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INCOME TAX ASSESSMENT ACT 1936
TABLE OF PROVISIONS
Long Title
PART I--PRELIMINARY
1. Short title [see Note 1]
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
6B. Income beneficially derived
6BA. Taxation treatment of certain shares
6C. Source of royalty income derived by a non-resident
6CA. Source of natural resource income derived by a non-resident
6D. Some tax offsets under the 1997 Assessment Act are treated as credits
6F. Dual resident investment company
6H. Recognised small credit unions, recognised medium credit unions and recognised large credit unions
7A. Application of Act in relation to certain Territories
7B. Application of the Criminal Code
PART II--ADMINISTRATION
8. Commissioner
14. Annual report
16. Officers to observe secrecy
16A. Provisions relating to the Fitzgerald inquiry
PART III--LIABILITY TO TAXATION
Division 1--General
18. Accounting period
18A. Accounting periods for VCLPs, ESVCLPs, AFOFs and VCMPs
21. Where consideration not in cash
21A. Non-cash business benefits
23AA. Income of persons connected with certain projects of United States Government
23AB. Income of certain persons serving with an armed force under the control of the United Nations
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
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
23E. Redemption of Special Bonds redeemable at a premium
23G. Exemption of interest received by credit unions
23J. Sale of securities purchased at a discount
23K. Substitution of certain securities
23L. Certain benefits in the nature of income not assessable
Division 1AB--Certain State
Subdivision A--Exemption for certain State
24AK. Key principle
24AL. Diagram--guide to work out if body is exempt under this Division
24AM. Certain STBs exempt from tax
24AN. Certain STBs not exempt from tax under this Division
24AO. First way in which a body can be an STB
24AP. Second way in which a body can be an STB
24AQ. Third way in which a body can be an STB
24AR. Fourth way in which a body can be an STB
24AS. Fifth way in which a body can be an STB
24AT. What do excluded STB, government entity and Territory mean?
24AU. Governor, Minister and Department Head taken to be a government entity
24AV. Regulations prescribing excluded STBs
Subdivision B--Body ceasing to be an STB
24AW. Body ceasing to be an STB
24AX. Special provisions relating to capital gains and losses
24AY. Losses from STB years not carried forward
24AYA. Effect of unfunded superannuation liabilities
24AZ. Meaning of period and prescribed excluded STB
Division 1A--Provisions relating to certain
24B. Interpretation
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
24P. Transitional capital gains tax provisions for certain Cocos (Keeling) Islands assets
Division 2--Income
Subdivision A--Assessable income generally
25A. Assessable income to include certain profits
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
26AF. Assessable income to include value of benefits received from or in connection with former paragraph 23(ja) funds or former section 23FB funds
26AFA. Assessable income to include value of certain benefits received from or in connection with former section 23F funds
26AG. Certain film proceeds included in assessable income
26AH. Bonuses and other amounts received in respect of certain short-term life assurance policies
26AJ. Investment-related lottery winnings to be included in assessable income
26BB. Assessability of gain on disposal or redemption of traditional securities
26BC. Securities lending arrangements
26C. Disposal of certain securities
26E. Income from RSAs
27. Interest on loans raised in Australia by governments outside Australia
Subdivision AA--Non-superannuation annuities etc
27H. Assessable income to include annuities and superannuation pensions
Subdivision D--Dividends
43A. Subdivision has effect subject to provisions of Division 216 of the Income Tax Assessment Act 1997
43B. Application of Subdivision to non-share dividends
44. Dividends
45. Streaming of bonus shares and unfranked dividends
45A. Streaming of dividends and capital benefits
45B. Schemes to provide certain benefits
45BA. Effect of determinations under section 45B for demerger benefits
45C. Effect of determinations under sections 45A and 45B for capital benefits
45D. Determinations under sections 45A, 45B and 45C
46FA. Deduction for dividends on-paid to non-resident owner
46FB. Unfranked non-portfolio dividend account
47. Distributions by liquidator
47A. Distribution benefits--CFCs [see Note 4]
Division 3--Deductions
Subdivision A--General
51AAA. Deductions not allowable in certain circumstances
51AD. Deductions not allowable in respect of property used under certain leveraged arrangements
51AEA. Meal entertainment--election under section 37AA of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AEB. Meal entertainment--election under section 37CA of Fringe Benefits Tax Assessment Act 1986 to use the 12 week register method
51AEC. Entertainment facility--election under section 152B of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method
51AF. Car expenses incurred by employee
51AGA. No deduction to employee for certain car parking expenses
51AH. Deductions not allowable where expenses incurred by employee are reimbursed
51AJ. Deductions not allowable for private component of contributions for fringe benefits etc.
51AK. Agreements for the provision of non-deductible non-cash business benefits
52. Loss on property acquired for profit-making
52A. Certain amounts disregarded in ascertaining taxable income
63. Bad debts
63D. Bad debts etc. of money-lenders not allowable deductions where attributable to listed country or unlisted country branches
63E. Debt/equity swaps
63F. Limit on deductions where debt write offs and debt/equity swaps occur
63G. Bad debts etc. of trust not allowable in certain circumstances
65. Payments to associated persons and relatives
70B. Deduction for loss on disposal or redemption of traditional securities
73A. Expenditure on scientific research
73AA. Section 73A roll-over relief in the case of certain CGT roll-overs
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
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
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 73QA
73IA. Objections
73J. Eligibility for tax offset
73K. Meaning of R&D group turnover
73L. Grouped taxpayers
73M. Meaning of affiliate
73P. Interpretation
73QA. Extra deduction for increase in expenditure on Australian owned research and development
73QB. Extra deduction for increase in expenditure on foreign owned research and development
73R. Group members
73RA. Increases in expenditure on Australian owned R&D by eligible companies
73RB. Increases in expenditure on foreign owned R&D by eligible companies
73RC. Net increase in expenditure on Australian owned R&D by the group
73RD. Net increase in expenditure on foreign owned R&D by the group
73RE. Adjusted increase in expenditure on R&D by the group
73S. Calculating the amounts relevant to the additional deduction
73T. Adjustment amounts
73V. Adjustment balance
73Z. Anti-avoidance
78A. Certain gifts not to be allowable deductions
79A. Rebates for residents of isolated areas
79B. Rebates for members of Defence Force serving overseas
82. Double deductions
82A. Deductions for expenses of self-education
Subdivision CB--Regional Headquarters
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
Subdivision D--Losses and outgoings incurred under certain tax avoidance schemes
82KH. Interpretation
82KJ. Deduction not allowable in respect of certain pre-paid outgoings
82KK. Schemes designed to postpone tax liability
82KL. Tax benefit not allowable in respect of certain recouped expenditure
Subdivision H--Period of deductibility of certain advance expenditure
82KZL. Interpretation
82KZLA. Subdivision does not apply to financial arrangements to which Subdivision 250-E applies
82KZM. Expenditure by small business entities and individuals incurring non-business expenditure
82KZMA. Application of section 82KZMD
82KZMD. Business expenditure and non-business expenditure by non-individual
82KZME. Expenditure under some agreements
82KZMF. Proportional deduction
82KZMG. Deductions for certain forestry expenditure
82KZMGA.Deductions for certain forestry expenditure
82KZMGB.CGT event in relation to interest in 82KZMG agreement
82KZN. Transfer etc. of rights under agreement
82KZO. Partnership changes where entire interest in agreement rights is not transferred
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
82SA. Interest on certain convertible notes to be an allowable deduction--where loan made on or after 1 January 1976
82T. Value of shares
Division 5--Partnerships
90. Interpretation
91. Liability of partnerships
92. Income and deductions of partner
92A. Deductions in respect of outstanding subsection 92(2AA) amounts
94. Partner not having control and disposal of share in partnership income
Division 5A--Income of certain limited partnerships
Subdivision A--Preliminary
94A. Object
94B. Interpretation
94C. Continuity of limited partnership not affected by changes in composition
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
Subdivision C--Corporate tax modifications applicable to corporate limited partnerships
94H. Corporate tax modifications applicable to corporate limited partnerships
94J. Company includes corporate limited partnership
94K. Partnership does not include corporate limited partnership
94L. Dividend includes distribution of corporate limited partnership
94M. Drawings etc. deemed to be dividends paid out of profits
94N. Private company does not include corporate limited partnership
94P. Share includes interest in corporate limited partnership
94Q. Shareholder includes partner in corporate limited partnership
94R. Liquidator may include partner in corporate limited partnership
94S. Continuity of corporate limited partnership not affected by changes in composition
94T. Residence of corporate limited partnership
94U. Incorporation
94V. Obligations and offences
94X. Modification of loss provisions
Division 6--Trust income
95. Interpretation
95AA. Division does not apply in relation to FHSA trust
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 farm management deposits
98. Liability of trustee
98A. Non-resident beneficiaries assessable in respect of certain income
98B. Deduction from beneficiary's tax
99. Certain trust income to be taxed as income of an individual
99A. Certain trust income to be taxed at special rate
99B. Receipt of trust income not previously subject to tax
99C. Determining whether property is applied for benefit of beneficiary
99D. Refund of tax to non-resident beneficiary
99E. Later trust not taxed on income already taxed under subsection 98(4)
99G. Amounts covered by withholding requirement
99H. Late payments
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
Division 6AAA--Special provisions relating to non-resident trust estates etc
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
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
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
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
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
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
Division 6C--Income of certain public trading trusts
102M. Interpretation
102N. Trading trusts
102NA. Certain interposed trusts not trading trusts
102P. Public unit trusts
102Q. Resident unit trusts
102R. Public trading trusts
102S. Taxation of net income of public trading trust
102T. Modified application of Act in relation to certain unit trusts
Division 6D--Provisions relating to certain closely held trusts
Subdivision A--Overview
102UA. What this Division is about
Subdivision B--Interpretation
102UB. Definitions--general
102UC. Closely held trust
102UD. Trustee beneficiary
102UE. Meaning of untaxed part
102UG. Correct TB statement
102UH. TB statement period
102UI. Tax-preferred amount
102UJ. Extended concept of present entitlement to capital of a trust
Subdivision C--Trustee beneficiary non-disclosure tax on share of net income
102UK. Trustee beneficiary non-disclosure tax where no correct TB statement
102UL. Exclusion of directors of closely held trust from liability to pay tax
102UM. Trustee beneficiary non-disclosure tax where share is distributed to trustee of closely held trust
Subdivision D--Payment etc
102UN. Amount of trustee beneficiary non-disclosure tax reduced by notional tax offset
102UO. Payment of trustee beneficiary non-disclosure tax
102UP. Late payment of trustee beneficiary non-disclosure tax
102UR. Notice of liability
102URA. Request for notice of liability
102US. Evidentiary effect of notice of liability
102USA. Recovery of trustee beneficiary non-disclosure tax from trustee beneficiaries providing incorrect information etc. to head trustee
Subdivision E--Making correct TB statement about trustee beneficiaries of tax-preferred amounts
102UT. Requirement to make correct TB statement about trustee beneficiaries of tax-preferred amounts
Subdivision F--Special provisions about tax file numbers
102UU. Trustee beneficiary may quote tax file number to trustee of closely held trust
102UV. Trustee of closely held trust may record etc. tax file number
Division 7--Private companies
102V. Application of Division to non-share dividends
103. Interpretation
103A. Private companies
109. Excessive payments to shareholders, directors and associates deemed to be dividends
Division 7A--Distributions to entities connected with a private company
Subdivision A--Overview of this Division
109B. Simplified outline of this Division
Subdivision AA--Application of Division to non-share equity interests
109BA. Application of Division to non-share dividends
Subdivision B--Private company payments, loans and debt forgiveness are treated as dividends
109C. Payments treated as dividends
109D. Loans treated as dividends
Subdivision D--(other than section 109R) does not apply to loans covered by this subsection.
109E. Amalgamated loan from a previous year treated as dividend if minimum repayment not made
109F. Forgiven debts treated as dividends
Subdivision C--Forgiven debts that are not treated as dividends
109G. Debt forgiveness that does not give rise to a dividend
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
Subdivision DA--Demerger dividends not treated as dividends
109RA. Demerger dividends not treated as dividends
Subdivision DB--Other exceptions
109RB. Commissioner may disregard operation of Division or allow dividend to be franked
109RC. Dividend may be franked if taken to be paid because of family law obligation
109RD. Commissioner may extend period for repayments of amalgamated loan
Subdivision E--Payments and loans through interposed entities
109S. Simplified outline of this Subdivision
109T. Payments and loans by a private company to an entity through one or more interposed entities
109U. Payments and loans through interposed entities relying on guarantees
109UA. Certain liabilities under guarantees treated as payments
109V. Amount of private company's payment to target entity through one or more interposed entities
109W. Private company's loan to target entity through one or more interposed entities
109X. Operation of Subdivision D in relation to payment or loan
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
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
Subdivision G--Defined terms
109ZD. Defined terms
109ZE. Interpretation rules about entities
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
Division 9AA--Demutualisation of insurance companies and affiliates
Subdivision A--What this Division is about
121AA. What this Division is about
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
Subdivision C--Tax consequences of demutualisation
121AS. CGT consequences of demutualisation
vision 126-B of t--of the Income Tax Assessment Act 1997 as in force immediately before 21 October 1999 (about roll-overs for transfers) applies as if the life insurance company and the other company were members of the same wholly-owned group within the meaning of that Act.
121AT. Other tax consequences of demutualisation
Division 9A--Offshore banking units
Subdivision A--Object and simplified outline
121A. Object
121B. Simplified outline
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
Subdivision C--Operative provisions
121EG. Reduction of assessable OB income, allowable OB deductions and foreign income tax paid
121EH. Loss of special treatment where excessive use of non-OB money
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
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
Division 10B--Industrial property
124K. Interpretation
124KAA. Division subject to Division 245 of Schedule 2C
124KA. Application of Division where deduction allowable under former section 124ZAF or section 124ZAFA
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 former section 124ZAF or section 124ZAFA
124Y. Damages for infringement
124Z. Benefit from overseas rights
Division 10BA--Australian films
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
Subdivision B--Deductions for capital expenditure
124ZAFAA.Subdivision subject to Division 245 of Schedule 2C
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
Subdivision C--Miscellaneous
124ZAO. Limitation on deductibility of revenue expenses
124ZAP. Special provisions relating to partnerships
Division 10E--PDFs
Subdivision A--Shares in PDFs
124ZM. Treatment distributions to shareholders in PDF
124ZN. Exemption of income from sale of shares in a PDF
124ZO. Shares in a PDF are not trading stock
124ZQ. Effect of company becoming a PDF
124ZR. Effect of company ceasing to be a PDF
Subdivision B--The taxable income of PDFs
124ZS. Definitions
124ZTA. Taxable income in first year as PDF if PDF component is nil
124ZT. SME assessable income
124ZU. SME income component
124ZV. Unregulated investment component
Subdivision C--Adjustments of the tax treatment of capital gains and capital losses of PDFs
124ZW. Definitions
124ZX. Companies to which this Subdivision applies
124ZY. Classes of assessable income
124ZZ. Treatment of capital gains
124ZZA. Allocation of gain amounts and loss amounts to classes of assessable income
124ZZB. Assessable income etc. in relation to capital gains
124ZZD. No net capital loss
Division 11--Interest paid by companies on bearer debentures
126. Interest paid by a company on bearer debentures
127. Credit for tax paid by company
128. Assessments of tax
Division 11A--Dividends, interest and royalties paid to non-residents and to certain other persons
Subdivision A--General
128AAA. Application of Division to non-share dividends
128A. Interpretation
128AA. Deemed interest in respect of transfers of certain securities
128AB. Certificates relating to issue price of certain securities
128AC. Deemed interest in respect of hire-purchase and certain other agreements
128AD. Indemnification etc. agreements in relation to bills of exchange and promissory notes
128AE. Interpretation provisions relating to offshore banking units
128AF. Payments through interposed entities
128B. Liability to withholding tax
128C. Payment of withholding tax
128D. Certain income not assessable
128F. Division does not apply to interest on certain publicly offered company debentures or debt interests
128FA. Division does not apply to interest on certain publicly offered unit trust debentures or debt interests
128GB. Division not to apply to interest payments on offshore borrowings by offshore banking units
128NA. Special tax payable in respect of certain securities and agreements
128NB. Special tax payable in respect of certain dealings by current and former offshore banking units
128NBA. Credits in respect of amounts assessed under Division 16E of Part III
128P. Objections
128Q. Power of Commissioner to obtain information
128R. Informal arrangements
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
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
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
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
Division 13A--Employee share schemes
Subdivision A--Key principle and overview of Division
139. The key principle
139A. Overview of Division
Subdivision B--Inclusion of discount in assessable income
139B. Discount to be included in assessable income
139BA. Reduction of amounts included--elections
Subdivision C--Key concepts
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
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 other provisions
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
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
Subdivision DB--Stapled securities
139DSA. Object of this Subdivision
139DSB. Application of Division to stapled securities
139DSC. Discount not to be included in assessable income unless stapled security or right is qualifying
139DSD. Division does not also apply to share part of stapled security
139DSE. Modifications relating to employment
139DSF. Modification relating to legal or beneficial interest
139DSG. Modification relating to voting rights
139DSH. Cessation time when stapling arrangement ceases
139DSI. Deduction to be apportioned
Subdivision E--Elections
139E. Taxpayer may make election
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
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
139GCD. Meaning of stapled security and stapled entity
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
Division 15--Insurance with non-residents
141. Interpretation
142. Income derived by non-resident insurer
143. Taxable income of non-resident insurer
144. Liability of agents of insurer
145. Deduction of premiums
146. Exporter to furnish information
147. Rate of tax in special circumstances
148. Reinsurance with non-residents
Division 16--Averaging of incomes
149. Average income
149A. Capital gains, abnormal income and certain death benefits to be disregarded
150. First average year
151. First application of Division in relation to a taxpayer
152. Taxpayer not in receipt of assessable income
153. Taxpayer with no taxable income
154. Excess of allowable deductions
155. Permanent reduction of income
156. Rebate of tax for, or complementary tax payable by, certain primary producers
157. Application of Division to primary producers
158. Application of Division
158A. Election that Division not apply
Division 16D--Certain arrangements relating to the use of property
159GE. Interpretation
159GEA. Division applies to certain State/Territory bodies
159GF. Residual amounts
159GG. Qualifying arrangements
159GH. Application of Division in relation to property
159GJ. Effect of application of Division on certain deductions etc.
159GK. Effect of application of Division on assessability of arrangement payments
159GL. Special provision relating to Division 10C or 10D property
159GM. Special provision where cost of plant etc. is also eligible capital expenditure
159GN. Effect of use of property under qualifying arrangement for producing assessable income
159GO. Special provisions relating to partnerships
Division 16E--Accruals assessability etc
159GP. Interpretation
159GQ. Tax treatment of holder of qualifying security
159GQA. Accrual period
159GQB. Accrual amount
159GQC. Implicit interest rate for fixed return security
159GQD. Implicit interest rate for variable return security
159GR. Consequences of actual payments
159GS. Balancing adjustments on transfer of qualifying security
159GT. Tax treatment of issuer of a qualifying security
159GU. Effect of Division on certain transfer profits and losses
159GV. Consequence of variation of terms of security
159GW. Effect of Division in relation to non-residents
159GX. Effect of Division where certain payments not assessable
159GY. Effect of Division where qualifying security is trading stock
159GZ. Stripped securities
Division 16J--Effect of cancellation of subsidiary's shares in holding company
159GZZZC.Interpretation--general
159GZZZD.Meaning of eligible entity, eligible interest and eligible proportion
159GZZZE.Share cancellations to which this Division applies
159GZZZF.Effect on subsidiary of share cancellations to which this Division applies
159GZZZG.Pre-cancellation disposals of eligible interests
159GZZZH.Post-cancellation disposals of eligible interests etc.
159GZZZI.Additional application of sections 159GZZZG and 159GZZZH to associates
Division 16K--Effect of buy-backs of shares
Subdivision AA--Application of Division to non-share equity interests
159GZZZIA.Application of Division to non-share dividends
Subdivision A--Interpretation
159GZZZJ.Interpretation
159GZZZK.Explanation of terms
159GZZZL.Special buy-backs not made in ordinary course of trading on a stock exchange
159GZZZM.Purchase price in respect of buy-back
Subdivision B--Company buying-back shares
159GZZZN.Buy-back and cancellation disregarded for certain purposes
Subdivision C--Off-market purchases
159GZZZP.Part of off-market purchase price is a dividend
159GZZZQ.Consideration in respect of off-market purchase
Subdivision D--On-market purchases
159GZZZR.No part of on-market purchase price is a dividend
159GZZZS.Consideration in respect of on-market purchase
Division 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
Division 17--Rebates
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
Subdivision AB--Lump sum payments in arrears
159ZR. Interpretation
159ZRA. Eligibility for rebate
159ZRB. Calculation of rebate
159ZRC. Notional tax amount for recent accrual years
159ZRD. Notional tax amount for distant accrual years
Subdivision B--Miscellaneous
160AAAA.Tax rebate for low income aged persons
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
160AD. Maximum amount of rebates
160ADA. Most tax offsets under the 1997 Assessment Act are treated as rebates
PART IIIB--AUSTRALIAN BRANCHES OF FOREIGN BANKS
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
Division 2--Provisions relating to income tax
160ZZX. Income of branch to have Australian source
160ZZZ. Notional borrowing by branch from bank
160ZZZA.Notional payment of interest by branch to bank
160ZZZC.Offshore banking units
160ZZZE.Notional derivative transactions between branch and bank
160ZZZF.Notional foreign exchange transactions between branch and bank
160ZZZG.Losses
160ZZZH.Net capital losses
160ZZZI.Certain transactions to be disregarded
Division 3--Provisions relating to withholding tax
160ZZZJ.Withholding tax on interest paid by branch to bank
Division 4--Extension of Part to Australian branches of foreign financial entities
160ZZZK.Treatment like Australian branches of foreign banks
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
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
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
Division 1--Preliminary
202. Objects of this Part
202A. Interpretation
202AA. Definition of eligible PAYG payment
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
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
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
202DDB. Quotation of tax file number in connection with indirectly held investment
202DE. Securities dealer to inform the investment body of tax file number
202DF. Effect of incorrect quotation of tax file number
202DG. Investments held jointly
202DH. Tax file number quoted for superannuation or surcharge purposes taken to be quoted for purposes of the taxation of eligible termination payments
202DHA. Tax file number quoted for Division 3 purposes taken to have been quoted for superannuation purposes
202DI. Tax file number quoted for RSA purposes taken to be quoted for purposes of the taxation of superannuation benefits
202DJ. Tax file number quoted for purposes of taxation of superannuation benefits taken to be quoted for surcharge purposes
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
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
Division 6--Review of decisions
202F. Review of decisions
202FA. Statements to accompany notification of decisions
Division 7--Manner of providing information
202G. Transmission of information in accordance with specifications
PART VI--COLLECTION AND RECOVERY OF TAX
Division 1--General
204. When tax payable
213. Temporary business
219. Consolidated assessments
Division 8--Prompt recovery, through estimates and payment agreements, of certain amounts not remitted
Subdivision A--Object and interpretation
222AFA. Object and outline
222AFB. Interpretation
222AFC. Unpaid amount
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
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
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
Subdivision E--Late payment of estimate
222AJA. Liability to the general interest charge
222AJB. Effect of paying the general interest charge
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
Subdivision G--Payment agreements
222ALA. Commissioner may make agreement
222ALB. Effect of certain payments
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
Division 9--Penalties for directors of non-remitting companies
Subdivision A--Object and interpretation
222ANA. Object and outline
222ANB. Interpretation
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
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
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
Division 10--Miscellaneous
222ARA. This Part not to limit or exclude Chapter 5 of the Corporations Act
PART VIIA--REGISTRATION OF TAX AGENTS
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
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.
Division 3--Registration of tax agents
Subdivision A--Original registration of tax agents
251J. Applications for original registration of tax agents
251JA. Original registration of tax agents
Subdivision B--Re-registration of tax agents
251JB. Applications for re-registration of tax agents
251JC. Re-registration of tax agents
Subdivision C--Effect of changes in constitution of partnerships
251JD. Registration of a partnership terminated if constitution changes
Subdivision D--Changes in constitution of partnerships--registration of successor tax agents
251JE. Applications for registration of successor tax agents
251JF. Registration of successor
Subdivision E--Duration of registration of tax agents
251JG. Registration of tax agents to be in force for 3 years
Subdivision F--Surrender of registration of tax agents
251JH. Surrender of registration
Subdivision G--Termination of registration of tax agents other than partnerships
251JK. Death of natural person
251JM. Companies ceasing to exist
Subdivision H--Cancellation or suspension of registration of tax agents
251K. Cancellation or suspension of registration of tax agents
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
Division 5--Refund of lodgment fees
251KF. Refund of lodgment fees if application withdrawn
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
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
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
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
251Z. Administration of Medicare levy surcharge Act
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
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 private health insurers to provide information
265A. Release of liability of members of the Defence Force on death
265B. Notices in relation to certain securities
266. Regulations
PART X--ATTRIBUTION OF INCOME IN RESPECT OF CONTROLLED FOREIGN COMPANIES
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