Commonwealth Consolidated Acts Commonwealth Consolidated ActsIn this Part, unless the contrary intention appears:
"accounts" means ledgers, journals, profit and loss accounts and balance-sheets and includes statements, reports and notes attached to, or intended to be read with, any of the above.
"acquisition" , in relation to an interest in a FIF or a FLP, has the meaning given by section 488.
"approved stock exchange" means:
(a) a stock exchange named in regulations made for the purposes of this definition; or
(b) until regulations are so made--a stock exchange named in Schedule 3.
"associate" has the meaning given by Subdivision E.
"Australian entity" has the meaning given by section 471.
"Australian partnership" has the meaning given by section 472.
"Australian tax" means income tax or withholding tax.
"Australian trust" has the meaning given by section 473.
"balance-sheet" includes any similar statement and also includes statements, reports and notes attached to, or intended to be read with, a balance-sheet or similar statement.
"calculation method" has the meaning given by paragraph 534(2)(c).
"CFC" has the same meaning as in Part X.
"CFT" has the same meaning as in Part X.
"complying superannuation entity" has the same meaning as in the Income Tax Assessment Act 1997 .
"complying superannuation/FHSA asset" has the same meaning as in the Income Tax Assessment Act 1997 .
(a) in relation to a foreign company, has the same meaning as in Division 3A of Part III; or
(b) in relation to a foreign trust, means an instrument issued by the trustee of the trust, being an instrument that, if the trust were a company, would be a convertible note issued by the company, and includes an instrument that would be a convertible note within the meaning of Division 3A of Part III if:
(i) references in that Division to a company were references to the trust, or to the trustee of the trust, as the context requires; and
(ii) references in that Division to shares were references to interests in the trust.
"deemed rate of return method" has the meaning given by paragraph 534(2)(b) in relation to a FIF and the meaning given by paragraph 534(3)(a) in relation to a FLP.
"disposal" , in relation to an interest in a FIF or a FLP, has the meaning given by section 488.
"distribution" has the meaning given by section 474.
"entitled to acquire" has the meaning given by section 475.
"entity" means any of the following:
(a) a company;
(b) a partnership;
(c) a person in the capacity of trustee;
(d) any other person.
"FIF or foreign investment fund" has the meaning given to FIF by section 481.
"fixed entitlement" has the same meaning as in the Income Tax Assessment Act 1997 .
"fixed trust" has the same meaning as in the Income Tax Assessment Act 1997 .
"FLP or foreign life assurance policy" has the meaning given to FLP by section 482.
"foreign company" has the meaning given by section 481.
"foreign trust" has the meaning given by section 481.
"general insurance business" means insurance business other than life insurance business.
"interest" , in relation to a FIF or a FLP, has the meaning given by section 483.
"life insurance business" has the same meaning as in section 11 of the Life Insurance Act 1995 .
"Lloyd's" means The Society of Lloyd's incorporated by the Lloyd's Act 1871 of the United Kingdom.
"market value method" has the meaning given by paragraph 534(2)(a).
"notional accounting period" :
(a) in relation to a FIF, has the meaning given by section 486; or
(b) in relation to a FLP, has the meaning given by section 487.
"Part XI Australian resident" means a resident within the meaning of section 6 but does not include an entity if:
(a) there is a double tax agreement in force in respect of a foreign country; and
(b) that agreement contains a provision that is expressed to apply if, apart from the provision, the entity would, for the purposes of the agreement, be both a resident of Australia and a resident of the foreign country; and
(c) that provision has the effect that the entity is, for the purposes of the agreement, a resident solely of the foreign country.
"profit and loss account" includes any similar statement and also includes statements, reports and notes attached to, or intended to be read with, a profit and loss account or similar statement.
"quoted price" has the meaning given by section 476.
"resident superannuation entity" has the meaning given by section 477.
"segregated exempt assets" has the same meaning as in the Income Tax Assessment Act 1997 .
"share" , in relation to a foreign company, includes any interest in the capital of the company that is in the nature of a share or stock, including such an interest in the nature of a preference share (whether or not redeemable), a bonus share or a share with deferred rights.
"statutory accounting period" has the same meaning as in Part X.
"tax detriment" has the meaning given by section 478.
"the operative provision" means section 529.
(a) an entity in the capacity of trustee (including an entity that manages a trust if there is no trustee); or
(b) as the case requires, a trust or a trust estate.
"trustee" , in relation to a fund that has no trustee, means the person who manages the fund.
"wholly-owned subsidiary" has the meaning given by section 479.