work out the trust’s section 36-10 tax loss for the income year
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Subdivision 268-D—Rules that supplement Subdivision 268-C if the trust is in partnership
268-70 How to calculate the trust’s notional loss or net income for a period when the trust was a partner
268-75 How to calculate the trust’s share of a partnership’s notional loss or notional net income for a period if both entities have the same income year
268-80 How to calculate the trust’s share of a partnership’s notional loss or notional net income for a period if the entities have different income years
268-85 Trust’s full year deductions include a share of partnership’s full year deductions
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Division 269—Concepts and tests applied in Divisions 266 and 267
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Subdivision 269-A—Overview of Division
269-5 What this Division is about
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Subdivision 269-B—Abnormal trading
269-10 Trading
269-15 Abnormal trading—general
269-20 Abnormal trading—suspected acquisition or merger
269-25 Abnormal trading—5% of units in a single transaction
269-30 Abnormal trading—suspected 5% of units in a series of transactions
269-35 Abnormal trading—20% of units traded, issued or redeemed over 60 day period
269-40 Abnormal trading—50% stake not maintained
269-45 Time at which trustee to have knowledge or suspicion
269-47 Abnormal trading where holding trust
269-49 No abnormal trading where proportionate issue of units
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Subdivision 269-C—Passing the 50% stake test etc.
269-50 More than a 50% stake in income or capital
269-55 Passing the 50% stake test
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Subdivision 269-D—Pattern of distributions test
269-60 Pattern of distributions test
269-65 Test year distribution of income or capital
269-70 When individual receives different percentages
269-75 Incomplete distributions
269-80 Where individual’s death or marriage breakdown
269-85 Arrangements to pass pattern of distributions test
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Subdivision 269-E—Control a non-fixed trust
269-95 Control a non-fixed trust
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Subdivision 269-F—Same business test
269-100 Passing the same business test
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Division 270—Schemes to take advantage of deductions
270-5 What this Division is about
270-10 Schemes to take advantage of deductions
270-15 Tax consequences of schemes
270-20 Benefit
270-25 Outsider to trust
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Division 271—Family trust distribution tax
271-5 What this Division is about
271-10 Family trust distribution tax
271-15 Tax liability where family trust makes distribution etc. outside family group
271-20 Tax liability where interposed trust makes distribution etc. outside family group
271-25 Tax liability where interposed partnership makes distribution etc. outside family group
271-30 Tax liability where interposed company makes distribution outside family group
271-35 Avoidance of double-counting
271-40 Exclusion of directors from liability to pay tax
271-45 Requirements for section 271-55 notice to family trust
271-50 Requirements for section 271-55 notice to interposed entity
271-55 Notice requiring information about non-resident distributions etc.
271-60 Tax liability where non-resident family trust’s tax unpaid
271-65 Tax liability where non-resident interposed entity’s tax unpaid
271-70 Reduction of liability where tax paid
271-75 Payment of family trust distribution tax
271-80 Late payment of family trust distribution tax
271-85 Recovery of tax
271-90 Notice of liability
271-95 Request for notice of liability
271-100 Evidentiary effect of notice of liability
271-105 Amounts subject to family trust distribution tax not assessable
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Division 272—Interpretation
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Subdivision 272-A—Fixed entitlement to share of income or capital
272-5 Fixed entitlement to share of income or capital of a trust
272-10 Fixed entitlement to share of income or capital of a company
272-15 Fixed entitlement to share of income or capital of a partnership
272-20 Fixed entitlement to share of income or capital held indirectly
272-25 Special cases of fixed entitlements held directly or indirectly
272-30 Additional special cases of fixed entitlements held directly or indirectly
272-35 Arrangements to pass fixed entitlement tests
272-40 Continued holding of fixed entitlement where death occurs
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Subdivision 272-B—Distribution of income or capital
272-45 Trust distribution to beneficiary
272-50 Company distribution to shareholder
272-55 Partnership distribution to partner
272-60 Other distributions of income and capital
272-63 Distribute indirectly
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Subdivision 272-C—Fixed trusts and non-fixed trusts
272-65 Fixed trust
272-70 Non-fixed trust
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Subdivision 272-D—Family trust etc.
272-75 Family trust
272-80 Family trust election
272-85 Interposed entity election
272-87 Passing the family control test
272-90 Family group
272-95 Family
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Subdivision 272-E—Excepted trust
272-100 Excepted trust
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Subdivision 272-F—Widely held unit trust
272-105 Widely held unit trust
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Subdivision 272-G—Unlisted widely held trust and listed widely held trust
272-110 Unlisted widely held trust
272-115 Listed widely held trust
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Subdivision 272-H—Unlisted very widely held trust
272-120 Unlisted very widely held trust
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Subdivision 272-I—Wholesale widely held trust
272-125 Wholesale widely held trust
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Subdivision 272-J—Kind of trust can be affected by ownership by higher level trust
272-127 Kind of trust can be affected by ownership by higher level trust
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Subdivision 272-K—Trusts beginning or ceasing to exist
272-130 Trusts beginning or ceasing to exist
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Subdivision 272-L—Listed public company
272-135 Listed public company
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Subdivision 272-M—Various definitions
272-140 Definitions
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Schedule 2G—Farm management deposits [see Note 2]
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Division 393—Farm management deposits
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Guide to Division 393
393-1 What this Division is about
Subdivision 393-A—Tax consequences of farm management deposits
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Guide to Subdivision
393-5 What this Subdivision is about
393-7 Definitions of terms
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Operative provisions
393-10 Deduction for making farm management deposit
393-15 Assessability on repayment of deposit
Subdivision 393-B—Farm management deposit and related terms
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Guide to Subdivision 393-B
393-20 What this Subdivision is about
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Operative provisions
393-25 Various definitions
393-30 Requirements for a farm management deposit
393-35 Requirements whose contravention causes a loss of farm management deposit status
393-37 Withdrawal of deposit within first 12 months
393-40 Other requirements of agreement
393-45 Contraventions that deprive a deposit of its status as a farm management deposit
393-50 Making and repaying etc. deposits
393-52 Certain entities taken to be financial institutions for pre-1 July 2003 deposits and transfers
Subdivision 393-C—How to work out your taxable primary production income and your taxable non-primary production income
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Guide to Subdivision 393-C
393-55 What this Subdivision is about
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Operative provisions
393-60 Working out your taxable primary production income
393-65 Working out your taxable non-primary production income
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Schedule 2H—Demutualisation of mutual entities other than insurance companies [see Note 2]
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Division 326—Demutualisation
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Guide to Division 326
326-1 What this Division is about
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Subdivision 326-A—Application, key concepts and related expressions
326-5 Application
326-10 Mutual entity and demutualisation
326-15 Provisions relating to listing on a stock exchange
326-20 Demutualisation resolutions etc.
326-25 Demutualisation shares
326-30 Existing members and new members
326-35 Pre-CGT members and post-CGT members
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Subdivision 326-B—How demutualisation is to be effected
326-40 Methods of demutualisation
326-45 Direct method
326-50 Holding company method
326-52 Combined direct and holding company method
326-55 Distributing trust method
326-60 Continuity of beneficial interest test
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Subdivision 326-C—CGT consequences of extinguishment of membership rights in mutual entity
326-65 Extinguishment of membership rights
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Subdivision 326-D—CGT consequences of disposal of demutualisation shares or an interest in such shares by a member of a mutual entity where the entity or a holding company of the entity becomes a listed public company
326-70 Application of Subdivision
326-75 Capital losses made from certain disposals to be disregarded
326-80 Disposal by pre-CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share before demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326-85 Disposal by pre-CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share on or after demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326-90 Disposal by pre-CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where member acquired membership rights by disposing of membership rights in another mutual entity
326-95 Disposal by post-CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share
326-100 Disposal by pre-CGT member of a demutualisation original share or a non-demutualisation bonus share, or an interest in such a share, before demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326-105 Disposal by pre-CGT member of a demutualisation original share or a non-demutualisation bonus share, or an interest in such a share, on or after demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity
326-110 Disposal by pre-CGT member of a demutualisation original share or a non-demutualisation bonus share, or an interest in such a share, where member acquired membership rights by disposing of membership rights in another mutual entity
326-115 Disposal by post-CGT member of a demutualisation original share or a non-demutualisation bonus share or an interest in such a share
326-120 Adjusted market value
326-125 Undeducted membership costs
326-130 Adjusted first day trading price of demutualisation shares
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Subdivision 326-E—CGT consequences of disposal of demutualisation shares or interests in such shares by a member of a mutual entity where the entity or a holding company of the entity becomes a company that is not a listed public company
326-135 Application of Subdivision
326-140 Disposal by pre-CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where a member did not acquire membership rights by disposing of membership rights in another mutual entity
326-145 Disposal by pre-CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where member acquired membership rights by disposing of membership rights in another mutual entity
326-150 Disposal by post-CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share
326-155 Disposal by pre-CGT member of a demutualisation original share or a non-demutualisation bonus share, or an interest in such a share, where member did not acquire membership rights by disposing of membership rights in another mutual entity
326-160 Disposal by pre-CGT member of a demutualisation original share or a non-demutualisation bonus share, or an interest in such a share, where member acquired membership rights by disposing of membership rights in another mutual entity
326-165 Disposal by post-CGT member of a demutualisation original share or a non-demutualisation bonus share, or an interest in such a share
326-170 Various adjusted market values
326-175 Undeducted membership costs
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Subdivision 326-F—Variation of amount taken to be paid for shares or an interest in shares by a member of a mutual entity who made a capital gain or capital loss from disposal of membership rights in another mutual entity
326-180 Amount taken to be paid for acquisition of shares or interest by member to be increased by capital gain or reduced by capital loss
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Subdivision 326-G—CGT consequences of disposal of rights or interests resulting from extinguishment of membership rights
326-185 Disposal of right to receive shares in demutualised entity
326-190 Extinguishment of right to shares in demutualised entity by the issue of the shares
326-195 Disposal of right to receive shares in holding company
326-200 Disposal of interest in trust that holds shares in demutualised entity
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Subdivision 326-H—CGT consequences of transfer of ordinary shares
326-205 Transfer of share or distribution of proceeds of sale of share not to have any CGT consequences
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Subdivision 326-I—CGT consequences of disposal of demutualisation shares or an interest in such shares by a trustee on behalf of a member
326-210 Disposal by a trustee
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Subdivision 326-J—CGT consequences of change in rights attaching to special shares or replacement of special shares by ordinary shares
326-215 Change of rights to, and replacement of, special shares
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Subdivision 326-K—CGT consequences of disposal of shares or an interest in shares acquired under a roll-over provision
326-220 Disposal of shares or interest in shares
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Subdivision 326-L—CGT consequences of payment to member of demutualised entity out of accumulated surplus of the entity
326-225 Payment out of assets of demutualised entity that is not included in assessable income is taken not to be a dividend
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Subdivision 326-M—Indexation
326-230 Indexing of amounts
326-235 Indexation factor
326-240 Index number
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Subdivision 326-N—Non-CGT consequences of issue of demutualisation shares
326-245 General taxation consequences of issue of demutualisation shares
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Schedule 2J—General insurance
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Division 321—General insurance companies
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Guide to Division 321
321-1 What this Division is about
Subdivision 321-A—Provision for or payment of claims
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Guide to Subdivision 321-A
321-5 What this Subdivision is about
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Operative provisions
321-10 Amount to be included in assessable income for outstanding claims liability
321-15 Deduction for outstanding claims liability
321-20 How value of outstanding claims liability is worked out
321-25 Deduction for claims paid during year of income
321-30 Application: insurance business other than reinsurance business
321-35 Application: reinsurance business
Subdivision 321-B—Premium income
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Guide to Subdivision 321-B
321-40 What this Subdivision is about
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Operative provisions
321-45 Assessable income to include gross premiums
321-50 Amount to be included in assessable income for reduction in value of unearned premium reserve
321-55 Deduction for increase in value of unearned premium reserve
321-60 How value of unearned premium reserve is worked out
321-65 Application
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Division 323—Companies that are not required by law to insure in respect of workers’ compensation liabilities
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Guide to Division 323
323-1 What this Division is about
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Operative provisions
323-5 Amount to be included in assessable income for outstanding claims liability
323-10 Deduction for outstanding claims liability
323-15 How value of outstanding claims liability is worked out
323-20 Deductions for claims paid during year of income
323-25 Application
Schedule 3—Approved stock exchanges for the purposes of Part XI
Schedule 4—Business activities that are not eligible activities for the purposes of Division 3 of Part XI
Schedule 5—Approved international sectoral classification systems for purposes of Part XI
Volume 16
Volume 17
Volume 18
Volume 19
