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Income Tax Assessment (1997 Act) Regulations 2021
In force
Administered by
Department of the Treasury
This item is authorised by the following titles:
Income Tax Assessment Act 1997
Income Tax (Transitional Provisions) Act 1997
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F2024C00767 (C10)
17 August 2024
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Chapter 1—Introduction and core provisions
1 Name
3 Authority
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Chapter 2—Liability rules of general application
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Part 2 5—Rules about deductibility of particular kinds of amounts
Division 26—Some amounts you cannot deduct, or cannot deduct in full
26 85.01 Borrowing costs on loans to pay life insurance premiums—term insurance policy etc.
Division 30—Gifts or contributions
30 212.01 Valuation of gifts
30 212.02 Application for valuation
30 212.03 Charge for making valuation
30 212.04 Advance payment of charge
30 212.05 Commissioner not required to consider application until advance payment is paid
30 212.06 Applications treated as having no effect
30 212.07 Crediting and repaying valuation charges
30 212.08 Valuation certificates
Division 31—Conservation covenants
31 15.01 Valuation of land
31 15.02 Application for valuation
31 15.03 Charge for making valuation
31 15.04 Advance payment of charge
31 15.05 Commissioner not required to consider application until advance payment is paid
31 15.06 Applications treated as having no effect
31 15.07 Crediting and repaying valuation charges
31 15.08 Valuation certificates
Part 2 15—Non assessable income
Division 50—Exempt entities
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Subdivision 50 A—Various exempt entities
50 50.01 Prescribed institutions located outside Australia
50 50.02 Prescribed institutions pursuing objectives principally outside Australia
50 55.01 Prescribed institutions for items 1.3, 1.4, 6.1 and 6.2 in Division 50 of the Act
Division 51—Exempt amounts
51 5.01 Defence allowances
Part 2 20—Tax offsets
Division 61—Generally applicable tax offsets
Subdivision 61 G—Private health insurance offset complementary to Part 2 2 of the Private Health Insurance Act 2007
61 220.01 Private health insurer to provide annual statement to PHIIB if requested
Part 2 25—Trading stock
Division 70—Trading stock
Subdivision 70 C—Accounting for trading stock you hold at the start or end of the income year
70 55.01 Cost of natural increase of live stock
Part 2 40—Rules affecting employees and other taxpayers receiving PAYG withholding payments
Division 83A—Employee share schemes
Subdivision 83A A—Objects of Division and key concepts
83A 5.01 Object of Division 83A
Subdivision 83A E—Miscellaneous
83A 315.01 Value of certain ESS interests
83A 315.02 Valuing unlisted rights
83A 315.03 Exercise price of right nil or cannot be determined
83A 315.04 Value of beneficial interests
83A 315.05 Working out the value of a right to acquire the beneficial interest in a share
83A 315.08 Calculation percentages of 50% or more, and less than 110%
83A 315.09 Base percentages for calculation percentages of 110% or more
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Chapter 3—Specialist liability rules
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Part 3 30—Superannuation
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Division 290—Contributions to superannuation funds
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Subdivision 290 C—Deducting personal contributions
290 155.01 Complying superannuation fund condition—prescribed superannuation funds
290 155.05 Complying superannuation fund condition—prescribed contributions and superannuation funds
290 165.01 Age related conditions—prescribed provisions relating to previous work test exemptions
290 170.01 Notice of intent to deduct contributions—contributions splitting applications
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Division 291—Excess concessional contributions
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Subdivision 291 B—Excess concessional contributions
291 25.01 Concessional contributions for a financial year
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Subdivision 291 C—Modifications for defined benefit interests
291 170.01 Treatment of superannuation sub funds
291 170.02 Notional taxed contributions—contributions for funds with 5 or more defined benefit members
291 170.03 Notional taxed contributions—contributions for funds to which section 291 170.02 does not apply
291 170.04 Notional taxed contributions—nil amount
291 170.05 Notional taxed contributions—conditions for paragraph 291 170(2)(d) and subparagraph 291 170(3)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997
291 170.07 Notional taxed contributions—conditions for paragraph 291 170(4)(d) and subparagraph 291 170(5)(e)(ii) of the Income Tax (Transitional Provisions) Act 1997
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Division 292—Excess non concessional contributions
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Subdivision 292 C—Excess non concessional contributions tax
292 90.01 Non concessional contributions for a financial year
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Division 293—Sustaining the superannuation contribution concession
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Subdivision 293 D—Modifications for defined benefit interests
293 115.05 Preliminary
293 115.10 Defined benefit contributions—non accruing members
293 115.15 Defined benefit contributions—accruing members with funded benefit interests
293 115.20 Defined benefit contributions—accruing members with other interests
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Subdivision 293 E—Modifications for constitutionally protected State higher level office holders
293 145.01 Constitutionally protected State higher level office holders
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Division 294—Transfer balance cap
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Subdivision 294 B—Transfer balance account
294 25.01 Credit in transfer balance account—payment of consideration for interest supporting deferred superannuation income stream
294 25.02 Credit in transfer balance account—commutation of certain capped defined benefit income streams
294 25.03 Credit in transfer balance account—capped defined benefit income streams: transfers to successor funds
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Subdivision 294 C—Transfer balance debits
294 80.01 Debit in transfer balance account—reduction in amount of superannuation income stream benefit
294 80.02 Debit in transfer balance account—reduction in amount of superannuation income stream benefit
294 80.02A Debit in transfer balance account—commutation of certain capped defined benefit income streams
294 80.02B Debit in transfer balance account—certain permanent incapacity pensions
294 80.03 Debit in transfer balance account—certain items of table in subsection 294 80(1) of the Act do not apply to certain superannuation income streams
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Subdivision 294 D—Modifications for certain defined benefit income streams
294 130.01 Meaning of capped defined benefit income stream
294 135.01 Transfer balance credit—determining special value of a superannuation interest
294 145.01 Transfer balance debits—determining debit value of a superannuation interest
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Division 295—Taxation of superannuation entities
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Subdivision 295 D—Contributions excluded
295 265.01 Application of pre 1 July 88 funding credits—limit on choice
295 265.02 Method 1—Funding credit valuation process
295 265.03 How to calculate the discounted present value of liabilities for step 1 of method 1
295 265.04 How to calculate the assets available to fund pre 1 July 88 liabilities for step 2 of method 1
295 265.05 Method 2—Notionally updated funding credit valuation process
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Subdivision 295 F—Exempt income
295 385.01 Segregated current pension assets—prescribed superannuation income stream benefits
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Subdivision 295 G—Deductions
295 465.01 Complying funds—deductions for insurance premiums
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Division 301—Superannuation member benefits paid from complying plans etc.
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Subdivision 301 D—Departing Australia superannuation payments
301 170.01 Departing Australia superannuation payments
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Subdivision 301 E—Superannuation lump sum member benefits less than $200
301 225.01 Superannuation lump sum member benefits less than $200 are tax free
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Division 302—Superannuation death benefits paid from complying plans etc.
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Subdivision 302 D—Definitions relating to dependants
302 195.01 Circumstances in which a person died in the line of duty
302 195.02 Circumstances in which a person has not died in the line of duty
302 200.01 What is an interdependency relationship—matters to be taken into account
302 200.02 What is an interdependency relationship—existence of relationship
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Division 306—Roll overs etc.
306 10.01 Roll over superannuation benefit
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Division 307—Key concepts relating to superannuation benefits
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Subdivision 307 A—Superannuation benefits generally
307 5.01 What is a superannuation benefit?
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Subdivision 307 B—Superannuation lump sums and superannuation income stream benefits
307 70.01 Superannuation income stream benefits
307 70.02 Meaning of superannuation income stream
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Subdivision 307 C—Components of a superannuation benefit
307 125.01 Components of member benefits accruing before 1 July 1999 paid from the Military Superannuation and Benefits Scheme
307 125.02 Components of superannuation benefits after death of recipient of superannuation income stream
307 125.03 Components of certain military superannuation benefits
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Subdivision 307 D—Superannuation interests
307 200.01 Application of sections 307 200.02 to 307 200.05 to Subdivisions 291 C and 293 D of the Act
307 200.02 Meaning of superannuation interests—treating superannuation interests as 1 superannuation interest (self managed superannuation funds)
307 200.03 Meaning of superannuation interests—treating a superannuation interest as 2 or more superannuation interests (public sector schemes)
307 200.05 Meaning of superannuation interests—treating a superannuation interest as 2 or more superannuation interests (superannuation income streams)
307 205.01 Value of superannuation interest for calculating pre July 83 amount for members in the contributions and investment phase
307 205.01A How to calculate the value of a retirement benefit for step 1 of the method in subsection 307 205.01(2)
307 205.02 Value of superannuation interest
307 205.02A Value of superannuation interest—superannuation income streams or superannuation annuities based on identifiable amounts
307 205.02B Value of superannuation interest—public sector superannuation schemes
307 205.02C Value of superannuation interest—deferred superannuation income streams
307 205.02D Value of superannuation interest—pooled investment pensions
307 205.02E Value of superannuation interest—pooled investment annuities
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Part 3 45—Rules for particular industries and occupations
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Division 393—Farm management deposits
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Subdivision 393 B—Meaning of farm management deposit and owner
393 20.01 Application form for a farm management deposit—information given by depositor
393 20.02 Application form for a farm management deposit—information given to depositor
393 40.01 Repayment of farm management deposit in the event of a natural disaster
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Division 418—Exploration for minerals
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Subdivision 418 DA—Exploration credits allocation
418 103.01 Meaning of annual exploration cap—2023 24 income year
418 103.02 Meaning of annual exploration cap—2024 25 income year
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Chapter 4—International aspects of income tax
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Part 4 5—General
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Division 775—Foreign currency gains and losses
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Subdivision 775 B—Realisation of forex gains or losses
775 145.01 Application of forex events to currency and fungible rights and obligations
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Division 830—Foreign hybrids
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Subdivision 830 A—Meaning of “foreign hybrid”
830 15.01 Foreign hybrid company
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Chapter 6—The Dictionary
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Part 6 1—Concepts and topics
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Division 960—General
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Subdivision 960 C—Foreign currency
960 50.01 Translation of foreign currency amounts into Australian currency—modification of special translation rules
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Subdivision 960 D—Functional currency
960 80.01 Translation rules—translation into applicable functional currency
960 80.02 Translation rules for an attributable taxpayer of a CFC—translation into applicable functional currency
960 80.03 Translation rules—translation from applicable functional currency into Australian currency
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Division 974—Debt and equity interests
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Subdivision 974 F—Related concepts
974 135.01 Non cumulative redeemable preference shares issued by credit union or mutual building society
974 135.02 Redeemable preference shares
974 135.03 Term cumulative subordinated note with insolvency or capital adequacy conditions
974 135.04 Perpetual cumulative subordinated note with profitability, insolvency or negative earnings conditions
974 135.05 Term cumulative subordinated note with non viability condition
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Part 6 5—Dictionary definitions
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Division 995—Definitions
995 1.01 Definitions
995 1.02 Approved stock exchanges
995 1.03 Constitutionally protected funds
995 1.04 Definition of contributions splitting superannuation benefit
995 1.05 Meaning of superannuation annuity
995 1.06 Meaning of terminal medical condition
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Chapter 7—Transitional matters
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Part 1000 1—Transitional matters relating to the repeal of the Income Tax Assessment Regulations 1997
1000 1.01 Definitions
1000 1.02 This instrument generally applies to income years and financial years starting at or after the commencement time
1000 1.03 Valuations under Division 30 or 31
1000 1.04 Complying superannuation fund condition—elections
1000 1.05 Notional taxed contributions—allocation of contributions
1000 1.06 Transfer balance debits and transfer balance credits
1000 1.07 Application of pre 1 July 88 funding credits
1000 1.08 Departing Australia superannuation payments
1000 1.09 Components of member benefits accruing before 1 July 1999 paid from the Military Superannuation and Benefits Scheme—choice of alternative method
1000 1.10 Farm management deposit
1000 1.11 Application of forex events to currency and fungible rights and obligations—elections
1000 1.12 Translating currency—choices and elections
1000 1.13 Certificates in relation to terminal medical conditions
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Part 1000 2—Transitional matters relating to the Treasury Laws Amendment (Miscellaneous and Technical Amendments) Regulations 2021
1000 2.01 Application of amendments
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Part 1000 3—Transitional matters relating to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023
1000 3.01 Definitions
1000 3.02 Application of amendments
1000 3.03 Modified continuing application of old regulations
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Part 1000 4—Transitional matters relating to the Treasury Laws Amendment (Military Superannuation Benefits) Regulations 2023
1000 4.01 Definitions
1000 4.02 Application of amendments
1000 4.03 Modified continuing application of old regulations
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Part 1000 5—Transitional matters relating to the Income Tax Assessment Amendment (Superannuation) Regulations 2024
1000 5.01 Application of amendments
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Part 1000 6—Transitional matters relating to the Income Tax Assessment Amendment (Transfer Balance Account Value for Certain Superannuation Income Streams) Regulations 2024
1000 6.01 Definitions
1000 6.02 Application of amendments
1000 6.03 Modified continuing application of old regulations
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Schedule 1A—Method of working out amount of notional taxed contributions
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Part 1—Preliminary
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Division 1—Definitions
1.1 Meaning of accruing member
1.2 Meaning of benefit category
1.3 Meaning of defined benefit fund
1.4 Accruing member must not belong to more than one benefit category at the same time unless certified by an actuary
1.5 Meaning of fund benefit
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Division 2—Method
1.6 Method of working out amount of notional taxed contributions if the fund benefit is wholly sourced from an accumulation of contributions made in respect of the member
1.7 Method of working out amount of notional taxed contributions in respect of a benefit category if the fund benefit is not wholly sourced from an accumulation of contributions made in respect of the member
1.8 Method of working out amount of notional taxed contributions
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Part 2—New entrant rate
2.1 Method of working out new entrant rate for a benefit category
2.2 New entrant rate to be based on period of membership needed to reach maximum benefit accrual
2.3 New entrant rate to be rounded down
2.4 No allowance for administration expenses or income tax on assessable contributions
2.5 Certain discretions to be allowed for
2.6 Method of working out new entrant rate for a member
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Part 3—Valuation parameters
3.1 Application of economic, decrement and other parameters
3.2 Discount rate
3.3 Fund earning rate and crediting rate
3.4 Rate of future salary or wages growth
3.5 Rate of increase in price indices
3.6 New entrant age
3.7 Exit rates
3.8 Pensions
3.9 Mortality of pensioners
3.10 Taxed and untaxed benefits
3.11 Other assumptions to be set by the actuary
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Part 4—Exercise of discretion to pay a benefit greater than the benefit assumed in calculating the new entrant rate
4.1 Method of working out the increased exit benefit adjustment amount in the formula in clause 1.8
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Part 5—Member has changed benefit category
5.1 Method of working out the category change or discretion adjustment amount in the formula in clause 1.8
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Part 6—Governing rules have changed
6.1 Method of working out governing rules change adjustment amount in the formula in clause 1.8
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Part 7—Non arm’s length increase in superannuation salary
7.1 Method of working out the increased superannuation salary adjustment amount in the formula in clause 1.8
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Schedule 1AA—Working out defined benefit contributions
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Part 1—Preliminary
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Division 1—Definitions
1 Meaning of accruing member
2 Meaning of benefit category
2A Meaning of defined benefit fund
2B Treatment of superannuation sub funds
3 Accruing member must not belong to more than one benefit category at the same time unless certified by an actuary
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Division 2—Method
4 Method of determining amount of defined benefit contributions
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Part 2—New entrant rate
5 Method of working out new entrant rate for a benefit category
6 New entrant rate to be based on period of membership needed to reach maximum benefit accrual
7 New entrant rate to be rounded down
8 No allowance for administration expenses or income tax on assessable contributions
9 Certain discretions to be allowed for
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Part 3—Valuation parameters
10 Application of economic, decrement and other parameters
11 Discount rate
12 Fund earning rate and crediting rate
13 Rate of future salary or wages growth
14 Rate of increase in price indices
15 New entrant age
16 Exit rates
17 Pensions
18 Mortality of pensioners
19 Other assumptions to be set by the actuary
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Part 4—Exercise of discretion to pay a benefit greater than the benefit assumed in calculating the new entrant rate
20 Method of working out the increased exit benefit adjustment amount in the formula in subclause 4(2)
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Part 5—Member has changed benefit category
21 Method of working out the category change or discretion adjustment amount in the formula in subclause 4(2)
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Part 6—Governing rules have changed
22 Method of working out governing rules change adjustment amount in the formula in subclause 4(2)
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Part 7—Non arm’s length increase in superannuation salary
23 Method of working out the increased superannuation salary adjustment amount in the formula in subclause 4(2)
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Schedule 1B—Valuation factors
1 Income stream valuation factors
2 Lump sum valuation factors
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Schedule 1C—Farm management deposits—statements to be read by depositors
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Part 1—Statements
1 Statements for the purposes of paragraph 393 20.02(a)
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Part 2—Required statements
2 Statements for the purposes of paragraph 393 20.02(b)
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Part 3—Additional information
3 Additional information for the purposes of paragraph 393 20.02(c)
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Schedule 2—Translation of currency amounts—rules and other requirements
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Part 1—Rules and requirements for item 12 of the table in subsection 960 50(6) of the Act
1 Exchange rate—consistency with accounting standards used by entity
2 Choice of daily exchange rate
3 Choice of average exchange rate
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Part 2—Translation of foreign currency amounts into Australian currency—rules and requirements for item 11A of the table in subsection 960 50(6) of the Act
4 Exchange rate—consistency with an entity’s financial records
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Schedule 3—Approved stock exchanges
1 Approved stock exchanges
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Endnotes
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history