INCOME TAX ASSESSMENT ACT 1997
Table of Provisions
CHAPTER 1--Introduction and core provisions
PART 1-1--PRELIMINARY
DIVISION 1--Preliminary- 1.1 Short title
- 1.2 Commencement
- 1.3 Differences in style not to affect meaning
- 1.4 Application
- 1.7 Administration of this Act
PART 1-2--A GUIDE TO THIS ACT
DIVISION 2--How to use this Act- 2.1 The design
- 2.5 The pyramid
- 2.10 When defined terms are identified
- 2.15 When terms areidentified
- 2.20 Identifying the defined term in a definition
- 2.25 Purposes
- 2.30 Gaps in the numbering
- 2.35 Non-operative material
- 2.40 Guides
- 2.45 Other material DIVISION 3--What this Act is about
- 3.5 Annual income tax
- 3.10 Your other obligations as a taxpayer
- 3.15 Your obligationsas a taxpayer
PART 1-3--CORE PROVISIONS
DIVISION 4--How to work out the income tax payable on your taxable income- 4.1 Who must pay income tax
- 4.5 Meaning of
- 4.10 How to work out how much income tax you must pay
- 4.15 How to work out your taxable income
- 4.25 Special provisions for working out your basic income tax liability DIVISION 5--How to work out when to pay your income tax
- 5.1 What this Division is about
- 5.5 When income tax is payable
- 5.10 When shortfall interest charge is payable
- 5.15 General interest charge payable on unpaid income tax or shortfall interest charge DIVISION 6--Assessable income and exempt income
- 6.1 Diagram showing relationships among concepts in this Division
- 6.5 Income according to ordinary concepts ()
- 6.10 Other assessable income ()
- 6.15 What isassessable income
- 6.20 Exempt income
- 6.23 Non-assessable non-exempt income
- 6.25 Relationships among various rules about ordinary income DIVISION 8--Deductions
- 8.1 General deductions
- 8.5 Specific deductions
- 8.10 No double deductions
PART 1-4--CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS
DIVISION 9--Entities that must pay income tax- 9.1A Effect of this Division
- 9.1 List of entities
- 9.5 Entities that work out their income tax by reference to something other than taxable income DIVISION 10--Particular kinds of assessable income
- 10.1 Effect of this Division
- 10.5 List of provisions about assessable income DIVISION 11--Particular kinds of non-assessable income
- 11.1A Effect of this Subdivision
- 11.1 Overview
- 11.5 Entities that are exempt, no matter what kind of ordinary or statutory income they have
- 11.15 Ordinary or statutory income which is exempt
- 11.50 Effect of this Subdivision
- 11.55 List of non-assessable non-exempt income provisions DIVISION 12--Particular kinds of deductions
- 12.1 Effect of this Division
- 12.5 List of provisions about deductions DIVISION 13--Tax offsets
- 13.1A Effect of this Division
- 13.1 List of tax offsets
CHAPTER 2--Liability rules of general application
PART 2-1--ASSESSABLE INCOME
DIVISION 15--Some items of assessable income- 15.1 What this Division is about
- 15.2 Allowances and other things provided in respect of employment or services
- 15.3 Return to work payments
- 15.5 Accrued leave transfer payments
- 15.10 Bounties and subsidies
- 15.15 Profit-making undertaking or plan
- 15.20 Royalties
- 15.22 Payments made to members of a copyright collecting society
- 15.23 Payments of resale royalties by resale royalty collecting society
- 15.25 Amount received for lease obligation to repair
- 15.30 Insurance or indemnity for loss of assessable income
- 15.35 Interest on overpayments and early payments of tax
- 15.40 Providing mining, quarrying or prospecting information or geothermal exploration information
- 15.45 Amounts paid under forestry agreements
- 15.46 Amounts paid under forestry managed investment schemes
- 15.50 Work in progress amounts
- 15.55 Certain amounts paid under funeral policy
- 15.60 Certain amounts paid under scholarship plan
- 15.70 Reimbursed car expenses
- 15.75 Bonuses
- 15.80 Franked distributions entitled to a foreign income tax deduction--Additional Tier 1 capital exception DIVISION 17--Effect of GST etc. on assessable income
- 17.1 What this Division is about
- 17.5 GST and increasing adjustments
- 17.10 Certain decreasing adjustments
- 17.15 Elements in calculation of amounts
- 17.20 GST groups and GST joint ventures
- 17.30 Special credits because of indirect tax transition
- 17.35 Certain sections not to apply to certain assets or expenditure DIVISION 20--Amounts included to reverse the effect of past deductions
- 20.1 What this Division is about
- 20.5 Other provisions that reverse the effect of deductions
- 20.10 What this Subdivision is about
- 20.15 How to use this Subdivision
- 20.20 Assessable recoupments
- 20.25 What is?
- 20.30 Tables of deductions for which recoupments are assessable
- 20.35 If the expense is deductible in a single income year
- 20.40 If the expense is deductible over 2 or more income years
- 20.45 Effect of balancing charge
- 20.50 If the expense is only partially deductible
- 20.55 Meaning of
- 20.60 If you are the only entity that can deduct an amount for the loss or outgoing
- 20.65 If 2 or more entities can deduct amounts for the loss or outgoing
- 20.100 What this Subdivision is about
- 20.105 Map of this Subdivision
- 20.110 Disposal of a leased car for profit
- 20.115 Working out the profit on the disposal
- 20.120 Meaning of
- 20.125 Disposal of a leased car for profit
- 20.130 Successive leases
- 20.135 No amount included if earlier disposal for market value
- 20.140 Reducing the amount to be included if there has been an earlier disposal
- 20.145 No amount included if you inherited the car
- 20.150 Reducing the amount to be included if another provision requires you to include an amount for the disposal
- 20.155 Exception for particular cars taken on hire
- 20.157 Exception for small business entities
- 20.160 Disposal of an interest in a car
PART 2-5--RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
DIVISION 25--Some amounts you can deduct- 25.1 What this Division is about
- 25.5 Tax-related expenses
- 25.10 Repairs
- 25.15 Amount paid for lease obligation to repair
- 25.20 Lease document expenses
- 25.25 Borrowing expenses
- 25.30 Expenses of discharging a mortgage
- 25.35 Bad debts
- 25.40 Loss from profit-making undertaking or plan
- 25.45 Loss by theft etc.
- 25.47 Misappropriation where a balancing adjustment event occurs
- 25.50 Payments of pensions, gratuities or retiring allowances
- 25.55 Payments to associations
- 25.60 Parliament election expenses
- 25.65 Local government election expenses
- 25.70 Deduction for election expenses does not extend to entertainment
- 25.75 Rates and land taxes on premises used to produce mutual receipts
- 25.85 Certain returns in respect of debt interests
- 25.90 Deduction relating to foreign non-assessable non-exempt income
- 25.95 Deduction for work in progress amounts
- 25.100 Travel between workplaces
- 25.110 Capital expenditure to terminate lease etc.
- 25.115 Deduction for payment of rent from land investment by operating entity to asset entity in relation to approved economic infrastructure facility
- 25.120 Transitional--deduction for payment of rent from land investment by operating entity to asset entity
- 25.125 COVID-19 tests DIVISION 26--Some amounts you cannot deduct, or cannot deduct in full
- 26.1 What this Division is about
- 26.5 Penalties
- 26.10 Leave payments
- 26.15 Franchise fees windfall tax
- 26.17 Commonwealth places windfall tax
- 26.19 Rebatable benefits
- 26.20 Assistance to students
- 26.22 Political contributions and gifts
- 26.25 Interest or royalty
- 26.25A Payments to employees--labour mobility programs
- 26.26 Non-share distributions and dividends
- 26.30 Relative's travel expenses
- 26.31 Travel related to use of residential premises as residential accommodation
- 26.35 Reducing deductions for amounts paid to related entities
- 26.40 Maintaining your family
- 26.45 Recreational club expenses
- 26.47 Non-business boating activities
- 26.50 Expenses for a leisure facility
- 26.52 Bribes to foreign public officials
- 26.53 Bribes to public officials
- 26.54 Expenditure relating to illegal activities
- 26.55 Limit on deductions
- 26.60 Superannuation contributions surcharge
- 26.68 Loss from disposal of eligible venture capital investments
- 26.70 Loss from disposal of venture capital equity
- 26.75 Excess non-concessional contributions tax cannot be deducted
- 26.80 Financing costs on loans to pay superannuation contribution
- 26.85 Borrowing costs on loans to pay life insurance premiums
- 26.90 Superannuation supervisory levy
- 26.95 Superannuation guarantee charge
- 26.96 Laminaria and Corallina decommissioning levy cannot be deducted
- 26.97 National Disability Insurance Scheme expenditure
- 26.98 Division 293 tax cannot be deducted
- 26.99 Excess transfer balance tax cannot be deducted
- 26.100 Expenditure attributable to water infrastructure improvement payments
- 26.102 Expenses associated with holding vacant land
- 26.105 Non-compliant payments for work and services DIVISION 27--Effect of input tax credits etc. on deductions
- 27.1 What this Division is about
- 27.5 Input tax credits and decreasing adjustments
- 27.10 Certain increasing adjustments
- 27.15 GST payments
- 27.20 Elements in calculation of amounts
- 27.25 GST groups and GST joint ventures
- 27.35 Certain sections not to apply to certain assets or expenditure
- 27.80 Cost or opening adjustable value of depreciating assets reduced for input tax credits
- 27.85 Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments
- 27.87 Certain decreasing adjustments included in assessable income
- 27.90 Cost or opening adjustable value of depreciating assets increased: increasing adjustments
- 27.92 Certain increasing adjustments can be deducted
- 27.95 Balancing adjustment events
- 27.100 Pooling
- 27.105 Other Division 40 expenditure
- 27.110 Input tax credit etc. relating to 2 or more things DIVISION 28--Car expenses
- 28.1 What this Division is about
- 28.5 Map of this Division
- 28.10 Application of Division 28
- 28.12 Car expenses
- 28.13 Meaning of
- 28.14 What this Subdivision is about
- 28.15 Choosing between the 2 methods
- 28.20 Rules governing choice of method
- 28.25 How to calculate your deduction
- 28.30 Capital allowances
- 28.35 Substantiation
- 28.90 How to calculate your deduction
- 28.95 Eligibility
- 28.100 Substantiation
- 28.105 What this Subdivision is about
- 28.110 Steps for keeping a log book
- 28.115 Income years for which you need to keep a log book
- 28.120 Choosing the 12 week period for a log book
- 28.125 How to keep a log book
- 28.130 Replacing one car with another
- 28.135 What this Subdivision is about
- 28.140 How to keep odometer records for a car for a period
- 28.150 Retaining the log book for the retention period
- 28.155 Retaining odometer records
- 28.160 What this Subdivision is about
- 28.165 Exception for particular cars taken on hire
- 28.170 Exception for particular cars used in particular ways
- 28.175 Further miscellaneous exceptions
- 28.180 Car expenses related to award transport payments
- 28.185 Application of Subdivision 28-J to recipients and payers of certain withholding payments DIVISION 30--Gifts or contributions
- 30.1 What this Division is about
- 30.5 How to find your way around this Division
- 30.10 Index
- 30.15 Table of gifts or contributions that you can deduct
- 30.17 Requirements for certain recipients
- 30.20 Health
- 30.25 Education
- 30.30 Gifts that must be for certain purposes
- 30.35 Rural schools hostel buildings
- 30.37 Scholarship etc. funds
- 30.40 Research
- 30.45 Welfare and rights
- 30.45A Australian disaster relief funds--declarations by Minister
- 30.46 Australian disaster relief funds--declarations under State and Territory law
- 30.50 Defence
- 30.55 The environment
- 30.60 Gifts to a National Parks body or conservation body must satisfy certain requirements
- 30.65 Industry, trade and design
- 30.70 The family
- 30.75 Marriage education organisations must be approved
- 30.80 International affairs
- 30.85 Developing country relief funds
- 30.86 Developed country disaster relief funds
- 30.90 Sports and recreation
- 30.95 Philanthropic trusts
- 30.100 Cultural organisations
- 30.102 Fire and emergency services
- 30.105 Other recipients
- 30.115 What this Subdivision is about
- 30.120 Endorsement by Commissioner
- 30.125 Entitlement to endorsement
- 30.130 Maintaining a gift fund
- 30.180 How this Subdivision applies to government entities
- 30.200 Getting written valuations
- 30.205 Proceeds of the sale would have been assessable
- 30.210 Approved valuers
- 30.212 Valuations by the Commissioner
- 30.215 How much you can deduct
- 30.220 Reducing the amount you can deduct
- 30.225 Gift of property by joint owners
- 30.226 What this Subdivision is about
- 30.227 Entities to which this Subdivision applies
- 30.228 Content of receipt for gift or contribution
- 30.229 Australian Business Register must show deductibility of gifts to deductible gift recipient
- 30.241 What this Subdivision is about
- 30.242 Deduction for political contributions and gifts
- 30.243 Amount of the deduction
- 30.244 When an individual is an independent candidate
- 30.245 When an individual is an independent member
- 30.246 What this Subdivision is about
- 30.247 Gifts and covenants for which elections can be made
- 30.248 Making an election
- 30.249 Effect of election
- 30.249A Requirements--environmental property gifts
- 30.249B Requirements--heritage property gifts
- 30.249D Requirements--conservation covenants
- 30.315 Index
- 30.320 Effect of this Subdivision DIVISION 31--Conservation covenants
- 31.1 What this Division is about
- 31.5 Deduction for entering into conservation covenant
- 31.10 Requirements for fund, authority or institution
- 31.15 Valuations by the Commissioner DIVISION 32--Entertainment expenses
- 32.1 What this Division is about
- 32.5 No deduction for entertainment expenses
- 32.10 Meaning of
- 32.15 No deduction for property used for providing entertainment
- 32.20 The main exception--fringe benefits
- 32.25 The tables set out the other exceptions
- 32.30 Employer expenses
- 32.35 Seminar expenses
- 32.40 Entertainment industry expenses
- 32.45 Promotion and advertising expenses
- 32.50 Other expenses
- 32.55 In-house dining facility (employer expenses table items 1.1 and 1.2)
- 32.60 Dining facility (employer expenses table item 1.3)
- 32.65 Seminars (seminar expenses table item 2.1)
- 32.70 $30 is assessable for each meal provided to non-employee in an in-house dining facility
- 32.75 Commissioner may treat you as having incurred entertainment expense
- 32.80 Company directors
- 32.85 Directors, employees and property of wholly-owned group company
- 32.90 Partnerships DIVISION 34--Non-compulsory uniforms
- 34.1 What this Division is about
- 34.3 What you need to read
- 34.5 This Division applies to employees and others
- 34.7 This Division applies to employers and others
- 34.10 What you can deduct
- 34.15 What is auniform?
- 34.20 What areand?
- 34.25 Application to register the design
- 34.30 Industry Secretary's decision on application
- 34.33 Written notice of decision
- 34.35 When uniform becomes registered
- 34.40 Review of decisions by the Administrative Appeals Tribunal
- 34.45 Keeping of the Register
- 34.50 Changes to the Register
- 34.55 Approved occupational clothing guidelines
- 34.60 Industry Secretary to give Commissioner information about entries
- 34.65 Delegation of powers by Industry Secretary DIVISION 35--Deferral of losses from non-commercial business activities
- 35.1 What this Division is about
- 35.5 Object
- 35.10 Deferral of deductions from non-commercial business activities
- 35.15 Modification if you have exempt income
- 35.20 Modification if you become bankrupt
- 35.25 Application of Division to certain partnerships
- 35.30 Assessable income test
- 35.35 Profits test
- 35.40 Real property test
- 35.45 Other assets test
- 35.50 Apportionment
- 35.55 Commissioner's discretion DIVISION 36--Tax losses of earlier income years
- 36.1 What this Division is about
- 36.10 How to calculate a tax loss for an income year
- 36.15 How to deduct tax losses of entities other than corporate tax entities
- 36.17 How to deduct tax losses of corporate tax entities
- 36.20 Net exempt income
- 36.25 Special rules about tax losses
- 36.30 What this Subdivision is about
- 36.35 No deduction for tax loss incurred before bankruptcy
- 36.40 Deduction for amounts paid for debts incurred before bankruptcy
- 36.45 Limit on deductions for amounts paid
- 36.50 What this Subdivision is about
- 36.55 Converting excess franking offsets into tax loss
CHAPTER 2--Liability rules of general application
PART 2-10----CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
DIVISION 40--Capital allowances- 40.1 What this Division is about
- 40.10 Simplified outline of this Division
- 40.15 Objects of Division
- 40.20 What this Subdivision is about
- 40.25 Deducting amounts for depreciating assets
- 40.27 Further reduction of deduction for second-hand assets in residential property
- 40.30 What ais
- 40.35 Jointly held depreciating assets
- 40.40 Meaning ofa depreciating asset
- 40.45 Assets to which this Division does not apply
- 40.50 Assets for which you deduct under another Subdivision
- 40.53 Alterations etc. to certain depreciating assets
- 40.55 Use of the "cents per kilometre" car expense deduction method
- 40.60 When a depreciating asset starts to decline in value
- 40.65 Choice of methods to work out the decline in value
- 40.70 Diminishing value method
- 40.72 Diminishing value method for post-9 May 2006 assets
- 40.75 Prime cost method
- 40.80 When you can deduct the asset's cost
- 40.82 Assets costing less than $150,000--medium sized businesses--assets first acquired between 2 April 2019 and 31 December 2020
- 40.85 Meaning ofandof a depreciating asset
- 40.90 Debt forgiveness
- 40.95 Choice of determining effective life
- 40.100 Commissioner's determination of effective life
- 40.102 Capped life of certain depreciating assets
- 40.103 Effective life and remaining effective life of certain vessels
- 40.105 Self-assessing effective life
- 40.110 Recalculating effective life
- 40.115 Splitting a depreciating asset
- 40.120 Replacement spectrum licences
- 40.125 Merging depreciating assets
- 40.130 Choices
- 40.135 Certain anti-avoidance provisions
- 40.140 Getting tax information from associates
- 40.170 What this Subdivision is about
- 40.175 Cost
- 40.180 First element of cost
- 40.185 Amount you are taken to have paid to hold a depreciating asset or to receive a benefit
- 40.190 Second element of cost
- 40.195 Apportionment of cost
- 40.200 Exclusion from cost
- 40.205 Cost of a split depreciating asset
- 40.210 Cost of merged depreciating assets
- 40.215 Adjustment: double deduction
- 40.220 Cost reduced by amounts not of a capital nature
- 40.222 Cost reduced by water infrastructure improvement expenditure
- 40.225 Adjustment: acquiring a car at a discount
- 40.230 Adjustment: car limit
- 40.235 Adjustment: National Disability Insurance Scheme costs
- 40.280 What this Subdivision is about
- 40.285 Balancing adjustments
- 40.290 Reduction for non-taxable use
- 40.291 Reduction for second-hand assets used in residential property
- 40.292 Adjustments--assets used for both general tax purposes and R&D activities
- 40.293 Adjustments--partnership assets used for both general tax purposes and R&D activities
- 40.295 Meaning of
- 40.300 Meaning of
- 40.305 Amount you are taken to have received under a balancing adjustment event
- 40.310 Apportionment of termination value
- 40.320 Car to which section 40-225 applies
- 40.325 Adjustment: car limit
- 40.335 Deduction for in-house software where you will never use it
- 40.340 Roll-over relief
- 40.345 What the roll-over relief is
- 40.350 Additional consequences
- 40.360 Notice to allow transferee to work out how this Division applies
- 40.362 Roll-over relief for holders of vessels covered by certificates under the
- 40.363 Roll-over relief for interest realignment arrangements
- 40.364 Interest realignment adjustments
- 40.365 Involuntary disposals
- 40.370 Balancing adjustments where there has been use of different car expense methods
- 40.420 What this Subdivision is about
- 40.425 Allocating assets to a low-value pool
- 40.430 Rules for assets in low-value pools
- 40.435 Private or exempt use of assets
- 40.440 How you work out the decline in value of assets in low-value pools
- 40.445 Balancing adjustment events
- 40.450 Software development pools
- 40.455 How to work out your deduction
- 40.460 Your assessable income includes consideration for pooled software
- 40.510 What this Subdivision is about
- 40.515 Water facilities, horticultural plants, fodder storage assets and fencing assets
- 40.520 Meaning of,,and
- 40.525 Conditions
- 40.530 When declines in value start
- 40.535 Meaning ofand
- 40.540 How you work out the decline in value for water facilities
- 40.545 How you work out the decline in value for horticultural plants
- 40.548 How you work out the decline in value for fodder storage assets
- 40.551 How you work out the decline in value for fencing assets
- 40.555 Amounts you cannot deduct
- 40.560 Non-arm's length transactions
- 40.565 Extra deduction for destruction of a horticultural plant
- 40.570 How this Subdivision applies to partners and partnerships
- 40.575 Getting tax information if you acquire a horticultural plant
- 40.625 What this Subdivision is about
- 40.630 Landcare operations
- 40.635 Meaning of
- 40.640 Meaning of
- 40.645 Electricity and telephone lines
- 40.650 Amounts you cannot deduct under this Subdivision
- 40.655 Meaning ofand
- 40.660 Non-arm's length transactions
- 40.665 How this Subdivision applies to partners and partnerships
- 40.670 Approval of persons as farm consultants
- 40.675 Review of decisions relating to approvals
- 40.725 What this Subdivision is about
- 40.730 Deduction for expenditure on exploration or prospecting
- 40.735 Deduction for expenditure on mining site rehabilitation
- 40.740 Meaning ofand
- 40.745 No deduction for certain expenditure
- 40.750 Deduction for payments of petroleum resource rent tax
- 40.755 Environmental protection activities
- 40.760 Limits on deductions from environmental protection activities
- 40.765 Non-arm's length transactions
- 40.825 What this Subdivision is about
- 40.830 Project pools
- 40.832 Project pools for post-9 May 2006 projects
- 40.835 Reduction of deduction
- 40.840 Meaning of
- 40.845 Project life
- 40.855 When you start to deduct amounts for a project pool
- 40.860 Meaning of
- 40.865 Meaning of
- 40.870 Meaning of
- 40.875 Meaning ofand
- 40.880 Business related costs
- 40.885 Non-arm's length transactions
- 40.1000 What this Subdivision is about
- 40.1005 Deduction for expenditure for establishing trees in carbon sink forests
- 40.1010 Expenditure for establishing trees in carbon sink forests
- 40.1015 by trees
- 40.1020 Certain expenditure disregarded
- 40.1025 Non-arm's length transactions
- 40.1030 Extra deduction for destruction of trees in carbon sink forest
- 40.1035 Getting information if you acquire a carbon sink forest
- 40.1095 What this Subdivision is about
- 40.1100 Meaning ofand
- 40.1105 Treatment of certain exploration benefits received under farm-in farm-out arrangements
- 40.1110 Cost of split interests resulting from farm-in farm-out arrangements
- 40.1115 Deductions relating to receipt of exploration benefits
- 40.1120 Cost base and reduced cost base of exploration benefits etc.
- 40.1125 Effect of exploration benefits on the cost of mining, quarrying or prospecting information
- 40.1130 Consequences of certain exploration benefits provided under farm-in farm-out arrangements DIVISION 41--Additional deduction for certain new business investment
- 41.1 What this Division is about
- 41.5 Object of Division
- 41.10 Entitlement to deduction for investment
- 41.15 Amount of deduction
- 41.20 Recognised new investment amount
- 41.25 Investment commitment time
- 41.30 First use time
- 41.35 New investment threshold DIVISION 43--Deductions for capital works
- 43.1 What this Division is about
- 43.2 Key concepts used in this Division
- 43.5 What this Subdivision is about
- 43.10 Deductions for capital works
- 43.15 Amount you can deduct
- 43.20 Capital works to which this Division applies
- 43.25 Rate of deduction
- 43.30 No deduction until construction is complete
- 43.35 Requirement for registration under the Industry Research and Development Act
- 43.40 Deduction for destruction of capital works
- 43.45 Certain anti-avoidance provisions
- 43.50 Links and signposts to other parts of the Act
- 43.55 Anti-avoidance--arrangement etc. with tax-exempt entity
- 43.60 What this Subdivision is about
- 43.65 Explanatory material
- 43.70 What is construction expenditure?
- 43.72 Meaning of,and
- 43.75 Construction expenditure area
- 43.80 When capital works begin
- 43.85 Pools of construction expenditure
- 43.90 Table of intended use at time of completion of construction
- 43.95 Meaning ofand
- 43.100 Certificates by Industry Innovation and Science Australia
- 43.105 What this Subdivision is about
- 43.110 Explanatory material
- 43.115 Your area and your construction expenditure--owners
- 43.120 Your area and your construction expenditure--lessees and quasi-ownership right holders
- 43.125 Lessees' or right holders' pools can revert to owner
- 43.130 Identifying your area on acquisition or disposal
- 43.135 What this Subdivision is about
- 43.140 Using your area in a deductible way
- 43.145 Using your area in the 4% manner
- 43.150 Meaning of
- 43.155 What this Subdivision is about
- 43.160 Your area is used for a purpose if it is maintained ready for use for the purpose
- 43.165 Temporary cessation of use
- 43.170 Own use--capital works other than hotel and apartment buildings
- 43.175 Own use--hotel and apartment buildings
- 43.180 Special rules for hotel and apartment buildings
- 43.185 Residential or display use
- 43.190 Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house
- 43.195 Use for R&D activities must be in connection with a business
- 43.200 What this Subdivision is about
- 43.205 Explanatory material
- 43.210 Deduction for capital works begun after 26 February 1992
- 43.215 Deduction for capital works begun before 27 February 1992
- 43.220 Capital works taken to have begun earlier for certain purposes
- 43.225 What this Subdivision is about
- 43.230 Calculating undeducted construction expenditure--common step
- 43.235 Post-26 February 1992 undeducted construction expenditure
- 43.240 Pre-27 February 1992 undeducted construction expenditure
- 43.245 What this Subdivision is about
- 43.250 The amount of the balancing deduction
- 43.255 Amounts received or receivable
- 43.260 Apportioning amounts received for destruction DIVISION 45--Disposal of leases and leased plant
- 45.1 What this Division is about
- 45.5 Disposal of leased plant or lease
- 45.10 Disposal of interest in partnership
- 45.15 Disposal of shares in 100% subsidiary that leases plant
- 45.20 Disposal of shares in 100% subsidiary that leases plant in partnership
- 45.25 Group members liable to pay outstanding tax
- 45.30 Reduction for certain plant acquired before 21.9.99
- 45.35 Limit on amount included for plant for which there is a CGT exemption
- 45.40 Meaning ofand
PART 2-15----NON-ASSESSABLE INCOME
DIVISION 50--Exempt entities- 50.1 Entities whose ordinary income and statutory income is exempt
- 50.5 Charity, education and science
- 50.10 Community service
- 50.15 Employees and employers
- 50.25 Government
- 50.30 Health
- 50.35 Mining
- 50.40 Primary and secondary resources, and tourism
- 50.45 Sports, culture and recreation
- 50.47 Special condition for all items
- 50.50 Special conditions for item 1.1
- 50.52 Special condition for item 1.1
- 50.55 Special conditions for items 1.3, 1.4, 6.1 and 6.2
- 50.65 Special conditions for item 1.6
- 50.70 Special conditions for items 1.7, 2.1, 9.1 and 9.2
- 50.72 Special condition for item 4.1
- 50.75 Certain distributions may be made overseas
- 50.100 What this Subdivision is about
- 50.105 Endorsement by Commissioner
- 50.110 Entitlement to endorsement DIVISION 51--Exempt amounts
- 51.1 Amounts of ordinary income and statutory income that are exempt
- 51.5 Defence
- 51.10 Education and training
- 51.30 Welfare
- 51.32 Compensation payments for loss of tax exempt payments
- 51.33 Compensation payments for loss of pay and/or allowances as a Defence reservist
- 51.35 Payments to a full-time student at a school, college or university
- 51.40 Payments to a secondary student
- 51.42 Bonuses for early completion of an apprenticeship
- 51.43 Income collected or derived by copyright collecting society
- 51.45 Income collected or derived by resale royalty collecting society
- 51.50 Maintenance payments to a spouse or child
- 51.52 Income derived from eligible venture capital investments by ESVCLPs
- 51.54 Gain or profit from disposal of eligible venture capital investments
- 51.55 Gain or profit from disposal of venture capital equity
- 51.57 Interest on judgment debt relating to personal injury
- 51.60 Prime Minister's Prizes
- 51.100 Shipping
- 51.105
- 51.110
- 51.115
- 51.120 Interest on unclaimed money and property
- 51.125 2018 storms--relief payments DIVISION 52--Certain pensions, benefits and allowances are exempt from income tax
- 52.1 What this Division is about
- 52.5 What this Subdivision is about
- 52.10 How much of a social security payment is exempt?
- 52.15 Supplementary amounts of payments
- 52.20 Tax-free amount of an ordinary payment after the death of your partner
- 52.25 Tax-free amount of certain bereavement lump sum payments
- 52.30 Tax-free amount of certain other bereavement lump sum payments
- 52.35 Tax-free amount of a lump sum payment made because of the death of a person you are caring for
- 52.40 Provisions of theunder which payments are made
- 52.60 What this Subdivision is about
- 52.65 How much of a veterans' affairs payment is exempt?
- 52.70 Supplementary amounts of payments
- 52.75 Provisions of theunder which payments are made
- 52.100 What this Subdivision is about
- 52.105 Supplementary amount of a payment made under theis exempt
- 52.110 Other exempt payments
- 52.112 What this Subdivision is about
- 52.114 How much of a payment under the Military Rehabilitation and Compensation Act is exempt?
- 52.117 Payments of travelling expenses and pharmaceutical supplement are exempt
- 52.120 Payments of travelling expenses and pharmaceutical supplement are exempt
- 52.130 What this Subdivision is about
- 52.131 Payments under ABSTUDY scheme
- 52.132 Supplementary amount of payment
- 52.133 Tax-free amount of ordinary payment on death of partner if no bereavement payment payable
- 52.134 Tax-free amount if you receive a bereavement lump sum payment
- 52.140 Supplementary amount of a Commonwealth education or training payment is exempt
- 52.145 Meaning of Commonwealth education or training payment
- 52.150 Family assistance payments are exempt
- 52.160 Economic security strategy payments are exempt
- 52.162 ETR payments are exempt
- 52.165 Household stimulus payments are exempt
- 52.170 Outer Regional and Remote payments under the Helping Children with Autism package are exempt
- 52.172 Outer Regional and Remote payments under the Better Start for Children with Disability initiative are exempt
- 52.175 Continence aids payments are exempt
- 52.180 National Disability Insurance Scheme amounts are exempt
- 52.185 Acute support packages are exempt DIVISION 53--Various exempt payments
- 53.1 What this Division is about
- 53.10 Exemption of various types of payments
- 53.20 Exemption of similar Australian and United Kingdom veterans' payments
- 53.25 Coronavirus economic response payment
- 53.30 Territories Stolen Generations Redress Scheme payments are exempt DIVISION 54--Exemption for certain payments made under structured settlements and structured orders
- 54.1 What this Division is about
- 54.5 Definitions
- 54.10 Meaning ofand
- 54.15 Personal injury annuity exemption for injured person
- 54.20 Lump sum compensation etc. would not have been assessable
- 54.25 Requirements of the annuity instrument
- 54.30 Requirements for payments of the annuity
- 54.35 Payments during the guarantee period on the death of the injured person
- 54.40 Requirement for minimum monthly level of support
- 54.45 Personal injury lump sum exemption for injured person
- 54.50 Lump sum compensation would not have been assessable
- 54.55 Requirements of the instrument under which the lump sum is paid
- 54.60 Requirements for payments of the lump sum
- 54.65 Exemption for certain payments to reversionary beneficiaries
- 54.70 Special provisions about trusts
- 54.75 Minister to arrange for review and report DIVISION 55--Payments that are not exempt from income tax
- 55.1 What this Division is about
- 55.5 Occupational superannuation payments
- 55.10 Education entry payments DIVISION 58--Capital allowances for depreciating assets previously owned by an exempt entity
- 58.1 What this Division is about
- 58.5 Application of Division
- 58.10 When an asset is acquired in connection with the acquisition of a business
- 58.60 Purpose of rules in this Subdivision
- 58.65 Choice of method to work out cost of privatised asset
- 58.70 Application of Division 40
- 58.75 Meaning of
- 58.80 Meaning of
- 58.85 Pre-existing audited book value of depreciating asset
- 58.90 Method and effective life for transition entity DIVISION 59--Particular amounts of non-assessable non-exempt income
- 59.1 What this Division is about
- 59.10 Compensation under firearms surrender arrangements
- 59.15 Mining payments
- 59.20 Taxable amounts relating to franchise fees windfall tax
- 59.25 Taxable amounts relating to Commonwealth places windfall tax
- 59.30 Amounts you must repay
- 59.35 Amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs
- 59.40 Issue of rights
- 59.50 Native title benefits
- 59.55 2019-20 bushfires--payments for volunteer work with fire services
- 59.60 2019-20 bushfires--disaster relief payments and non-cash benefits
- 59.65 Water infrastructure improvement payments
- 59.67 Meaning ofand
- 59.70 List of SRWUIP programs
- 59.75 Commissioner to be kept informed
- 59.80 Amending assessments
- 59.85 2019 floods--recovery grants for small businesses, primary producers and non-profit organisations
- 59.86 2019 floods--on-farm grant program for primary producers
- 59.90 Cash flow boost
- 59.95 Coronavirus economic response payment
- 59.96 COVID-19 disaster payment
- 59.97 State and Territory grants to small business relating to the recovery from the coronavirus known as COVID-19
- 59.98 Commonwealth small business support payments relating to the coronavirus known as COVID-19
- 59.99 2021 floods and storms--recovery grants
- 59.100 Refund of large-scale generation shortfall charge
- 59.105 Cyclone Seroja--recovery grants
PART 2-20----TAX OFFSETS
DIVISION 61--Generally applicable tax offsets- 61.1 What this Subdivision is about
- 61.5 Object of this Subdivision
- 61.10 Who is entitled to the tax offset
- 61.15 Cases involving more than one spouse
- 61.20 Exceeding the income limit for family tax benefit (Part B)
- 61.25 Eligibility for family tax benefit (Part B) without shared care
- 61.30 Amount of the dependant (invalid and carer) tax offset
- 61.35 Families with shared care percentages
- 61.40 Reduced amounts of dependant (invalid and carer) tax offset
- 61.45 Reductions to take account of the other individual's income
- 61.100 What this Subdivision is about
- 61.110 Entitlement to the Low Income tax offset
- 61.115 Amount of the Low Income tax offset
- 61.200 What this Subdivision is about
- 61.205 Entitlement to the private health insurance tax offset
- 61.210 Amount of the private health insurance tax offset
- 61.215 Reallocation of the private health insurance tax offset between spouses
- 61.575 What this Subdivision is about
- 61.580 Entitlement to a tax offset
- 61.585 The amount of a tax offset
- 61.590 Definition of
- 61.695 What this Subdivision is about
- 61.700 Object of this Subdivision
- 61.705 Who is entitled to the seafarer tax offset
- 61.710 Amount of the seafarer tax offset
- 61.750 What this Subdivision is about
- 61.755 Object of this Subdivision
- 61.760 Who is entitled to the ESVCLP tax offset
- 61.765 Amount of the ESVCLP tax offset--general case
- 61.770 Amount of the ESVCLP tax offset--members of trusts or partnerships
- 61.775 Amount of the ESVCLP tax offset--trustees DIVISION 63--Common rules for tax offsets
- 63.1 What this Division is about
- 63.10 Priority rules DIVISION 65--Tax offset carry forward rules
- 65.10 What this Division is about
- 65.30 Amount carried forward
- 65.35 How to apply carried forward tax offsets
- 65.40 When a company cannot apply a tax offset
- 65.50 Effect of bankruptcy
- 65.55 Deduction for amounts paid for debts incurred before bankruptcy DIVISION 67--Refundable tax offset rules
- 67.10 What this Division is about
- 67.20 Which tax offsets this Division applies to
- 67.23 Refundable tax offsets
- 67.25 Refundable tax offsets--franked distributions
- 67.30 Refundable tax offsets--R&D
CHAPTER 2--Liability rules of general application
PART 2-25----TRADING STOCK
DIVISION 70--Trading stock- 70.1 What this Division is about
- 70.5 The 3 key features of tax accounting for trading stock
- 70.10 Meaning of
- 70.12 Registered emissions units
- 70.15 In which income year do you deduct an outgoing for trading stock?
- 70.20 Non-arm's length transactions
- 70.25 Cost of trading stock is not a capital outgoing
- 70.30 Starting to hold as trading stock an item you already own
- 70.35 You include the value of your trading stock in working out your assessable income and deductions
- 70.40 Value of trading stock at start of income year
- 70.45 Value of trading stock at end of income year
- 70.50 Valuation if trading stock obsolete etc.
- 70.55 Working out the cost of natural increase of live stock
- 70.60 Valuation of horse breeding stock
- 70.65 Working out the horse opening value and the horse reduction amount
- 70.75 What this Subdivision is about
- 70.80 Why the rules in this Subdivision are necessary
- 70.85 Application of this Subdivision to certain other assets
- 70.90 Assessable income on disposal of trading stock outside the ordinary course of business
- 70.95 Purchase price is taken to be market value
- 70.100 Notional disposal when you stop holding an item as trading stock
- 70.105 Death of owner
- 70.110 You stop holding an item as trading stock but still own it
- 70.115 Compensation for lost trading stock
- 70.120 Deducting capital costs of acquiring trees
PART 2-40----RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS
DIVISION 80--General rules- 80.1 What this Division is about
- 80.5 Holding of an office
- 80.10 Application to the termination of employment
- 80.15 Transfer of property
- 80.20 Payments for your benefit or at your direction or request DIVISION 82--Employment termination payments
- 82.1 What this Division is about
- 82.5 What this Subdivision is about
- 82.10 Taxation of life benefit termination payments
- 82.60 What this Subdivision is about
- 82.65 Death benefits for dependants
- 82.70 Death benefits for non-dependants
- 82.75 Death benefits paid to trustee of deceased estate
- 82.125 What this Subdivision is about
- 82.130 What is an?
- 82.135 Payments that are not
- 82.140 of an employment termination payment
- 82.145 of an employment termination payment
- 82.150 What is anof an employment termination payment?
- 82.155 What is aof an employment termination payment?
- 82.160 What is the? DIVISION 83--Other payments on termination of employment
- 83.1 What this Division is about
- 83.5 What this Subdivision is about
- 83.10 Unused annual leave payment is assessable
- 83.15 Entitlement to tax offset
- 83.65 What this Subdivision is about
- 83.70 Application--long service leave
- 83.75 Meaning of
- 83.80 Taxation of unused long service leave payments
- 83.85 Entitlement to tax offset
- 83.90 and
- 83.95 How to work out amount of payment attributable to each period
- 83.100 How to work outfor each period
- 83.105 How to work out long service leave accrued in each period
- 83.110 Leave accrued in pre-16/8/78, pre-18/8/93 and post-17/8/93 periods--employment full-time and part-time
- 83.115 Working out used days of long service leave if leave taken at less than full pay
- 83.165 What this Subdivision is about
- 83.170 Tax-free treatment of genuine redundancy payments and early retirement scheme payments
- 83.175 What is a?
- 83.180 What is an?
- 83.230 What this Subdivision is about
- 83.235 Termination payments tax free--foreign resident period
- 83.240 Termination payments tax free--Australian resident period
- 83.290 What this Subdivision is about
- 83.295 Termination payments made more than 12 months after termination etc. DIVISION 83A--Employee share schemes
- 83A.1 What this Division is about
- 83A.5 Objects of Division
- 83A.10 Meaning ofand
- 83A.15 What this Subdivision is about
- 83A.20 Application of Subdivision
- 83A.25 Discount to be included in assessable income
- 83A.30 Amount for which discounted ESS interest acquired
- 83A.33 Reducing amounts included in assessable income--start ups
- 83A.35 Reducing amounts included in assessable income--other cases
- 83A.45 Further conditions for reducing amounts included in assessable income
- 83A.100 What this Subdivision is about
- 83A.105 Application of Subdivision
- 83A.110 Amount to be included in assessable income
- 83A.115 ESS deferred taxing point--shares
- 83A.120 ESS deferred taxing point--rights to acquire shares
- 83A.125 Tax treatment of ESS interests held after ESS deferred taxing points
- 83A.130 Takeovers and restructures
- 83A.200 What this Subdivision is about
- 83A.205 Deduction for employer
- 83A.210 Timing of general deductions
- 83A.305 Acquisition by associates
- 83A.310 Forfeiture etc. of ESS interest
- 83A.315 Market value of ESS interest
- 83A.320 Interests in a trust
- 83A.325 Application of Division to relationships similar to employment
- 83A.330 Application of Division to ceasing employment
- 83A.335 Application of Division to stapled securities
- 83A.340 Application of Division to indeterminate rights
PART 2-42----PERSONAL SERVICES INCOME
DIVISION 84--Introduction- 84.1 What this Part is about
- 84.5 Meaning of
- 84.10 This Part does not imply that individuals are employees DIVISION 85--Deductions relating to personal services income
- 85.1 What this Division is about
- 85.5 Object of this Division
- 85.10 Deductions for non-employees relating to personal services income
- 85.15 Deductions for rent, mortgage interest, rates and land tax
- 85.20 Deductions for payments to associates etc.
- 85.25 Deductions for superannuation for associates
- 85.30 Exception: personal services businesses
- 85.35 Exception: employees, office holders and religious practitioners
- 85.40 Application of Subdivision 900-B to individuals who are not employees DIVISION 86--Alienation of personal services income
- 86.1 What this Division is about
- 86.5 A simple description of what this Division does
- 86.10 Object of this Division
- 86.15 Effect of obtaining personal services income through a personal services entity
- 86.20 Offsetting the personal services entity's deductions against personal services income
- 86.25 Apportionment of entity maintenance deductions among several individuals
- 86.27 Deduction for net personal services income loss
- 86.30 Assessable income etc. of the personal services entity
- 86.35 Later payments of, or entitlements to, personal services income to be disregarded for income tax purposes
- 86.40 Salary payments shortly after an income year
- 86.60 General rule for deduction entitlements of personal services entities
- 86.65 Entity maintenance deductions
- 86.70 Car expenses
- 86.75 Superannuation
- 86.80 Salary or wages promptly paid
- 86.85 Deduction entitlements of personal services entities for amounts included in an individual's assessable income
- 86.87 Personal services entity cannot deduct net personal services income loss
- 86.90 Application of Divisions 28 and 900 to personal services entities DIVISION 87--Personal services businesses
- 87.1 What this Division is about
- 87.5 Diagram showing the operation of this Division
- 87.10 Object of this Division
- 87.15 What is a personal services business?
- 87.18 The results test for a personal services business
- 87.20 The unrelated clients test for a personal services business
- 87.25 The employment test for a personal services business
- 87.30 The business premises test for a personal services business
- 87.35 Personal services income from Australian government agencies
- 87.40 Application of this Division to certain agents
- 87.60 Personal services business determinations for individuals
- 87.65 Personal services business determinations for personal services entities
- 87.70 Applying etc. for personal services business determinations
- 87.75 When personal services business determinations have effect
- 87.80 Revoking personal services business determinations
- 87.85 Review of decisions
CHAPTER 3--Specialist liability rules
PART 3-1--CAPITAL GAINS AND LOSSES: GENERAL TOPICS
DIVISION 100--A Guide to capital gains and losses- 100.1 What this Division is about
- 100.5 Effect of this Division
- 100.10 Fundamentals of CGT
- 100.15 Overview of Steps 1 and 2
- 100.20 What events attract CGT?
- 100.25 What are CGT assets?
- 100.30 Does an exception or exemption apply?
- 100.33 Can there be a roll-over?
- 100.35 What is a capital gain or loss?
- 100.40 What factors come into calculating a capital gain or loss?
- 100.45 How to calculate the capital gain or loss for most CGT events
- 100.50 How to work out your net capital gain or loss
- 100.55 How do you comply with CGT?
- 100.60 Why keep records?
- 100.65 What records?
- 100.70 How long you need to keep records DIVISION 102--Assessable income includes net capital gain
- 102.1 What this Division is about
- 102.3 Concessions in working out your net capital gain
- 102.5 Assessable income includes net capital gain
- 102.10 How to work out your net capital loss
- 102.15 How to apply net capital losses
- 102.20 Ways you can make a capital gain or a capital loss
- 102.22 Amounts of capital gains and losses
- 102.23 CGT event still happens even if gain or loss disregarded
- 102.25 Order of application of CGT events
- 102.30 Exceptions and modifications DIVISION 103--General rules
- 103.1 What this Division is about
- 103.5 Giving property as part of a transaction
- 103.10 Entitlement to receive money or property
- 103.15 Requirement to pay money or give property
- 103.25 Choices
- 103.30 Reduction of cost base etc. by net input tax credits DIVISION 104--CGT events
- 104.1 What this Division is about
- 104.5 Summary of the CGT events
- 104.10 Disposal of a CGT asset: CGT event A1
- 104.15 Use and enjoyment before title passes: CGT event B1
- 104.20 Loss or destruction of a CGT asset: CGT event C1
- 104.25 Cancellation, surrender and similar endings: CGT event C2
- 104.30 End of option to acquire shares etc.: CGT event C3
- 104.35 Creating contractual or other rights: CGT event D1
- 104.40 Granting an option: CGT event D2
- 104.45 Granting a right to income from mining: CGT event D3
- 104.47 Conservation covenants: CGT event D4
- 104.55 Creating a trust over a CGT asset: CGT event E1
- 104.60 Transferring a CGT asset to a trust: CGT event E2
- 104.65 Converting a trust to a unit trust: CGT event E3
- 104.70 Capital payment for trust interest: CGT event E4
- 104.71 Adjustment of non-assessable part
- 104.72 Reducing your capital gain under CGT event E4 if you are a trustee
- 104.75 Beneficiary becoming entitled to a trust asset: CGT event E5
- 104.80 Disposal to beneficiary to end income right: CGT event E6
- 104.85 Disposal to beneficiary to end capital interest: CGT event E7
- 104.90 Disposal by beneficiary of capital interest: CGT event E8
- 104.95 Making a capital gain
- 104.100 Making a capital loss
- 104.105 Creating a trust over future property: CGT event E9
- 104.107A AMIT--cost base reduction exceeds cost base: CGT event E10
- 104.107B Annual cost base adjustment for member's unit or interest in AMIT
- 104.107C AMIT cost base net amount
- 104.107D AMIT cost base reduction amount
- 104.107E AMIT cost base increase amount
- 104.107F Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income
- 104.107G Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset--adjustment of cost of asset
- 104.107H Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset--amount included in assessable income
- 104.110 Granting a lease: CGT event F1
- 104.115 Granting a long-term lease: CGT event F2
- 104.120 Lessor pays lessee to get lease changed: CGT event F3
- 104.125 Lessee receives payment for changing lease: CGT event F4
- 104.130 Lessor receives payment for changing lease: CGT event F5
- 104.135 Capital payment for shares: CGT event G1
- 104.145 Liquidator or administrator declares shares or financial instruments worthless: CGT event G3
- 104.150 Forfeiture of deposit: CGT event H1
- 104.155 Receipt for event relating to a CGT asset: CGT event H2
- 104.160 Individual or company stops being an Australian resident: CGT event I1
- 104.165 Exception for individuals
- 104.170 Trust stops being a resident trust: CGT event I2
- 104.175 Company ceasing to be member of wholly-owned group after roll-over: CGT event J1
- 104.180 Sub-group break-up
- 104.182 Consolidated group break-up
- 104.185 Change in relation to replacement asset or improved asset after a roll-over under Subdivision 152-E: CGT event J2
- 104.190
- 104.195 Trust failing to cease to exist after roll-over under Subdivision 124-N: CGT event J4
- 104.197 Failure to acquire replacement asset and to incur fourth element expenditure after a roll-over under Subdivision 152-E: CGT event J5
- 104.198 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain: CGT event J6
- 104.205 Incoming international transfer of emissions unit: CGT event K1
- 104.210 Bankrupt pays amount in relation to debt: CGT event K2
- 104.215 Asset passing to tax-advantaged entity: CGT event K3
- 104.220 CGT asset starts being trading stock: CGT event K4
- 104.225 Special collectable losses: CGT event K5
- 104.230 Pre-CGT shares or trust interest: CGT event K6
- 104.235 Balancing adjustment events for depreciating assets and certain assets used for R&D: CGT event K7
- 104.240 Working out capital gain or loss for CGT event K7: general case
- 104.245 Working out capital gain or loss for CGT event K7: pooled assets
- 104.250 Direct value shifts: CGT event K8
- 104.255 Carried interests: CGT event K9
- 104.260 Certain short-term forex realisation gains: CGT event
- 104.265 Certain short-term forex realisation losses: CGT event
- 104.270 Foreign hybrids: CGT event K12
- 104.500 Loss of pre-CGT status of membership interests in entity becoming subsidiary member: CGT event L1
- 104.505 Where pre-formation intra-group roll-over reduction results in negative allocable cost amount: CGT event L2
- 104.510 Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3
- 104.515 Where no reset cost base assets and excess of net allocable cost amount on joining: CGT event L4
- 104.520 Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5
- 104.525 Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6
- 104.535 Where reduction in tax cost setting amounts for reset cost base assets cannot be allocated: CGT event L8 DIVISION 106--Entity making the gain or loss
- 106.1 What this Division is about
- 106.5 Partnerships
- 106.30 Effect of bankruptcy
- 106.35 Effect of liquidation
- 106.50 Absolutely entitled beneficiaries
- 106.60 Securities, charges and encumbrances DIVISION 108--CGT assets
- 108.1 What this Division is about
- 108.5 CGT assets
- 108.7 Interest in CGT assets as joint tenants
- 108.10 Losses from collectables to be offset only against gains from collectables
- 108.15 Sets of collectables
- 108.17 Cost base of a collectable
- 108.20 Losses from personal use assets must be disregarded
- 108.25 Sets of personal use assets
- 108.30 Cost base of a personal use asset
- 108.50 What this Subdivision is about
- 108.55 When is a building a separate asset from land?
- 108.60 Depreciating asset that is part of a building is a separate asset
- 108.65 Land adjacent to land acquired before 20 September 1985
- 108.70 When is a capital improvement a separate asset?
- 108.75 Capital improvements to CGT assets for which a roll-over may be available
- 108.80 Deciding if capital improvements are related to each other
- 108.85 Meaning of improvement threshold DIVISION 109--Acquisition of CGT assets
- 109.1 What this Division is about
- 109.5 General acquisition rules
- 109.10 When youa CGT asset without a CGT event
- 109.50 Effect of this Subdivision
- 109.55 Other acquisition rules
- 109.60 Acquisition rules outside this Part and Part 3-3 DIVISION 110--Cost base and reduced cost base
- 110.1 What this Division is about
- 110.5 Modifications to general rules
- 110.10 Rules about cost base not relevant for some CGT events
- 110.25 General rules about
- 110.35 Incidental costs
- 110.36 Indexation
- 110.37 Expenditure forming part of cost base or element
- 110.38 Exclusions
- 110.40 Assets acquired7.30 pm on 13 May 1997
- 110.43 Partnership interests acquired7.30 pm on 13 May 1997
- 110.45 Assets acquired7.30 pm on 13 May 1997
- 110.50 Partnership interests acquired7.30 pm on 13 May 1997
- 110.53 Exceptions to application of sections 110-45 and 110-50
- 110.54 Debt deductions disallowed by thin capitalisation rules
- 110.55 General rules about
- 110.60 Reduced cost base for partnership assets DIVISION 112--Modifications to cost base and reduced cost base
- 112.1 What this Division is about
- 112.5 Discussion of modifications
- 112.15 General rule for replacement modifications
- 112.20 Market value substitution rule
- 112.25 Split, changed or merged assets
- 112.30 Apportionment rules
- 112.35 Assumption of liability rule
- 112.36 Acquisitions of assets involving look-through earnout rights
- 112.37 Put options
- 112.40 Effect of this Subdivision
- 112.45 CGT events
- 112.46 Annual cost base adjustment for member's unit or interest in AMIT
- 112.48 Gifts acquired by associates
- 112.50 Main residence
- 112.53 Scrip for scrip roll-over
- 112.53AA Statutory licences
- 112.53AB Change of incorporation
- 112.53A MDO roll-over
- 112.53B Exchange of stapled ownership interests for units in a unit trust
- 112.53C Water entitlement roll-overs
- 112.54 Demergers
- 112.54A Transfer of assets between certain trusts
- 112.55 Effect of you dying
- 112.60 Bonus shares or units
- 112.65 Rights
- 112.70 Convertible interests
- 112.77 Exchangeable interests
- 112.78 Exploration investments
- 112.80 Leases
- 112.85 Options
- 112.87 Residency
- 112.90 An asset stops being a pre-CGT asset
- 112.92 Demutualisation of certain entities
- 112.95 Transfer of tax losses and net capital losses within wholly-owned groups of companies
- 112.97 Modifications outside this Part and Part 3-3
- 112.100 Effect of this Subdivision
- 112.105 What is a replacement-asset roll-over?
- 112.110 How is the cost base of the replacement asset modified?
- 112.115 Table of replacement-asset roll-overs
- 112.135 Effect of this Subdivision
- 112.140 What is a same-asset roll-over?
- 112.145 How is the cost base of the asset modified?
- 112.150 Table of same-asset roll-overs DIVISION 114--Indexation of cost base
- 114.1 Indexing elements of cost base
- 114.5 When indexation relevant
- 114.10 Requirement for 12 months ownership
- 114.15 Cost base modifications
- 114.20 When expenditure is incurred for roll-overs DIVISION 115--Discount capital gains and trusts' net capital gains
- 115.1 What this Division is about
- 115.5 What is a?
- 115.10 Who can make a discount capital gain?
- 115.15 Discount capital gain must be made after 21 September 1999
- 115.20 Discount capital gain must not have indexed cost base
- 115.25 Discount capital gain must be on asset acquired at least 12 months before
- 115.30 Special rules about time of acquisition
- 115.32 Special rule about time of acquisition for certain replacement-asset roll-overs
- 115.34 Further special rule about time of acquisition for certain replacement-asset roll-overs
- 115.40 Capital gain resulting from agreement made within a year of acquisition
- 115.45 Capital gain from equity in an entity with newly acquired assets
- 115.50 Discount capital gain from equity in certain entities
- 115.55 Capital gains involving money received from demutualisation of friendly society health or life insurer
- 115.100 What is thefor a discount capital gain
- 115.105 Foreign or temporary residents--individuals with direct gains
- 115.110 Foreign or temporary residents--individuals with trust gains
- 115.115 Foreign or temporary residents--percentage for individuals
- 115.120 Foreign or temporary residents--trusts with certain gains
- 115.125 Investors disposing of property used for affordable housing
- 115.200 What this Division is about
- 115.210 When this Subdivision applies
- 115.215 Assessing presently entitled beneficiaries
- 115.220 Assessing trustees under section 98 of the
- 115.222 Assessing trustees under section 99 or 99A of the
- 115.225 Attributable gain
- 115.227 of a capital gain
- 115.228 to an amount of a capital gain
- 115.230 Choice for resident trustee to be specifically entitled to capital gain
- 115.275 What this Subdivision is about
- 115.280 Deduction for certain dividends
- 115.285 Meaning of
- 115.290 Meaning of
- 115.295 Maintaining records DIVISION 116--Capital proceeds
- 116.1 What this Division is about
- 116.5 General rules
- 116.10 Modifications to general rules
- 116.20 General rules about
- 116.25 Table of modifications to the general rules
- 116.30 Market value substitution rule: modification 1
- 116.35 Companies and trusts that are not widely held
- 116.40 Apportionment rule: modification 2
- 116.45 Non-receipt rule: modification 3
- 116.50 Repaid rule: modification 4
- 116.55 Assumption of liability rule: modification 5
- 116.60 Misappropriation rule: modification 6
- 116.65 Disposal etc. of a CGT asset the subject of an option
- 116.70 Option requiring both acquisition and disposal etc.
- 116.75 Special rule for CGT event happening to a lease
- 116.80 Special rule if CGT asset is shares or an interest in a trust
- 116.85 Section 47A of 1936 Act applying to rolled-over asset
- 116.95 Company changes residence from an unlisted country
- 116.100 Gifts of property
- 116.105 Conservation covenants
- 116.110 Roll-overs for merging superannuation funds
- 116.115 Farm-in farm-out arrangements
- 116.120 Disposals of assets involving look-through earnout rights DIVISION 118--Exemptions
- 118.1 What this Division is about
- 118.5 Cars, motor cycles and valour decorations
- 118.10 Collectables and personal use assets
- 118.12 Assets used to produce exempt income etc.
- 118.13 Shares in a PDF
- 118.15 Registered emissions units
- 118.20 Reducing capital gains if amount otherwise assessable
- 118.21 Carried interests
- 118.22 Superannuation lump sums and employment termination payments
- 118.24 Depreciating assets
- 118.25 Trading stock
- 118.27 Division 230 financial arrangements and financial arrangements to which Subdivision 250-E applies
- 118.30 Film copyright
- 118.35 R&D
- 118.37 Compensation, damages etc.
- 118.40 Expiry of a lease
- 118.42 Transfer of stratum units
- 118.45 Sale of rights to mine
- 118.55 Foreign currency hedging gains and losses
- 118.60 Certain gifts
- 118.65 Later distributions of personal services income
- 118.70 Transactions by exempt entities
- 118.75 Marriage or relationship breakdown settlements
- 118.77 Native title and rights to native title benefits
- 118.80 Reduction of boat capital gain
- 118.85 Special disability trusts
- 118.100 What this Subdivision is about
- 118.105 Map of this Subdivision
- 118.110 Basic case
- 118.115 Meaning of
- 118.120 Extension to adjacent land etc.
- 118.125 Meaning of
- 118.130 Meaning ofin land or a dwelling
- 118.135 Moving into a dwelling
- 118.140 Changing main residences
- 118.145 Absences
- 118.147 Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc.
- 118.150 If you build, repair or renovate a dwelling
- 118.155 Where individual referred to in section 118-150 dies
- 118.160 Destruction of dwelling and sale of land
- 118.165 Separate CGT event for adjacent land or other structures
- 118.170 Spouse having different main residence
- 118.175 Dependent child having different main residence
- 118.178 Previous roll-over under Subdivision 126-A
- 118.180 Acquisition of dwelling from company or trust on marriage or relationship breakdown--roll-over provision applying
- 118.185 Partial exemption where dwelling was your main residence during part only of ownership period
- 118.190 Use of dwelling for producing assessable income
- 118.192 Special rule for first use to produce income
- 118.195 Dwelling acquired from a deceased estate
- 118.197 Special rule for surviving joint tenant
- 118.200 Partial exemption for deceased estate dwellings
- 118.205 Adjustment if dwelling inherited from deceased individual
- 118.210 Trustee acquiring dwelling under will
- 118.215 What the following provisions are about
- 118.218 Exemption available to trustee--main case
- 118.220 Exemption available to trustee--after the principal beneficiary's death
- 118.222 Exemption available to other beneficiary who acquires the CGT asset after the principal beneficiary's death
- 118.225 Amount of exemption available after the principal beneficiary's death--general
- 118.227 Amount of exemption available after the principal beneficiary's death--cost base and reduced cost base
- 118.230 Application of CGT events E5 and E7 in relation to main residence exemption and special disability trusts
- 118.240 What the following provisions are about
- 118.245 CGT events happening only to adjacent land
- 118.250 Compulsory acquisitions of adjacent land
- 118.255
- 118.260 Partial exemption rules
- 118.265 Extension to adjacent structures
- 118.300 Insurance policies
- 118.305 Superannuation
- 118.310 RSA's
- 118.313 Superannuation agreements under the Family Law Act
- 118.315 Segregated exempt assets of life insurance companies
- 118.320 Segregated current pension assets of a complying superannuation entity
- 118.350 Units in pooled superannuation trusts
- 118.400 What this Subdivision is about
- 118.405 Exemption for certain foreign venture capital investments through venture capital limited partnerships
- 118.407 Exemption for certain venture capital investments through early stage venture capital limited partnerships
- 118.408 Partial exemption for some capital gains otherwise fully exempt under section 118-407
- 118.410 Exemption for certain foreign venture capital investments through Australian venture capital funds of funds
- 118.415 Exemption for certain venture capital investments by foreign residents
- 118.420 Meaning ofetc.
- 118.425 Meaning of--investments in companies
- 118.427 Meaning of--investments in unit trusts
- 118.428 Additional investment requirements for ESVCLPs
- 118.430 Meaning of
- 118.432 Findings of substantially novel applications of technology
- 118.435 Special rule relating to investment in foreign resident holding companies
- 118.440 Meaning of
- 118.445 Meaning of
- 118.450 Values of assets and investments of entities without auditors
- 118.455 Impact Assessment of this Subdivision
- 118.500 What this Subdivision is about
- 118.505 Exemption for certain foreign venture capital
- 118.510 Meaning of
- 118.515 Meaning of
- 118.520 Meaning of
- 118.525 Meaning of
- 118.550 Demutualisation of Tower Corporation
- 118.560 Object
- 118.565
- 118.570 Extra ways a CGT asset can be an active asset
- 118.575 Creating and ending look-through earnout rights
- 118.580 Temporarily disregard capital losses affected by look-through earnout rights DIVISION 121--Record keeping
- 121.10 What this Division is about
- 121.20 What records you must keep
- 121.25 How long you must retain the records
- 121.30 Exceptions
- 121.35 Asset register entries
CHAPTER 3--Specialist liability rules
PART 3-3--CAPITAL GAINS AND LOSSES: SPECIAL TOPICS
DIVISION 122--Roll-over for the disposal of assets to, or the creation of assets in, a wholly-owned company- 122.1 What this Division is about
- 122.5 What this Subdivision is about
- 122.15 Disposal or creation of assets--wholly-owned company
- 122.20 What you receive for the trigger event
- 122.25 Other requirements to be satisfied
- 122.35 What if the company undertakes to discharge a liability (disposal case)
- 122.37 Rules for working out what a liability in respect of an asset is
- 122.40 Disposal of a CGT asset
- 122.45 Disposal of all the assets of a business
- 122.50 All assets acquired on or after 20 September 1985
- 122.55 All assets acquired before 20 September 1985
- 122.60 Assets acquired before and after 20 September 1985
- 122.65 Creation of asset
- 122.70 Consequences for the company (disposal case)
- 122.75 Consequences for the company (creation case)
- 122.120 What this Subdivision is about
- 122.125 Disposal or creation of assets--wholly-owned company
- 122.130 What the partners receive for the trigger event
- 122.135 Other requirements to be satisfied
- 122.140 What if the company undertakes to discharge a liability (disposal case)
- 122.145 Rules for working out what a liability in respect of an interest in an asset is
- 122.150 Capital gain or loss disregarded
- 122.155 Disposal of post-CGT or pre-CGT interests
- 122.160 Disposal of both post-CGT and pre-CGT interests
- 122.170 Capital gain or loss disregarded
- 122.175 Other consequences
- 122.180 All interests acquired on or after 20 September 1985
- 122.185 All interests acquired before 20 September 1985
- 122.190 Interests acquired before and after 20 September 1985
- 122.195 Creation of asset
- 122.200 Consequences for the company (disposal case)
- 122.205 Consequences for the company (creation case) DIVISION 124--Replacement-asset roll-overs
- 124.1 What this Division is about
- 124.5 How to find your way around this Division
- 124.10 Your ownership of one CGT asset ends
- 124.15 Your ownership of more than one CGT asset ends
- 124.20 Share and interest sale facilities
- 124.70 Events giving rise to a roll-over
- 124.75 Other requirements if you receive money
- 124.80 Other requirements if you receive an asset
- 124.85 Consequences for receiving money
- 124.90 Consequences for receiving an asset
- 124.95 You receive both money and an asset
- 124.140 New statutory licences
- 124.145 Rollover consequences--capital gain or loss disregarded
- 124.150 Rollover consequences--partial roll-over
- 124.155 Roll-over consequences--all original licences were post-CGT
- 124.160 Roll-over consequences--all original licences were pre-CGT
- 124.165 Roll-over consequences--some original licences were pre-CGT, others were post-CGT
- 124.190 Strata title conversion
- 124.240 Exchange of shares in the same company
- 124.245 Exchange of units in the same unit trust
- 124.295 Exchange of rights or option to acquire shares in a company
- 124.300 Exchange of rights or option to acquire units in a unit trust
- 124.510 What this Subdivision is about
- 124.515 Object of this Subdivision
- 124.520 Change of incorporation without change of entity
- 124.525 Old corporation wound up
- 124.530 Shares in company replacing pre-CGT and post-CGT mix of interest and rights in body
- 124.535 Rights as member of Indigenous corporation replacing pre-CGT and post-CGT mix of interest and rights in body
- 124.570 What this Subdivision is about
- 124.575 Extension or renewal of Crown lease
- 124.580 Meaning of
- 124.585 Original right differs in area from new right
- 124.590 Part of original right excised
- 124.595 Treating parts of new right as separate assets
- 124.600 What is the roll-over?
- 124.605 Change of lessor
- 124.655 Roll-over for depreciating assets
- 124.660 Right granted to associate
- 124.700 What this Subdivision is about
- 124.705 Extension or renewal of prospecting or mining entitlement
- 124.710 Meaning of prospecting entitlement and mining entitlement
- 124.715 Original entitlement differs in area from new entitlement
- 124.720 Part of original entitlement excised
- 124.725 Treating parts of new entitlement as separate assets
- 124.730 What is the roll-over?
- 124.775 What this Subdivision is about
- 124.780 Replacement of shares
- 124.781 Replacement of trust interests
- 124.782 Transfer or allocation of cost base of shares acquired by acquiring entity etc.
- 124.783 Meaning of,,and
- 124.783A Rights that affect stakes
- 124.784 Cost base of equity or debt given within acquiring group
- 124.784A When arrangement is a restructure
- 124.784B What is the cost base and reduced cost base when arrangement is a restructure?
- 124.784C Cost base of equity or debt given within acquiring group
- 124.785 What is the roll-over?
- 124.790 Partial roll-over
- 124.795 Exceptions
- 124.800 Interest received for pre-CGT interest
- 124.810 Certain companies and trusts not regarded as having 300 members or beneficiaries
- 124.850 What this Subdivision is about
- 124.855 What this Subdivision deals with
- 124.860 Requirements for roll-over
- 124.865 Entities both choose the roll-over
- 124.870 Roll-over for owner of units or interests in a trust
- 124.875 Effect on the transferor and transferee
- 124.975 What this Subdivision is about
- 124.980 Exchange of membership interests in an MDO
- 124.985 What the roll-over is for post-CGT interests
- 124.990 Partial roll-over
- 124.995 Pre-CGT interests
- 124.1040 What this Subdivision is about
- 124.1045 Exchange of stapled securities
- 124.1050 Conditions
- 124.1055 Consequences of the roll-over for exchanging members
- 124.1060 Consequences of the roll-over for interposed trust
- 124.1100 What this Subdivision is about
- 124.1105 Replacement water entitlements roll-over
- 124.1110 Roll-over consequences--capital gain or loss disregarded
- 124.1115 Roll-over consequences--partial roll-over
- 124.1120 Roll-over consequences--all original entitlements post-CGT
- 124.1125 Roll-over consequences--all original entitlements pre-CGT
- 124.1130 Roll-over consequences--some original entitlements pre-CGT, others post-CGT
- 124.1135 Reduction in water entitlements roll-over
- 124.1140 Roll-over consequences--capital gain or loss disregarded
- 124.1145 Roll-over consequences--all original entitlements post-CGT
- 124.1150 Roll-over consequences--some original entitlements pre-CGT, others post-CGT
- 124.1155 Roll-over for variation to CGT asset
- 124.1160 Roll-over consequences
- 124.1165 Roll-over consequences--partial roll-over
- 124.1220 What this Subdivision is about
- 124.1225 Disposals of interests under interest realignment arrangements
- 124.1230 Roll-over consequences--partial roll-over
- 124.1235 Roll-over consequences--all original interests were post-CGT and pre-UCA
- 124.1240 Roll-over consequences--all original interests were pre-CGT
- 124.1245 Roll-over consequences--original interests were of mixed CGT status, all were pre-UCA
- 124.1250 Roll-over consequences--some original interests were pre-UCA DIVISION 125--Demerger relief
- 125.1 What this Division is about
- 125.5 Object of this Division
- 125.50 Guide to Subdivision 125-B
- 125.55 When a roll-over is available for a demerger
- 125.60 Meaning ofand related terms
- 125.65 Meanings of,and
- 125.70 Meanings of,and
- 125.75 Exceptions to subsection 125-70(2)
- 125.80 What is the roll-over?
- 125.85 Cost base adjustments where CGT event happens but no roll-over chosen
- 125.90 Cost base adjustments where no CGT event
- 125.95 No other cost base adjustment after demerger
- 125.100 No further demerger relief in some cases
- 125.150 Guide to Subdivision 125-C
- 125.155 Certain capital gains or losses disregarded for demerging entity
- 125.160 No CGT event J1
- 125.165 Adjusted capital loss for value shift under a demerger
- 125.170 Reduced cost base reduction if demerger asset subject to roll-over
- 125.225 Guide to Subdivision 125-D
- 125.230 Application of Division to public trading trusts
- 125.235 Share and interest sale facilities DIVISION 126--Same-asset roll-overs
- 126.1 What this Division is about
- 126.5 CGT event involving spouses
- 126.15 CGT event involving company or trustee
- 126.20 Subsequent CGT event happening to roll-over asset where transferor was a CFC or a non-resident trust
- 126.25 Conditions for the purposes of subsections 126-5(3A) and 126-15(5)
- 126.40 What this Subdivision is about
- 126.45 Roll-over for members of wholly-owned group
- 126.50 Requirements for roll-over
- 126.55 When there is a roll-over
- 126.60 Consequences of roll-over
- 126.75 Originating company is a CFC
- 126.85 Effect of roll-over on certain liquidations
- 126.125 What this Subdivision is about
- 126.130 Changes to trust deeds
- 126.135 Consequences of roll-over
- 126.140 CGT event involving small superannuation funds
- 126.185 What this Subdivision is about
- 126.190 When there is a roll-over
- 126.195 Consequences of roll-over
- 126.215 What this Subdivision is about
- 126.220 Object of this Subdivision
- 126.225 When a roll-over may be chosen
- 126.230 Beneficiaries' entitlements not be discretionary etc.
- 126.235 Exceptions for roll-over
- 126.240 Consequences for the trusts
- 126.245 Consequences for beneficiaries--general approach for working out cost base etc.
- 126.250 Consequences for beneficiaries--other approach for working out cost base etc.
- 126.255 No other cost base etc. adjustment for beneficiaries
- 126.260 Giving information to beneficiaries
- 126.265 Interest sale facilities DIVISION 128--Effect of death
- 128.1 What this Division is about
- 128.10 Capital gain or loss when you die is disregarded
- 128.15 Effect on the legal personal representative or beneficiary
- 128.20 When does an assetto a beneficiary?
- 128.25 The beneficiary is a trustee of a superannuation fund etc.
- 128.50 Joint tenants DIVISION 130--Investments
- 130.1 What this Division is about
- 130.15 Acquisition time and cost base of bonus equities
- 130.20 Issue of bonus shares or units
- 130.40 Exercise of rights
- 130.45 Timing rules
- 130.50 Application to options
- 130.60 Shares or units acquired by converting a convertible interest
- 130.75 Objects of Subdivision
- 130.80 ESS interests acquired under employee share schemes
- 130.85 Interests in employee share trusts
- 130.90 Shares held by employee share trusts
- 130.95 Shares and rights in relation to ESS interests
- 130.97 Application of certain provisions of Division 83A
- 130.100 Exchangeable interest
- 130.105 Shares acquired in exchange for the disposal or redemption of an exchangeable interest
- 130.110 Reducing the reduced cost base before disposal DIVISION 132--Leases
- 132.1 Lessee incurs expenditure to get lease term varied or waived
- 132.5 Lessor pays lessee for improvements
- 132.10 Grant of a long-term lease
- 132.15 Lessee of land acquires reversionary interest of lessor DIVISION 134--Options
- 134.1 Exercise of options DIVISION 137--Granny flat arrangements
- 137.1 What this Subdivision is about
- 137.10 Meaning of key terms
- 137.15 CGT event does not happen when a certain kind of granny flat arrangement is entered into
- 137.20 CGT event does not happen when a certain kind of granny flat arrangement is varied
- 137.25 CGT event does not happen when a certain kind of granny flat arrangement is terminated DIVISION 149--When an asset stops being a pre-CGT asset
- 149.10 What is a pre-CGT asset?
- 149.15 Majority underlying interests in a CGT asset
- 149.25 Which entities are affected
- 149.30 Effects if asset no longer has same majority underlying ownership
- 149.35 Cost base elements of asset that stops being a pre-CGT asset
- 149.50 Which entities are affected
- 149.55 Entity to give the Commissioner evidence periodically as to whether asset still has same majority underlying ownership
- 149.60 What the evidence must show
- 149.70 Effects if asset no longer has same majority underlying ownership
- 149.75 Cost base elements of asset that stops being a pre-CGT asset
- 149.80 No more evidence needed after asset stops being a pre-CGT asset
- 149.162 Subdivision applies only if entity gives sufficient evidence
- 149.165 Members treated as having underlying interests in assets until demutualisation
- 149.170 Effect of demutualisation of interposed company DIVISION 152--Small business relief
- 152.1 What this Division is about
- 152.5 What this Subdivision is about
- 152.10 Basic conditions for relief
- 152.12 Special conditions for CGT event D1
- 152.15 Maximum net asset value test
- 152.20 Meaning of
- 152.35 Active asset test
- 152.40 Meaning of
- 152.45 Continuing time periods for involuntary disposals
- 152.47 Spouses or children taken to be affiliates for certain passively held CGT assets
- 152.48 Working out an entity's aggregated turnover for passively held CGT assets
- 152.49 Businesses that are winding up
- 152.50 Significant individual test
- 152.55 Meaning of
- 152.60 Meaning of
- 152.65 Small business participation percentage
- 152.70 Direct small business participation percentage
- 152.75 Indirect small business participation percentage
- 152.78 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust
- 152.80 CGT event happens to an asset or interest within 2 years of individual's death
- 152.100 What this Subdivision is about
- 152.105 15-year exemption for individuals
- 152.110 15-year exemption for companies and trusts
- 152.115 Continuing time periods for involuntary disposals
- 152.125 Payments to company's or trust's CGT concession stakeholders are exempt
- 152.200 What this Subdivision is about
- 152.205 You get the small business 50% reduction
- 152.210 You may also get the small business retirement exemption and small business roll-over relief
- 152.215 15-year rule has priority
- 152.220 You may choose not to apply this Subdivision
- 152.300 What this Subdivision is about
- 152.305 Choosing the exemption
- 152.310 Consequences of choice
- 152.315 Choosing the amount to disregard
- 152.320 Meaning of
- 152.325 Company or trust conditions
- 152.330 15-year rule has priority
- 152.400 What this Subdivision is about
- 152.410 When you can obtain the roll-over
- 152.415 What the roll-over consists of
- 152.420 Rules where an individual who has obtained a roll-over dies
- 152.430 15-year rule has priority
PART 3-5--CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
DIVISION 160--Corporate loss carry back tax offset for 2020-21, 2021-22 or 2022-23 for businesses with turnover under $5 billion- 160.1 What this Division is about
- 160.5 Entitlement to loss carry back tax offset
- 160.10 Amount of loss carry back tax offset
- 160.15 Loss carry back choice
- 160.16 Changing a loss carry back choice
- 160.20 Entity must have had turnover less than $5 billion for loss year
- 160.25 Entity must have been a corporate tax entity during relevant years
- 160.30 Transferred tax losses, income tax liabilities etc. not included
- 160.35 Integrity rule--no loss carry back tax offset if scheme entered into DIVISION 164--Non-share capital accounts for companies
- 164.1 What this Division is about
- 164.5 Object
- 164.10 Non-share capital account
- 164.15 Credits to non-share capital account
- 164.20 Debits to non-share capital account DIVISION 165--Income tax consequences of changing ownership or control of a company
- 165.1 What this Division is about
- 165.5 What this Subdivision is about
- 165.10 To deduct a tax loss
- 165.12 Company must maintain the same owners
- 165.13 Alternatively, the company must satisfy the business continuity test
- 165.15 The same people must control the voting power, or the company must satisfy the business continuity test
- 165.20 When company can deductof a tax loss
- 165.23 What this Subdivision is about
- 165.25 Summary of this Subdivision
- 165.30 Flow chart showing the application of this Subdivision
- 165.35 On a change of ownership, unless the company satisfies the business continuity test
- 165.37 Who hasin the company during a period
- 165.40 On a change of control of the voting power in the company, unless the company satisfies the business continuity test
- 165.45 First, divide the income year into periods
- 165.50 Next, calculate the notional loss or notional taxable income for each period
- 165.55 How to attribute deductions to periods
- 165.60 How to attribute assessable income to periods
- 165.65 How to calculate the company's taxable income for the income year
- 165.70 How to calculate the company's tax loss for the income year
- 165.75 How to calculate the company's notional loss or notional taxable income for a period when the company was a partner
- 165.80 How to calculate the company's share of a partnership's notional loss or notional net income for a period if both entities have the same income year
- 165.85 How to calculate the company's share of a partnership's notional loss or notional net income for a period if the entities have different income years
- 165.90 Company's full year deductions include a share of partnership's full year deductions
- 165.93 What this Subdivision is about
- 165.96 When a company cannot apply a net capital loss
- 165.99 What this Subdivision is about
- 165.102 On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test
- 165.105 First, divide the income year into periods
- 165.108 Next, calculate the notional net capital gain or notional net capital loss for each period
- 165.111 How to work out the company's net capital gain
- 165.114 How to work out the company's net capital loss
- 165.115 What this Subdivision is about
- 165.115AA Special rules to save compliance costs
- 165.115A Application of Subdivision
- 165.115B What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time
- 165.115BA What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock
- 165.115BB Order of application of assets: residual unrealised net loss
- 165.115C Changeover time--change in ownership of company
- 165.115D Changeover time--change in control of company
- 165.115E What is an unrealised net loss
- 165.115F Notional gains and losses
- 165.115GA What this Subdivision is about
- 165.115GB When adjustments must be made
- 165.115GC How adjustments are calculated
- 165.115H How this Subdivision applies
- 165.115J Object of Subdivision
- 165.115K Application and interpretation
- 165.115L Alteration time--alteration in ownership of company
- 165.115M Alteration time--alteration in control of company
- 165.115N Alteration time--declaration by liquidator or administrator
- 165.115P Notional alteration time--disposal of interests in company within 12 months before alteration time
- 165.115Q Notional alteration time--disposal of interests in company earlier than 12 months before alteration time
- 165.115R When company is a loss company at first or only alteration time in income year
- 165.115S When company is a loss company at second or later alteration time in income year
- 165.115T Reduction of certain amounts included in company's overall loss at alteration time
- 165.115U Adjusted unrealised loss
- 165.115V Notional losses
- 165.115W Calculation of trading stock decrease
- 165.115X Relevant equity interest
- 165.115Y Relevant debt interest
- 165.115Z What constitutes a controlling stake in a company
- 165.115ZA Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time
- 165.115ZB Adjustment amounts for the purposes of section 165-115ZA
- 165.115ZC Notices to be given
- 165.115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used
- 165.117 What this Subdivision is about
- 165.119 Application of Subdivision
- 165.120 To deduct a bad debt
- 165.123 Company must maintain the same owners
- 165.126 Alternatively, the company must satisfy the business continuity test
- 165.129 Same people must control the voting power, or the company must satisfy the business continuity test
- 165.132 When tax losses resulting from bad debts cannot be deducted
- 165.150 Who has more than 50% of the voting power in the company
- 165.155 Who has rights to more than 50% of the company's dividends
- 165.160 Who has rights to more than 50% of the company's capital distributions
- 165.165 Rules about tests for a condition or occurrence of a circumstance
- 165.175 Tests can be satisfied by a single person
- 165.180 Arrangements affecting beneficial ownership of shares
- 165.185 Shares treated as not having carried rights
- 165.190 Shares treated as always having carried rights
- 165.200 Rules do not affect totals of shares, units in unit trusts or rights carried by shares and units
- 165.202 Shares held by government entities and charities etc.
- 165.203 Companies where no shares have been issued
- 165.205 Death of share owner
- 165.207 Trustees of family trusts
- 165.208 Companies in liquidation etc.
- 165.209 Dual listed companies
- 165.210 The business continuity test--carrying on the same business
- 165.211 The business continuity test--carrying on a similar business
- 165.212D Restructure of MDOs etc.
- 165.212E Entry history rule does not apply for the purposes of sections 165-210 and 165-211
- 165.215 Special alternative to change of ownership test for Subdivision 165-A
- 165.220 Special alternative to change of ownership test for Subdivision 165-B
- 165.225 Special way of dividing the income year under Subdivision 165-B
- 165.230 Special alternative to change of ownership test for Subdivision 165-C
- 165.235 Information about non-fixed trusts with interests in company
- 165.240 Notices where requirements of section 165-235 are met
- 165.245 When an entity has a fixed entitlement to income or capital of a company
- 165.250 Control of companies in liquidation etc.
- 165.255 Incomplete periods DIVISION 166--Income tax consequences of changing ownership or control of a widely held or eligible Division 166 company
- 166.1 What this Division is about
- 166.3 The object of this Division
- 166.5 How Subdivision 165-A applies to a widely held or eligible Division 166 company
- 166.15 Companies can choose that this Subdivision is not to apply to them
- 166.20 How Subdivisions 165-B and 165-CB apply to a widely held or eligible Division 166 company
- 166.25 How to work out the taxable income, tax loss, net capital gain and net capital loss
- 166.35 Companies can choose that this Subdivision is not to apply to them
- 166.40 How Subdivision 165-C applies to a widely held or eligible Division 166 company
- 166.50 Companies can choose that this Subdivision is not to apply to them
- 166.80 How Subdivision 165-CC or 165-CD applies to a widely held or eligible Division 166 company
- 166.90 Companies can choose that this Subdivision is not to apply to them
- 166.135 What this Subdivision is about
- 166.145 The ownership tests: substantial continuity of ownership
- 166.165 Relationship with rules in Division 165
- 166.175 Corporate change in a company
- 166.215 What this Subdivision is about
- 166.220 Application of this Subdivision
- 166.225 Direct stakes of less than 10% in the tested company
- 166.230 Indirect stakes of less than 10% in the tested company
- 166.235 Voting, dividend and capital stakes
- 166.240 Stakes held directly and/or indirectly by widely held companies
- 166.245 Stakes held by other entities
- 166.255 Bearer shares in foreign listed companies
- 166.260 Depository entities holding stakes in foreign listed companies
- 166.265 Persons who actually control voting power or have rights are taken not to control power or have rights
- 166.270 Single notional entity stakeholders taken to have minimum voting control, dividend rights and capital rights
- 166.272 Same shares or interests to be held
- 166.275 Rules in this Subdivision intended to be concessional
- 166.280 Controlled test companies DIVISION 167--Companies whose shares carry unequal rights to dividends, capital distributions or voting power
- 167.1 What this Division is about
- 167.5 What this Subdivision is about
- 167.7 Simplified outline of this Subdivision
- 167.10 When this Subdivision applies
- 167.15 First way--disregard debt interests
- 167.20 Second way--also disregard secondary share classes
- 167.25 Third way--treat remaining shares as having fixed rights to dividends and capital distributions
- 167.30 Fixing rights if practicable to work out market values
- 167.35 Fixing rights if impracticable to work out market values etc.
- 167.40 The valuing times for conditions listed in subsection 167-10(1)
- 167.75 What this Subdivision is about
- 167.80 When this Subdivision applies
- 167.85 Different method for working out voting power
- 167.90 Dual listed companies DIVISION 170--Treatment of certain company groups for income tax purposes
- 170.1 What this Subdivision is about
- 170.5 Basic principles for transferring tax losses
- 170.10 When a company can transfer a tax loss
- 170.15 Income company is taken to have incurred transferred loss
- 170.20 Who can deduct transferred loss
- 170.25 Tax treatment of consideration for transferred tax loss
- 170.30 Companies must be in existence and members of the same wholly-owned group etc.
- 170.32 Tax loss incurred by the loss company because of a transfer under Subdivision 707-A
- 170.33 Alternative test of relations between the loss company and other companies
- 170.35 The loss company
- 170.40 The income company
- 170.42 If the income company has become the head company of a consolidated group or MEC group
- 170.45 Maximum amount that can be transferred
- 170.50 Transfer by written agreement
- 170.55 Losses must be transferred in order they are incurred
- 170.60 Income company cannot transfer transferred tax loss
- 170.65 Agreement transfers as much as can be transferred
- 170.70 Amendment of assessments
- 170.75 Treatment like Australian branches of foreign banks
- 170.101 What this Subdivision is about
- 170.105 Basic principles for transferring a net capital loss
- 170.110 When a company can transfer a net capital loss
- 170.115 Who can apply transferred loss
- 170.120 Gain company is taken to have made transferred loss
- 170.125 Tax treatment of consideration for transferred tax loss
- 170.130 Companies must be in existence and members of the same wholly-owned group etc.
- 170.132 Net capital loss made by the loss company because of a transfer under Subdivision 707-A
- 170.133 Alternative test of relations between the loss company and other companies
- 170.135 The loss company
- 170.140 The gain company
- 170.142 If the gain company has become the head company of a consolidated group or MEC group
- 170.145 Maximum amount that can be transferred
- 170.150 Transfer by written agreement
- 170.155 Losses must be transferred in order they are made
- 170.160 Gain company cannot transfer transferred net capital loss
- 170.165 Agreement transfers as much as can be transferred
- 170.170 Amendment of assessments
- 170.174 Treatment like Australian branches of foreign banks
- 170.201 What this Subdivision is about
- 170.205 Object of Subdivision
- 170.210 Transfer of tax loss: direct and indirect interests in the loss company
- 170.215 Transfer of tax loss: direct and indirect interests in the income company
- 170.220 Transfer of net capital loss: direct and indirect interests in the loss company
- 170.225 Transfer of net capital loss: direct and indirect interests in the gain company
- 170.250 What this Subdivision is about
- 170.255 Application of Subdivision
- 170.260 Linked group
- 170.265 Connected entity
- 170.270 Immediate consequences for originating company
- 170.275 Subsequent consequences for originating company
- 170.280 What happens if certain events happen in respect of the asset DIVISION 175--Use of a company's tax losses or deductions to avoid income tax
- 175.1 What this Division is about
- 175.5 When Commissioner can disallow deduction for tax loss
- 175.10 First case: income or capital gain injected into company because of available tax loss
- 175.15 Second case: someone else obtains a tax benefit because of tax loss available to company
- 175.20 Income or capital gain injected into company because of available deductions
- 175.25 Deduction injected into company because of available income or capital gain
- 175.30 Someone else obtains a tax benefit because of a deduction, income or capital gain available to company
- 175.35 Tax loss resulting from disallowed deductions
- 175.40 When Commissioner can disallow net capital loss of earlier income year
- 175.45 First case: capital gain injected into company because of available net capital loss
- 175.50 Second case: someone else obtains a tax benefit because of net capital loss available to company
- 175.55 When Commissioner can disallow capital loss of current year
- 175.60 Capital gain injected into company because of available capital loss
- 175.65 Capital loss injected into company because of available capital gain
- 175.70 Someone else obtains a tax benefit because of capital loss or gain available to company
- 175.75 Net capital loss resulting from disallowed capital losses
- 175.80 When Commissioner can disallow deduction for bad debt
- 175.85 First case: income or capital gain injected into company because of available bad debt
- 175.90 Second case: someone else obtains a tax benefit because of bad debt deduction available to company
- 175.95 When a person has a shareholding interest in the company
- 175.100 Commissioner may disallow excluded losses etc. of insolvent companies DIVISION 180--Information about family trusts with interests in companies
- 180.1 What this Division is about
- 180.5 Information about family trusts with interests in companies
- 180.10 Notice where requirements of section 180-5 are met
- 180.15 Information about family trusts with interests in companies
- 180.20 Notice where requirements of section 180-15 are met DIVISION 195--Special types of company
- 195.1 What this Subdivision is about
- 195.5 Deductibility of PDF tax losses
- 195.10 PDF cannot transfer tax loss
- 195.15 Tax loss for year in which company becomes a PDF
- 195.25 Applying a PDF's net capital losses
- 195.30 PDF cannot transfer net capital loss
- 195.35 Net capital loss for year in which company becomes a PDF
- 195.37 PDF cannot carry back tax loss
- 195.60 What this Subdivision is about
- 195.65 Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP
- 195.70 Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
- 195.72 Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
- 195.75 Determinations to take account of income years of less than 12 months
- 195.100 What this Subdivision is about
- 195.105 Effect of this Subdivision
- 195.110 Each sub-fund of a CCIV is taken to be a separate trust
- 195.115 A CCIV sub-fund trust is a unit trust
- 195.120 Beneficiary of a CCIV sub-fund trust has fixed entitlements to shares of income and capital of the trust
- 195.123 How to work out the income of the trust estate of a CCIV sub-fund trust for an income year
- 195.125 When a beneficiary of a CCIV sub-fund trust is presently entitled to trust income
- 195.127 When a beneficiary of a CCIV sub-fund trust has an individual interest in exempt income and non-assessable non-exempt income of the trust estate
- 195.130 Application of Division 275 (managed investment trusts) to a CCIV sub-fund trust
- 195.135 Application of Division 276 (AMITs) to a CCIV sub-fund trust
- 195.140 Entry on Australian Business Register DIVISION 197--Tainted share capital accounts
- 197.1 What this Division is about
- 197.5 Division generally applies to an amount transferred to share capital account from another account
- 197.10 Exclusion for amounts that could be identified as share capital
- 197.15 Exclusion for amounts transferred under debt/equity swaps
- 197.20 Exclusion for amounts transferred leading to there being no shares with a par value--non-Corporations Act companies
- 197.25 Exclusion for transfers from option premium reserves
- 197.30 Exclusion for transfers made in connection with demutualisations of non-insurance etc. companies
- 197.35 Exclusion for transfers made in connection with demutualisations of insurance etc. companies
- 197.37 Exclusion for transfers made in connection with demutualisations of private health insurers
- 197.38 Exclusion for transfers connected with demutualisations of friendly society health or life insurers
- 197.40 Exclusion for post-demutualisation transfers relating to life insurance companies
- 197.42 Exclusion for exploration credits
- 197.45 A franking debit arises in relation to the transfer
- 197.50 The share capital account becomes tainted (if it is not already tainted)
- 197.55 Choosing to untaint a tainted share capital account
- 197.60 Choosing to untaint--liability to untainting tax
- 197.65 Choosing to untaint--further franking debits may arise
- 197.70 Due date for payment of untainting tax
- 197.75 General interest charge for late payment of untainting tax
- 197.80 Notice of liability to pay untainting tax
- 197.85 Evidentiary effect of notice of liability to pay untainting tax
CHAPTER 3--Specialist liability rules
PART 3-6--THE IMPUTATION SYSTEM
DIVISION 200--Guide to Part 3-6- 200.1 What this Division is about
- 200.5 The imputation system
- 200.10 Franking a distribution
- 200.15 The franking account
- 200.20 How a distribution is franked
- 200.25 A corporate tax entity must not give its members credit for more tax than the entity has paid
- 200.30 Benchmark rule
- 200.35 Effect of receiving a franked distribution
- 200.40 An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members
- 200.45 Special rules for franking by some entities DIVISION 201--Objects and application of Part 3-6
- 201.1 Objects
- 201.5 Application of this Part DIVISION 202--Franking a distribution
- 202.1 What this Subdivision is about
- 202.5 Franking a distribution
- 202.10 What this Subdivision is about
- 202.15 Franking entities
- 202.20 Residency requirement when making a distribution
- 202.25 What this Subdivision is about
- 202.30 Frankable distributions
- 202.35 Object
- 202.40 Frankable distributions
- 202.45 Unfrankable distributions
- 202.47 Distributions of certain ADI profits following restructure
- 202.50 What this Subdivision is about
- 202.55 What is the maximum franking credit for a frankable distribution?
- 202.60 Amount of the franking credit on a distribution
- 202.65 Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution
- 202.70 What this Subdivision is about
- 202.75 Obligation to give a distribution statement
- 202.80 Distribution statement
- 202.85 Changing the franking credit on a distribution by amending the distribution statement DIVISION 203--Benchmark rule
- 203.1 What this Division is about
- 203.5 Benchmark rule
- 203.10 Benchmark franking percentage
- 203.15 Object
- 203.20 Application of the benchmark rule
- 203.25 Benchmark rule
- 203.30 Setting a benchmark franking percentage
- 203.35 Franking percentage
- 203.40 Franking periods--where the entity is not a private company
- 203.45 Franking period--private companies
- 203.50 Consequences of breaching the benchmark rule
- 203.55 Commissioner's powers to permit a departure from the benchmark rule DIVISION 204--Anti-streaming rules
- 204.1 Objects
- 204.5 Application
- 204.10 What this Subdivision is about
- 204.15 Linked distributions
- 204.20 What this Subdivision is about
- 204.25 Substituting tax-exempt bonus shares for franked distributions
- 204.26 What this Subdivision is about
- 204.30 Streaming distributions
- 204.35 When does a franking debit arise if the Commissioner makes a determination under paragraph 204-30(3)(a)
- 204.40 Amount of the franking debit
- 204.41 Amount of the exempting debit
- 204.45 Effect of a determination about distributions to favoured members
- 204.50 Assessment and notice of determination
- 204.55 Right to review where a determination made
- 204.65 What this Subdivision is about
- 204.70 Application of this Subdivision
- 204.75 Notice to the Commissioner
- 204.80 Commissioner may require information where the Commissioner suspects streaming DIVISION 205--Franking accounts, franking deficit tax liabilities and the related tax offset
- 205.1 What this Division is about
- 205.5 Franking accounts, franking deficit tax liabilities and the related tax offset
- 205.10 Each entity that is or has been a corporate tax entity has a franking account
- 205.15 Franking credits
- 205.20 Paying a PAYG instalment, income tax or diverted profits tax
- 205.25 Residency requirement for an event giving rise to a franking credit or franking debit
- 205.30 Franking debits
- 205.35 Refund of income tax or diverted profits tax
- 205.40 Franking surplus and deficit
- 205.45 Franking deficit tax
- 205.50 Deferring franking deficit
- 205.70 Tax offset arising from franking deficit tax liabilities DIVISION 207--Effect of receiving a franked distribution
- 207.5 Overview
- 207.10 What this Subdivision is about
- 207.15 Applying the general rule
- 207.20 General rule--gross-up and tax offset
- 207.25 What this Subdivision is about
- 207.30 Applying this Subdivision
- 207.35 Gross-up--distribution made to, or flows indirectly through, a partnership or trustee
- 207.37 Attributable franked distribution--trusts
- 207.45 Tax offset--distribution flows indirectly to an entity
- 207.50 When a franked distribution flows indirectly to or through an entity
- 207.55 Share of a franked distribution
- 207.57 Share of the franking credit on a franked distribution
- 207.58 to an amount of a franked distribution
- 207.59 Franked distributions within class treated as single franked distribution
- 207.60 What this Subdivision is about
- 207.65 Satisfying the residency requirement
- 207.70 Gross-up and tax offset under section 207-20
- 207.75 Residency requirement
- 207.80 What this Subdivision is about
- 207.85 Applying this Subdivision
- 207.90 Distribution that is made to an entity
- 207.95 Distribution that flows indirectly to an entity
- 207.105 What this Subdivision is about
- 207.110 Effect of non-assessable income on gross up and tax offset
- 207.115 Which exempt institutions are eligible for a refund?
- 207.117 Residency requirement
- 207.119 Entity not treated as exempt institution eligible for refund in certain circumstances
- 207.120 Entity may be ineligible because of a distribution event
- 207.122 Entity may be ineligible if distribution is in the form of property other than money
- 207.124 Entity may be ineligible if other money or property also acquired
- 207.126 Entity may be ineligible if distributions do not match trust share amounts
- 207.128 Reinvestment choice
- 207.130 Controller's liability
- 207.132 Treatment of benefits provided by an entity to a controller
- 207.134 Entity's present entitlement disregarded in certain circumstances
- 207.136 Review of certain decisions
- 207.140 What this Subdivision is about
- 207.145 Distribution that is made to an entity
- 207.150 Distribution that flows indirectly to an entity
- 207.155 When is a distribution made as part of a dividend stripping operation?
- 207.157 Distribution washing
- 207.158 Distributions entitled to a foreign income tax deduction
- 207.159 Distributions funded by capital raising
- 207.160 Distribution that is treated as an interest payment DIVISION 208--Exempting entities and former exempting entities
- 208.5 What is an exempting entity?
- 208.10 Former exempting entities
- 208.15 Distributions by exempting entities and former exempting entities
- 208.20 Exempting entities
- 208.25 Effective ownership of entity by prescribed persons
- 208.30 Accountable membership interests
- 208.35 Accountable partial interests
- 208.40 Prescribed persons
- 208.45 Persons who are taken to be prescribed persons
- 208.50 Former exempting companies
- 208.55 What this Subdivision is about
- 208.60 Franking with an exempting credit
- 208.65 What this Subdivision is about
- 208.70 Amount of the exempting credit on a distribution
- 208.75 Guide to Subdivision 208-D
- 208.80 Additional information to be included by a former exempting entity or exempting entity
- 208.85 What this Subdivision is about
- 208.90 All frankable distributions made within a franking period must be franked to the same extent with an exempting credit
- 208.95 Exempting percentage
- 208.100 Consequences of breaching the rule in section 208-90
- 208.105 What this Subdivision is about
- 208.110 Exempting account
- 208.115 Exempting credits
- 208.120 Exempting debits
- 208.125 Exempting surplus and deficit
- 208.130 Franking credits arising because of status as exempting entity or former exempting entity
- 208.135 Relationships that will give rise to a franking credit under item 5 of the table in section 208-130
- 208.140 Membership of the same effectively wholly-owned group
- 208.145 Franking debits arising because of status as exempting entity or former exempting entity
- 208.150 Residency requirement
- 208.155 Eligible continuing substantial member
- 208.160 Distributions that are affected by a manipulation of the imputation system
- 208.165 Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit
- 208.170 Where a determination under paragraph 177EA(5)(b) of theaffects part of the distribution
- 208.175 When does a distribution franked with an exempting credit flow indirectly to an entity?
- 208.180 What is an entity's share of the exempting credit on a distribution?
- 208.185 Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth
- 208.190 What this Subdivision is about
- 208.195 Division 207 does not generally apply
- 208.200 Distributions to exempting entities
- 208.205 Distributions to employees acquiring shares under eligible employee share schemes
- 208.215 Eligible employee share schemes
- 208.220 What this Subdivision is about
- 208.225 Division 207 does not generally apply
- 208.230 Distributions to exempting entities and former exempting entities
- 208.235 Distributions to employees acquiring shares under eligible employee share schemes
- 208.240 Distributions to certain individuals DIVISION 210--Venture capital franking
- 210.1 Purpose of venture capital franking
- 210.5 How is this achieved?
- 210.10 What is a venture capital credit?
- 210.15 What does the PDF have to do to distribute the credits?
- 210.20 Limits on venture capital franking
- 210.25 What this Subdivision is about
- 210.30 Franking a distribution with a venture capital credit
- 210.35 What this Subdivision is about
- 210.40 What is a participating PDF
- 210.45 What this Subdivision is about
- 210.50 Which distributions can be franked with a venture capital credit?
- 210.55 What this Subdivision is about
- 210.60 Amount of the venture capital credit on a distribution
- 210.65 What this Subdivision is about
- 210.70 Additional information to be included when a distribution is franked with a venture capital credit
- 210.75 What this Subdivision is about
- 210.80 Draining the venture capital surplus when a distribution frankable with venture capital credits is made
- 210.81 Distributions to be franked with venture capital credits to the same extent
- 210.82 Consequences of breaching the rule in section 210-81
- 210.85 What this Subdivision is about
- 210.90 The venture capital sub-account
- 210.95 Venture capital deficit tax
- 210.100 Venture capital sub-account
- 210.105 Venture capital credits
- 210.110 Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax
- 210.115 Participating PDF may elect to have venture capital credits arise on its assessment day
- 210.120 Venture capital debits
- 210.125 Venture capital debit where CGT limit is exceeded
- 210.130 Venture capital surplus and deficit
- 210.135 Venture capital deficit tax
- 210.140 Effect of a liability to pay venture capital deficit tax on franking deficit tax
- 210.145 Effect of a liability to pay venture capital deficit tax on the franking account
- 210.150 Deferring venture capital deficit
- 210.155 What this Subdivision is about
- 210.160 The significance of a venture capital credit
- 210.165 Recipients for whom the venture capital credit is not significant
- 210.170 Tax offset for certain recipients of distributions franked with venture capital credits
- 210.175 Amount of the tax offset
- 210.180 Application of Division 207 where the recipient is entitled to a tax offset under section 210-170 DIVISION 214--Administering the imputation system
- 214.1 Purpose of the system
- 214.5 Key features
- 214.10 What this Subdivision is about
- 214.15 Requirement to give franking return--general
- 214.20 Notice to a specific corporate tax entity
- 214.25 Content and form of a franking return
- 214.30 Franking account balance
- 214.35 Venture capital sub-account balance
- 214.40 Meaning of
- 214.45 Effect of a refund on franking returns
- 214.55 What this Subdivision is about
- 214.60 Commissioner may make a franking assessment
- 214.65 Commissioner taken to have made a franking assessment on first return
- 214.70 Part-year assessment
- 214.75 Validity of assessment
- 214.80 Objections
- 214.90 What this Subdivision is about
- 214.95 Amendments within 3 years of the original assessment
- 214.100 Amended assessments are treated as franking assessments
- 214.105 Further return as a result of a refund affecting a franking deficit tax liability
- 214.110 Later amendments--on request
- 214.115 Later amendments--failure to make proper disclosure
- 214.120 Later amendments--fraud or evasion
- 214.125 Further amendment of an amended particular
- 214.135 Amendment on review etc.
- 214.140 Notice of amendments
- 214.145 What this Subdivision is about
- 214.150 Due date for payment of franking tax
- 214.155 General interest charge
- 214.160 Refunds of amounts overpaid
- 214.170 What this Subdivision is about
- 214.175 Record keeping DIVISION 215--Consequences of the debt/equity rules
- 215.1 Application of the imputation system to non-share equity interests
- 215.5 What this Subdivision is about
- 215.10 Certain non-share dividends by ADIs unfrankable
- 215.15 Non-share dividends are unfrankable if profits are unavailable
- 215.20 Working out the available frankable profits
- 215.25 Anticipating available frankable profits DIVISION 216--Cum dividend sales and securities lending arrangements
- 216.1 When a distribution made to a member of a corporate tax entity is treated as having been made to someone else
- 216.5 First situation (cum dividend sales)
- 216.10 Second situation (securities lending arrangements)
- 216.15 Distribution closing time
- 216.20 Cum dividend sale--statement by securities dealer
- 216.25 Cum dividend sale--statement by party
- 216.30 Securities lending arrangements--statement by borrower DIVISION 218--Application of imputation rules to co-operative companies
- 218.5 Application of imputation rules to co-operative companies DIVISION 219--Imputation for life insurance companies
- 219.1 What this Division is about
- 219.10 Application of imputation rules to life insurance companies
- 219.15 Franking credits
- 219.30 Franking debits
- 219.40 Residency requirement
- 219.45 Assessment day
- 219.50 Amount attributable to shareholders' share of income tax liability
- 219.55 Adjustment resulting from an amended assessment
- 219.70 Tax offset under section 205-70
- 219.75 Working out franking credits and franking debits where a tax offset under section 205-70 is applied DIVISION 220--Imputation for NZ resident companies and related companies
- 220.1 What this Division is about
- 220.15 Objects
- 220.20 What is an?
- 220.25 Application of provisions of Part 3-6 outside this Division
- 220.30 What is an?
- 220.35 Making an NZ franking choice
- 220.40 When is an NZ franking choice in force?
- 220.45 Revoking an NZ franking choice
- 220.50 Cancelling an NZ franking choice
- 220.100 Residency requirement for franking
- 220.105 Unfrankable distributions by NZ franking companies
- 220.110 Maximum franking credit under section 202-60
- 220.205 Franking credit for payment of NZ franking company's withholding tax liability
- 220.210 Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company
- 220.215 Effect on franking account if NZ franking choice ceases to be in force
- 220.300 NZ franking company's franking account affected by franking accounts of some of its 100% subsidiaries
- 220.350 Providing for a franking credit to arise
- 220.400 Gross-up and tax offset for distribution from NZ franking company reduced by supplementary dividend
- 220.405 Franked distribution and supplementary dividend flowing indirectly
- 220.410 Franking credit reduced if tax offset reduced
- 220.500 Publicly listed post-choice NZ franking company and its 100% subsidiaries are not exempting entities
- 220.505 Post-choice NZ franking company is not automatically prescribed person
- 220.510 Parent company's status as prescribed person sets status of all other members of same wholly-owned group
- 220.605 Effect on exempting account if NZ franking choice ceases to be in force
- 220.700 Tax effect of distribution franked by NZ franking company with an exempting credit
- 220.800 Joint and several liability for NZ resident company's franking tax etc.
PART 3-10----FINANCIAL TRANSACTIONS
DIVISION 230--Taxation of financial arrangements- 230.1 What this Division is about
- 230.5 Scope of this Division
- 230.10 Objects of this Division
- 230.15 Gains are assessable and losses deductible
- 230.20 Gain or loss to be taken into account only once under this Act
- 230.25 Associated financial benefits to be taken into account only once under this Act
- 230.30 Treatment of gains and losses related to exempt income and non-assessable non-exempt income
- 230.35 Treatment of gains and losses of private or domestic nature
- 230.40 Methods for taking gain or loss into account
- 230.45 Financial arrangement
- 230.50 Financial arrangement (equity interest or right or obligation in relation to equity interest)
- 230.55 Rights, obligations and arrangements (grouping and disaggregation rules)
- 230.60 When financial benefit provided or received under financial arrangement
- 230.65 Amount of financial benefit relating to more than one financial arrangement etc.
- 230.70 Apportionment when financial benefit received or right ceases
- 230.75 Apportionment when financial benefit provided or obligation ceases
- 230.80 Consistency in working out gains or losses (integrity measure)
- 230.85 Rights and obligations include contingent rights and obligations
- 230.90 What this Subdivision is about
- 230.95 Objects of this Subdivision
- 230.100 When accruals method or realisation method applies
- 230.105 Sufficiently certain overall gain or loss
- 230.110 Sufficiently certain gain or loss from particular event
- 230.115 Sufficiently certain financial benefits
- 230.120 Financial arrangements with notional principal
- 230.125 Overview of the accruals method
- 230.130 Applying accruals method to work out period over which gain or loss is to be spread
- 230.135 How gain or loss is spread
- 230.140 Method of spreading gain or loss--effective interest method
- 230.145 Application of effective interest method where differing income and accounting years
- 230.150 Election for portfolio treatment of fees
- 230.155 Election for portfolio treatment of fees where differing income and accounting years
- 230.160 Portfolio treatment of fees
- 230.165 Portfolio treatment of premiums and discounts for acquiring portfolio
- 230.170 Allocating gain or loss to income years
- 230.172 Applying accruals method to loss resulting from impairment
- 230.175 Running balancing adjustments
- 230.180 Realisation method
- 230.185 Reassessment
- 230.190 Re-estimation
- 230.192 Re-estimation--impairments and reversals
- 230.195 Balancing adjustment if rate of return maintained on re-estimation
- 230.200 Re-estimation if balancing adjustment on partial disposal
- 230.205 Objects of this Subdivision
- 230.210 Fair value election
- 230.215 Fair value election where differing income and accounting years
- 230.220 Financial arrangements to which fair value election applies
- 230.225 Financial arrangements to which election does not apply
- 230.230 Applying fair value method to gains and losses
- 230.235 Splitting financial arrangements into 2 financial arrangements
- 230.240 When election ceases to apply
- 230.245 Balancing adjustment if election ceases to apply
- 230.250 Objects of this Subdivision
- 230.255 Foreign exchange retranslation election
- 230.260 Foreign exchange retranslation election where differing income and accounting years
- 230.265 Financial arrangements to which general election applies
- 230.270 Financial arrangements to which general election does not apply
- 230.275 Balancing adjustment for election in relation to qualifying forex accounts
- 230.280 Applying foreign exchange retranslation method to gains and losses
- 230.285 When election ceases to apply
- 230.290 Balancing adjustment if election ceases to apply
- 230.295 Objects of this Subdivision
- 230.300 Applying hedging financial arrangement method to gains and losses
- 230.305 Table of events and allocation rules
- 230.310 Aligning tax classification of gain or loss from hedging financial arrangement with tax classification of hedged item
- 230.315 Hedging financial arrangement election
- 230.320 Hedging financial arrangement election where differing income and accounting years
- 230.325 Hedging financial arrangements to which election applies
- 230.330 Hedging financial arrangements to which election does not apply
- 230.335 and
- 230.340 Generally whole arrangement must be hedging financial arrangement
- 230.345 Requirements not satisfied because of honest mistake or inadvertence
- 230.350 and
- 230.355 Recording requirements
- 230.360 Determining basis for allocating gain or loss
- 230.365 Effectiveness of the hedge
- 230.370 When election ceases to apply
- 230.375 Balancing adjustment if election ceases to apply
- 230.380 Commissioner may determine that requirement met
- 230.385 Consequences of failure to meet requirements
- 230.390 Objects of this Subdivision
- 230.395 Election to rely on financial reports
- 230.400 Financial reports election where differing income and accounting years
- 230.405 Commissioner discretion to waive requirements in paragraphs 230-395(2)(c) and (e)
- 230.410 Financial arrangements to which the election applies
- 230.415 Financial arrangements not covered by election
- 230.420 Effect of election to rely on financial reports
- 230.425 When election ceases to apply
- 230.430 Balancing adjustment if election ceases to apply
- 230.435 When balancing adjustment made
- 230.440 Exceptions
- 230.445 Balancing adjustment
- 230.450 Short-term arrangements where non-money amount involved
- 230.455 Certain taxpayers where no significant deferral
- 230.460 Various rights and/or obligations
- 230.465 Ceasing to have a financial arrangement in certain circumstances
- 230.470 Forgiveness of commercial debts
- 230.475 Clarifying exceptions
- 230.480 Treatment of gains in form of franked distribution etc.
- 230.481 Registered emissions units
- 230.485 Effect of change of residence--rules for particular methods
- 230.490 Effect of change of residence--disposal and reacquisition etc. after ceasing to be Australian resident where no further recognised gains or losses from arrangement
- 230.495 Effect of change of accounting principles or standards
- 230.500 Comparable foreign accounting and auditing standards
- 230.505 Financial arrangement as consideration for provision or acquisition of a thing
- 230.510 Non-arm's length dealings in relation to financial arrangement
- 230.515 Arm's length dealings in relation to financial arrangement--adjustment to gain or loss in certain situations
- 230.520 Disregard gains or losses covered by value shifting regime
- 230.522 Adjusting a gain or loss that gives rise to a hybrid mismatch
- 230.525 Consolidated financial reports
- 230.527 Elections--reporting documents of foreign ADIs
- 230.530 Additional operation of Division DIVISION 235--Particular financial transactions
- 235.1 What this Division is about
- 235.805 What this Subdivision is about
- 235.810 Object of this Subdivision
- 235.815 Application of Subdivision
- 235.820 Look-through treatment for instalment trusts
- 235.825 Meaning ofand
- 235.830 What trusts are covered--instalment trust arrangements
- 235.835 Requirement for underlying investments to be listed or widely held
- 235.840 What trusts are covered--limited recourse borrowings by regulated superannuation funds
- 235.845 Interactions with other provisions DIVISION 240--Arrangements treated as a sale and loan
- 240.1 What this Division is about
- 240.3 How the recharacterisation affects the notional seller
- 240.7 How the recharacterisation affects the notional buyer
- 240.10 Application of this Division
- 240.15 Scope of Division
- 240.17 Who is the notional seller and the notional buyer?
- 240.20 Notional sale of property by notional seller and notional acquisition of property by notional buyer
- 240.25 Notional loan by notional seller to notional buyer
- 240.30 What this Subdivision is about
- 240.35 Amounts to be included in notional seller's assessable income
- 240.40 Arrangement payments not to be included in notional seller's assessable income
- 240.45 What this Subdivision is about
- 240.50 Extent to which deductions are allowable to notional buyer
- 240.55 Arrangement payments not to be deductions
- 240.60 Notional interest
- 240.65 Arrangement payments
- 240.70 Arrangement payment periods
- 240.75 When is the end of the arrangement?
- 240.80 What happens if the arrangement is extended or renewed
- 240.85 What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
- 240.90 What happens if the notional buyer ceases to have the right to use the property
- 240.100 What this Subdivision is about
- 240.105 Adjustments for notional seller
- 240.110 Adjustments for notional buyer
- 240.112 Division 16E applies to certain arrangements
- 240.115 Another person, or no person taken to own property in certain cases DIVISION 242--Leases of luxury cars
- 242.1 What this Division is about
- 242.5 What this Subdivision is about
- 242.10 Application
- 242.15 Notional sale and acquisition
- 242.20 Consideration for notional sale, and cost, of car
- 242.25 Notional loan by lessor to lessee
- 242.30 What this Subdivision is about
- 242.35 Amount to be included in lessor's assessable income
- 242.40 Treatment of lease payments
- 242.45 What this Subdivision is about
- 242.50 Extent to which deductions are allowable to lessee
- 242.55 Lease payments not deductible
- 242.60 What this Subdivision is about
- 242.65 Adjustments for lessor
- 242.70 Adjustments for lessee
- 242.75 What this Subdivision is about
- 242.80 What happens if the term of the lease is extended or the lease is renewed
- 242.85 What happens if an amount is paid by the lessee to acquire the car
- 242.90 What happens if the lessee stops having the right to use the car DIVISION 243--Limited recourse debt
- 243.10 What this Division is about
- 243.15 When does this Division apply?
- 243.20 What is limited recourse debt?
- 243.25 When is a debt arrangement terminated?
- 243.30 What is the financed property and the debt property?
- 243.35 Working out the excessive deductions
- 243.40 Amount included in debtor's assessable income
- 243.45 Deduction for later payments in respect of debt
- 243.50 Deduction for payments for replacement debt
- 243.55 Effect of Division on later capital allowance deductions
- 243.57 Effect of Division on later capital allowance balancing adjustments
- 243.58 Adjustment where debt only partially used for expenditure
- 243.60 Application of Division to partnerships
- 243.65 Application where partner reduces liability
- 243.70 Application of Division to companies ceasing to be 100% subsidiary
- 243.75 Application of Division where debt forgiveness rules also apply DIVISION 245--Forgiveness of commercial debts
- 245.1 What this Division is about
- 245.2 Simplified outline of this Division
- 245.5 What this Subdivision is about
- 245.10 Commercial debts
- 245.15 Non-equity shares
- 245.20 Parts of debts
- 245.30 What this Subdivision is about
- 245.35 What constitutesof a debt
- 245.36 What constitutesof a debt if the debt is assigned
- 245.37 What constitutesof a debt if a subscription for shares enables payment of the debt
- 245.40 Forgivenesses to which operative rules do not apply
- 245.45 Application of operative rules if forgiveness involves an arrangement
- 245.48 What this Subdivision is about
- 245.50 Extent of forgiveness if consideration is given
- 245.55 General rule for working out the valueof a debt
- 245.60 Special rule for working out the value of a non-recourse debt
- 245.61 Special rule for working out the value of a previously assigned debt
- 245.65 Amount offset against amount of debt
- 245.75 of a debt
- 245.77 Gross forgiven amount shared between debtors
- 245.80 What this Subdivision is about
- 245.85 Reduction of gross forgiven amount
- 245.90 Agreement between companies under common ownership for creditor to forgo capital loss or deduction
- 245.95 What this Subdivision is about
- 245.100 Subdivision not to apply to calculation of attributable income
- 245.105 Howis applied
- 245.115 Total net forgiven amount is applied in reduction of tax losses
- 245.120 Allocation of total net forgiven amount in respect of tax losses
- 245.130 Remaining total net forgiven amount is applied in reduction of net capital losses
- 245.135 Allocation of remaining total net forgiven amount in respect of net capital losses
- 245.145 Remaining total net forgiven amount is applied in reduction of expenditure
- 245.150 Allocation of remaining total net forgiven amount in respect of expenditures
- 245.155 How expenditure is reduced--straight line deductions
- 245.157 How expenditure is reduced--diminishing balance deductions
- 245.160 Amount applied in reduction of expenditure included in assessable income in certain circumstances
- 245.175 Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets
- 245.180 Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets
- 245.185 Relevant cost bases of investments in associated entities are reduced last
- 245.190 Reduction of the relevant cost bases of a CGT asset
- 245.195 No further consequences if there is any remaining unapplied total net forgiven amount
- 245.200 What this Subdivision is about
- 245.215 Unapplied total net forgiven amount of a partnership is transferred to partners
- 245.265 Keeping and retaining records DIVISION 247--Capital protected borrowings
- 247.1 What this Division is about
- 247.5 Object of Division
- 247.10 Whatandare
- 247.15 Application of this Division
- 247.20 Treating capital protection as a put option
- 247.25 Number of put options
- 247.30 Exercise or expiry of option DIVISION 250--Assets put to tax preferred use
- 250.1 What this Division is about
- 250.5 Main objects
- 250.10 When this Division applies to you and an asset
- 250.15 General test
- 250.20 First exclusion--small business entities
- 250.25 Second exclusion--financial benefits under minimum value limit
- 250.30 Third exclusion--certain short term or low value arrangements
- 250.35 Exceptions to section 250-30
- 250.40 Fourth exclusion--sum of present values of financial benefits less than amount otherwise assessable
- 250.45 Fifth exclusion--Commissioner determination
- 250.50 of an asset
- 250.55
- 250.60 of an asset
- 250.65 for tax preferred use
- 250.70 New tax preferred use at end of arrangement period if tax preferred use continues
- 250.75 What constitutes a separate asset for the purposes of this Division
- 250.80 Treatment of particular arrangements in the same way as leases
- 250.85 Financial benefits in relation to tax preferred use of an asset
- 250.90 Financial benefit provided directly or indirectly
- 250.95 Expected financial benefits in relation to an asset put to tax preferred use
- 250.100 Present value of financial benefit that has already been provided
- 250.105 Discount rate to be used in working out present values
- 250.110 Predominant economic interest
- 250.115 Limited recourse debt test
- 250.120 Right to acquire asset test
- 250.125 Effectively non-cancellable, long term arrangement test
- 250.130 Meaning ofarrangement
- 250.135 Level of expected financial benefits test
- 250.140 When to retest predominant economic interest under section 250-135
- 250.145 Denial of capital allowance deductions
- 250.150 Apportionment rule
- 250.155 Arrangement treated as loan
- 250.160 Financial benefits that are
- 250.180 of asset
- 250.185 Financial benefits subject to deemed loan treatment not assessed
- 250.190 What this Subdivision is about
- 250.195 Application of Subdivision
- 250.200 Objects of this Subdivision
- 250.205 Gains are assessable and losses deductible
- 250.210 Gain or loss to be taken into account only once under this Act
- 250.215 Methods for taking gain or loss into account
- 250.220 Consistency in working out gains or losses (integrity measure)
- 250.225 Rights and obligations include contingent rights and obligations
- 250.230 Application of accruals method
- 250.235 Overview of the accruals method
- 250.240 Applying accruals method to work out period over which gain or loss is to be spread
- 250.245 How gain or loss is spread
- 250.250 Allocating gain or loss to income years
- 250.255 When to re-estimate
- 250.260 Re-estimation if balancing adjustment on partial disposal
- 250.265 When balancing adjustment made
- 250.270 Exception for subsidiary member leaving consolidated group
- 250.275 Balancing adjustment
- 250.280 Financial arrangement received or provided as consideration
- 250.285 Treatment of asset after Division ceases to apply to the asset
- 250.290 Balancing adjustment under Subdivision 40-D in some circumstances
- 250.295 Objections against determinations and decisions by the Commissioner DIVISION 253--Financial claims scheme for account-holders with insolvent ADIs
- 253.1 What this Subdivision is about
- 253.5 Payment of entitlement under financial claims scheme treated as payment from ADI
- 253.10 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects
- 253.15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement
CHAPTER 3--Specialist liability rules
PART 3-25----PARTICULAR KINDS OF TRUSTS
DIVISION 275--Australian managed investment trusts: general- 275.1 What this Division is about
- 275.5 What this Subdivision is about
- 275.10 Meaning of
- 275.15 Trusts with wholesale membership
- 275.20 Widely-held requirements--ordinary case
- 275.25 Widely-held requirements for registered MIT--special case for entities covered by subsection 275-20(4)
- 275.30 Closely-held restrictions
- 275.35 Licensing requirements for unregistered MIS
- 275.40 MIT participation interest
- 275.45 Meaning of--every member of trust is a managed investment trust etc.
- 275.50 Extended definition of--no fund payment made in relation to the income year
- 275.55 Extended definition of--temporary circumstances outside the control of the trustee
- 275.100 Consequences of making choice--CGT to be primary code for calculating MIT gains or losses
- 275.105 Covered assets
- 275.110 MIT not to be trading trust
- 275.115 MIT CGT choices
- 275.120 Consequences of not making choice--revenue account treatment
- 275.200 Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction
- 275.600 What this Subdivision is about
- 275.605 Trustee taxed on amount of non-arm's length income of managed investment trust
- 275.610 Non-arm's length income
- 275.615 Commissioner's determination in relation to amount of non-arm's length income DIVISION 276--Australian managed investment trusts: attribution managed investment trusts
- 276.1 What this Division is about
- 276.5 What this Subdivision is about
- 276.10 Meaning of(or)
- 276.15 Clearly defined interests
- 276.20 Trust with classes of membership interests--each class treated as separate AMIT
- 276.50 What this Subdivision is about
- 276.55 AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital
- 276.75 What this Subdivision is about
- 276.80 Member's assessable income or tax offsets for determined member components--general rules
- 276.85 Member's assessable income or tax offsets for determined member components--specific rules
- 276.90 Commissioner's determination as to status of member as qualified person
- 276.95 Relationship between section 276-80 and withholding rules
- 276.100 Relationship between section 276-80 and other charging provisions in this Act
- 276.105 Trustee taxed on foreign resident's determined member components
- 276.110 Refundable tax offset for foreign resident member--member that is not a trustee
- 276.115 Custodian interposed between AMIT and member
- 276.200 What this Subdivision is about
- 276.205 Meaning of
- 276.210 Meaning of
- 276.250 What this Subdivision is about
- 276.255 Meaning of
- 276.260 Meaning of
- 276.265 Rules for working out trust components--general rules
- 276.270 Rules for working out trust components--allocation of deductions
- 276.300 What this Subdivision is about
- 276.305 Adjustment of trust component for unders and overs
- 276.310 Rounding adjustment deficit increases trust component
- 276.315 Rounding adjustment surplus decreases trust component
- 276.320 Meaning of
- 276.325 Trust component of character relating to assessable income--adjustment for cross-character allocation amount, carry-forward trust component deficit and FITO allocation amount
- 276.330 Meaning ofand
- 276.335 Meaning of
- 276.340 Trust component character relating to tax offset--taxation of trust component deficit
- 276.345 Meaning ofandof a character
- 276.350 Limited discovery period for unders and overs
- 276.400 What this Subdivision is about
- 276.405 Trustee taxed on shortfall in determined member component (character relating to assessable income)
- 276.410 Trustee taxed on excess in determined member component (character relating to tax offset)
- 276.415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components
- 276.420 Trustee taxed on amounts of under of character relating to assessable income not properly carried forward
- 276.425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward
- 276.430 Commissioner may remit tax under this Subdivision
- 276.450 What this Subdivision is about
- 276.455 Obligation to give an AMMA statement
- 276.460 (or)
- 276.500 What this Subdivision is about
- 276.505 Meaning of
- 276.510 Debt-like trust instruments treated as debt interests etc.
- 276.515 Distribution on debt-like trust instrument could be deductible in working out trust components
- 276.800 What this Subdivision is about
- 276.805 Application of Subdivision to former AMIT
- 276.810 Continue to work out trust components, unders, overs etc.
- 276.815 Effect of increase
- 276.820 Effect of decrease
PART 3-30----SUPERANNUATION
DIVISION 280--Guide to the superannuation provisions- 280.1 Effect of this Division
- 280.5 Overview
- 280.10 Contributions phase--deductibility
- 280.15 Contributions phase--limits on superannuation tax concessions
- 280.20 Investment phase
- 280.25 Benefits phase--different types of superannuation benefit
- 280.30 Benefits phase--taxation varies with age of recipient and type of benefit
- 280.35 Benefits phase--roll-overs
- 280.40 Other relevant legislative schemes DIVISION 285--General concepts relating to superannuation
- 285.5 Transfers of property DIVISION 290--Contributions to superannuation funds
- 290.1 What this Division is about
- 290.5 Non-application to roll-over superannuation benefits etc.
- 290.10 No deductions other than under this Division
- 290.60 Employer contributions deductible
- 290.65 Application to employees etc.
- 290.70 Employment activity conditions
- 290.75 Complying fund conditions
- 290.80 Age related conditions
- 290.85 Contributions for former employees etc.
- 290.90 Controlling interest deductions
- 290.95 Amounts offset against superannuation guarantee charge
- 290.100 Returned contributions assessable
- 290.150 Personal contributions deductible
- 290.155 Complying superannuation fund condition
- 290.165 Age-related conditions
- 290.167 Contribution must not be a downsizer contribution
- 290.168 Contribution must not be a re-contribution under the first home super saver scheme
- 290.169 Contribution must not be a COVID-19 re-contribution
- 290.170 Notice of intent to deduct conditions
- 290.175 Deduction limited by amount specified in notice
- 290.180 Notice may be varied but not revoked or withdrawn
- 290.230 Offset for spouse contribution
- 290.235 Limit on amount of tax offsets
- 290.240 Tax file number DIVISION 291--Excess concessional contributions
- 291.1 What this Division is about
- 291.5 Object of this Division
- 291.10 What this Subdivision is about
- 291.15 Excess concessional contributions--assessable income, 15% tax offset
- 291.20 Yourfor a financial year
- 291.25 Yourfor a financial year
- 291.155 What this Subdivision is about
- 291.160 Application
- 291.165 Concessional contributions--special rules for defined benefit interests
- 291.170
- 291.175
- 291.365 What this Subdivision is about
- 291.370 Contributions that do not result in excess contributions
- 291.460 What this Subdivision is about
- 291.465 Commissioner's discretion to disregard contributions etc. in relation to a financial year DIVISION 292--Excess non-concessional contributions
- 292.1 What this Division is about
- 292.5 Object of this Division
- 292.15 What this Subdivision is about
- 292.20 Amount in assessable income, and tax offset, relating to your non-concessional contributions
- 292.25 Amount included in assessable income
- 292.30 Amount of the tax offset
- 292.75 What this Subdivision is about
- 292.80 Liability for excess non-concessional contributions tax
- 292.85 Yourfor a financial year
- 292.90 Yourfor a financial year
- 292.95 Contributions arising from structured settlements or orders for personal injuries
- 292.100 Contribution relating to some CGT small business concessions
- 292.102 Downsizer contributions
- 292.103 COVID-19 re-contributions
- 292.105 CGT cap amount
- 292.225 What this Subdivision is about
- 292.230 Commissioner must make an
- 292.240 Validity of assessment
- 292.245 Objections
- 292.300 What this Subdivision is about
- 292.305 Amendments within 4 years of the original assessment
- 292.310 Amended assessments are treated as excess non-concessional contributions tax assessments
- 292.315 Later amendments--on request
- 292.320 Later amendments--fraud or evasion
- 292.325 Further amendment of an amended particular
- 292.330 Amendment on review etc.
- 292.380 What this Subdivision is about
- 292.385 Due date for payment of excess non-concessional contributions tax
- 292.390 General interest charge
- 292.395 Refunds of amounts overpaid
- 292.465 Commissioner's discretion to disregard contributions etc. in relation to a financial year
- 292.467 Direction that the value of superannuation interests is nil DIVISION 293--Sustaining the superannuation contribution concession
- 293.1 What this Division is about
- 293.5 Object of this Division
- 293.10 What this Subdivision is about
- 293.15 Liability for tax
- 293.20 Your
- 293.25 Your
- 293.30 Low tax contributed amounts
- 293.60 What this Subdivision is about
- 293.65 When tax is payable--original assessments
- 293.70 When tax is payable--amended assessments
- 293.75 General interest charge
- 293.100 What this Subdivision is about
- 293.105 modification for defined benefit interests
- 293.115
- 293.140 What this Subdivision is about
- 293.145 Who this Subdivision applies to
- 293.150 Low tax contributionsmodification for CPFs
- 293.155 High income threshold--effect of modification
- 293.160 Salary packaged contributions
- 293.185 What this Subdivision is about
- 293.190 Who this Subdivision applies to
- 293.195 modified treatment of contributions under the
- 293.200 High income threshold--effect of modification
- 293.225 What this Subdivision is about
- 293.230 Who is entitled to a refund
- 293.235 Amount of the refund
- 293.240 Entitlement to refund stops all Division 293 tax liabilities DIVISION 294--Transfer balance cap
- 294.1 What this Division is about
- 294.5 Object of this Division
- 294.10 What this Subdivision is about
- 294.15 When you have a transfer balance account
- 294.20 Meaning of retirement phase recipient
- 294.25 Transfer balance credits
- 294.30 Excess transfer balance
- 294.35 Your transfer balance cap
- 294.40 Proportionally indexed transfer balance cap
- 294.45 Transfer balance account ends
- 294.50 Assumptions about income streams
- 294.55 Repayment of limited recourse borrowing arrangement
- 294.75 What this Subdivision is about
- 294.80 Transfer balance debits
- 294.85 Certain events that result in reduced superannuation
- 294.90 Payment splits
- 294.95 Payment splits--no double debiting
- 294.120 What this Subdivision is about
- 294.125 When this Subdivision applies
- 294.130 Meaning of capped defined benefit income stream
- 294.135 Transfer balance credit--special rule for capped defined benefit income streams
- 294.140 Excess transfer balance--special rule for capped defined benefit income streams
- 294.145 Transfer balance debits--special rules for capped defined benefit income streams
- 294.170 What this Subdivision is about
- 294.175 When this Subdivision applies
- 294.180 Transfer balance account ends
- 294.185 Transfer balance cap--special rule for child recipient
- 294.190 Cap increment--child recipient just before 1 July 2017
- 294.195 Cap increment--child recipient on or after 1 July 2017, deceased had no transfer balance account
- 294.200 Cap increment--child recipient on or after 1 July 2017, deceased had transfer balance account
- 294.225 What this Subdivision is about
- 294.230 Excess transfer balance tax
- 294.235 Your excess transfer balance earnings
- 294.240 When tax is payable--original assessments
- 294.245 When tax is payable--amended assessments
- 294.250 General interest charge DIVISION 295--Taxation of superannuation entities
- 295.1 What this Division is about
- 295.5 Entities to which Division applies
- 295.10 How to work out the tax payable by superannuation entities
- 295.15 Division does not impose a tax on property of a State
- 295.20 Exempting laws ineffective
- 295.25 Assessments on basis of anticipated SIS Act notice
- 295.30 Effect of revocation etc. of SIS Act notices
- 295.35 Acronyms used in tables
- 295.85 CGT to be primary code for calculating gains or losses
- 295.90 CGT rules for pre-30 June 1988 assets
- 295.95 Deductions related to contributions
- 295.100 Deductions for investing in PSTs and life policies
- 295.105 Distributions to PST unitholders
- 295.155 What this Subdivision is about
- 295.160 Contributions and payments
- 295.165 Exception--spouse contributions
- 295.170 Exception--Government co-contributions and contributions for a child
- 295.173 Exception--trustee contributions
- 295.175 Exception--payments by a member spouse
- 295.180 Exception--choice to exclude certain contributions
- 295.185 Exception--temporary residents
- 295.190 Personal contributions and roll-over amounts
- 295.195 Exclusion of personal contributions--contributions
- 295.197 Exclusion of personal contributions--successor funds
- 295.200 Transfers from foreign superannuation funds
- 295.205 Application of tables to RSA providers
- 295.210 Former constitutionally protected funds
- 295.260 Transfer of liability to investment vehicle
- 295.265 Application of pre-1 July 88 funding credits
- 295.270 Anticipated funding credits
- 295.320 Other amounts included in assessable income
- 295.325 Previously complying funds
- 295.330 Previously foreign funds
- 295.335 Amounts excluded from assessable income
- 295.385 Income from assets set aside to meet current pension liabilities
- 295.387 Disregarded small fund assets
- 295.390 Income from other assets used to meet current pension liabilities
- 295.395 Meaning of
- 295.400 Income of a PST attributable to current pension liabilities
- 295.405 Other exempt income
- 295.407 Covered superannuation income streams--RSAs
- 295.410 Amount credited to RSA
- 295.460 Benefits for which deductions are available
- 295.465 Complying funds--deductions for insurance premiums
- 295.470 Complying funds--deductions for future liability to pay benefits
- 295.475 RSA providers--deductions for insurance premiums
- 295.480 Meaning ofand
- 295.490 Other deductions
- 295.495 Amounts that cannot be deducted
- 295.545 Components of taxable income--complying superannuation funds, complying ADFs and PSTs
- 295.550 Meaning of
- 295.555 Components of taxable income--RSA providers
- 295.605 Liability for tax on no-TFN contributions income
- 295.610 No-TFN contributions income
- 295.615 Meaning of
- 295.620 No reduction under Subdivision 295-D
- 295.625 Assessments
- 295.675 Entitlement to a tax offset
- 295.680 Amount of the tax offset DIVISION 301--Superannuation member benefits paid from complying plans etc.
- 301.1 What this Division is about
- 301.5 Division applies to superannuation member benefits paid from complying plans etc.
- 301.10 All superannuation benefits are tax free
- 301.15 Tax free status of tax free component
- 301.20 Superannuation lump sum--taxable component taxed at 0% up to low rate cap amount, 15% on remainder
- 301.25 Superannuation income stream--taxable component attracts 15% offset
- 301.30 Tax free status of tax free component
- 301.35 Superannuation lump sum--taxable component taxed at 20%
- 301.40 Superannuation income stream--taxable component is assessable income, 15% offset for disability benefit
- 301.90 Tax free component and element taxed in fund dealt with under Subdivision 301-B, but element untaxed in the fund dealt with under this Subdivision
- 301.95 Superannuation lump sum--element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder
- 301.100 Superannuation income stream--element untaxed in fund attracts 10% offset
- 301.105 Superannuation lump sum--element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder
- 301.110 Superannuation income stream--element untaxed in fund is assessable income
- 301.115 Superannuation lump sum--element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder
- 301.120 Superannuation income stream--element untaxed in fund is assessable income
- 301.125 Unclaimed money payments by the Commissioner
- 301.170
- 301.175 Treatment of departing Australia superannuation benefits
- 301.225 Superannuation lump sum member benefits less than $200 are tax free
- 301.275 Veterans' superannuation (invalidity pension) tax offset DIVISION 302--Superannuation death benefits paid from complying plans etc.
- 302.1 What this Division is about
- 302.5 Division applies to superannuation death benefits paid from complying plans etc.
- 302.10 Superannuation death benefits paid to trustee of deceased estate
- 302.60 All of superannuation lump sum is tax free
- 302.65 Superannuation income stream benefits are tax free
- 302.70 Superannuation income stream--tax free status of tax free component
- 302.75 Superannuation income stream--taxable component attracts 15% offset
- 302.80 Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant
- 302.85 Deceased died aged 60 or above or dependant aged 60 years or above--superannuation income stream: element untaxed in fund attracts 10% offset
- 302.90 Deceased died aged under 60 and dependant aged under 60--superannuation income stream: element untaxed in fund is assessable income
- 302.140 Superannuation lump sum--tax free status of tax free component
- 302.145 Superannuation lump sum--element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%
- 302.195 Meaning of
- 302.200 What is an? DIVISION 303--Superannuation benefits paid in special circumstances
- 303.1 What this Division is about
- 303.2 Effect of exceeding defined benefit income cap on assessable income
- 303.3 Effect of exceeding defined benefit income cap on tax offsets
- 303.4 Meaning of
- 303.5 Commutation of income stream if you are under 25 etc.
- 303.10 Superannuation lump sum member benefit paid to member having a terminal medical condition
- 303.15 Payments from release authorities--general
- 303.20 Payments from release authorities--paying debt account discharge liability for a superannuation interest DIVISION 304--Superannuation benefits in breach of legislative requirements etc.
- 304.1 What this Division is about
- 304.5 Application
- 304.10 Superannuation benefits in breach of legislative requirements etc.
- 304.20 Excess payments from release authorities--paying debt account discharge liability for a superannuation interest DIVISION 305--Superannuation benefits paid from non-complying superannuation plans
- 305.1 What this Division is about
- 305.5 Tax treatment of superannuation benefits from certain Australian non-complying superannuation funds
- 305.55 Restriction to lump sums received from certain foreign superannuation funds
- 305.60 Lump sums tax free--foreign resident period
- 305.65 Lump sums tax free--Australian resident period
- 305.70 Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.
- 305.75 Lump sums--
- 305.80 Lump sums paid into complying superannuation plans--choice DIVISION 306--Roll-overs etc.
- 306.1 What this Division is about
- 306.5 Effect of a roll-over superannuation benefit
- 306.10
- 306.12
- 306.15 Tax on
- 306.20 Effect of payment to government of unclaimed superannuation money
- 306.25 Payments connected with financial claims scheme to RSAs DIVISION 307--Key concepts relating to superannuation benefits
- 307.1 What this Division is about
- 307.5 What is a?
- 307.10 Payments that are not
- 307.15 Payments for your benefit or at your direction or request
- 307.65 Meaning of
- 307.70 Meaning ofand
- 307.75 Meaning of
- 307.80 When a superannuation income stream is in the
- 307.120 Components of superannuation benefit
- 307.125 Proportioning rule
- 307.130 Superannuation guarantee payment consists entirely of taxable component
- 307.135 Superannuation co-contribution benefit payment consists entirely of tax free component
- 307.140 Contributions-splitting superannuation benefit consists entirely of taxable component
- 307.142 Components of certain unclaimed money payments
- 307.145 Modification for disability benefits
- 307.150 Modification in respect of superannuation lump sum with element untaxed in fund
- 307.200 Regulations relating to meaning of superannuation interests
- 307.205 of superannuation interest
- 307.210 of superannuation interest
- 307.215 of superannuation interest
- 307.220 What is the?
- 307.225 What is the?
- 307.230 Total superannuation balance
- 307.231 Limited recourse borrowing arrangements
- 307.275 andof superannuation benefits
- 307.280 Superannuation benefits from constitutionally protected funds etc.
- 307.285 Trustee can choose to convert element taxed in the fund to element untaxed in the fund
- 307.290 Taxed and untaxed elements of death benefit superannuation lump sums
- 307.295 Superannuation benefits from public sector superannuation schemes may include untaxed element
- 307.297 Public sector superannuation schemes--elements set by regulations
- 307.300 Certain unclaimed money payments
- 307.345
- 307.350
- 307.400 Meaning offor a superannuation lump sum DIVISION 310--Loss relief for merging superannuation funds
- 310.1 What this Division is about
- 310.5 Object
- 310.10 Original fund's assets extend beyond life insurance policies and units in pooled superannuation trusts
- 310.15 Original fund's assets include a complying superannuation life insurance policy
- 310.20 Original fund's assets include units in a pooled superannuation trust
- 310.25 Who losses can be transferred to
- 310.30 Losses that can be transferred
- 310.35 Effect of transferring a net capital loss
- 310.40 Effect of transferring a tax loss
- 310.45 Choosing the assets roll-over
- 310.50 Choosing the form of the assets roll-over
- 310.55 CGT assets--if global asset approach chosen
- 310.60 CGT assets--individual asset approach
- 310.65 Revenue assets--if global asset approach chosen
- 310.70 Revenue assets--individual asset approach
- 310.75 Further consequences for roll-overs involving life insurance companies
- 310.85 Choices DIVISION 312--Trans-Tasman portability of retirement savings
- 312.1 What this Division is about
- 312.5 Division implements Arrangement with New Zealand
- 312.10 Amounts contributed to complying superannuation funds from KiwiSaver schemes
- 312.15 Superannuation benefits paid from complying superannuation funds to KiwiSaver schemes
- 312.20 Superannuation benefits paid by Commissioner to KiwiSaver schemes DIVISION 313--First home super saver scheme
- 313.1 What this Division is about
- 313.5 Object of this Division
- 313.10 Application of this Division
- 313.15 What this Subdivision is about
- 313.20 Amount included in assessable income
- 313.25 Amount of the tax offset
- 313.30 What this Subdivision is about
- 313.35 Purchasing or constructing a residential premises
- 313.40 Notifying Commissioner
- 313.45 What this Subdivision is about
- 313.50 Contributing amounts to superannuation
- 313.55 What this Subdivision is about
- 313.60 First home super saver tax
- 313.65 When tax is payable--original assessments
- 313.70 When tax is payable--amended assessments
- 313.75 General interest charge
- 313.80 What this Subdivision is about
- 313.85 Review rights for decisions made under this Division
CHAPTER 3--Specialist liability rules
PART 3-32----CO-OPERATIVES AND MUTUAL ENTITIES
DIVISION 315--Demutualisation of private health insurers- 315.1 What this Division is about
- 315.5 Policy holders to disregard capital gains and losses related to demutualisation of private health insurer
- 315.10 Effect on the legal personal representative or beneficiary
- 315.15 Demutualisations to which this Division applies
- 315.20 What assets are covered
- 315.25 Demutualising health insurers to disregard capital gains and losses related to demutualisation
- 315.30 Other entities to disregard capital gains and losses related to demutualisation
- 315.80 Cost base and acquisition time of demutualisation assets
- 315.85 Demutualisation asset
- 315.90 Participating policy holders
- 315.140 Lost policy holders trust
- 315.145 CGT treatment of demutualisation assets in lost policy holders trust
- 315.150 Roll-over where assets transferred to lost policy holder
- 315.155 Trustee assessed if assets dealt with not for benefit of lost policy holder
- 315.160 Subdivision 126-E does not apply to lost policy holders trust
- 315.210 Cost base for shares and rights in certain holding companies
- 315.260 Special CGT rule for legal personal representatives and beneficiaries
- 315.310 General taxation consequences of issue of demutualisation assets etc. DIVISION 316--Demutualisation of friendly society health or life insurers
- 316.1 What this Division is about
- 316.5 Application of this Division
- 316.50 What this Subdivision is about
- 316.55 Disregarding capital gains and losses, except some involving receipt of money
- 316.60 Taking account of some capital gains and losses involving receipt of money
- 316.65 Valuation factor for sections 316-60, 316-105 and 316-165
- 316.70 Value of the friendly society
- 316.75 Disregarding friendly society's capital gains and losses
- 316.80 Disregarding other entities' capital gains and losses
- 316.100 What this Subdivision is about
- 316.105 Cost base and time of acquisition of shares and certain rights issued under demutualisation
- 316.110 Demutualisation assets
- 316.115 Entities to which section 316-105 applies
- 316.150 What this Subdivision is about
- 316.155 Lost policy holders trust
- 316.160 Disregarding beneficiaries' capital gains and losses, except some involving receipt of money
- 316.165 Taking account of some capital gains and losses involving receipt of money by beneficiaries
- 316.170 Roll-over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust
- 316.175 Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust
- 316.180 Subdivision 126-E does not apply
- 316.200 Demutualisation assets not owned by deceased but passing to beneficiary in deceased estate
- 316.205 Interest in lost policy holders trust not owned by deceased but passing to beneficiary in deceased estate
- 316.250 What this Subdivision is about
- 316.255 General taxation consequences of issue of demutualisation assets etc.
- 316.260 Franking debits to stop the friendly society and its subsidiaries having franking surpluses
- 316.265 Franking debits to negate franking credits from some distributions to friendly society and subsidiaries
- 316.270 Franking debits to negate franking credits from post-demutualisation payments of pre-demutualisation tax
- 316.275 Franking credits to negate franking debits from refunds of tax paid before demutualisation
PART 3-35----INSURANCE BUSINESS
DIVISION 320--Life insurance companies- 320.1 What this Division is about
- 320.5 Object of Division
- 320.10 What this Subdivision is about
- 320.15 Assessable income--various amounts
- 320.30 Assessable income--special provision for certain income years
- 320.35 Exempt income
- 320.37 Non-assessable non-exempt income
- 320.45 Tax treatment of gains or losses from CGT events in relation to complying superannuation assets
- 320.50 What this Subdivision is about
- 320.55 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets
- 320.60 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets
- 320.65 Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits
- 320.70 No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability
- 320.75 Deduction for ordinary investment policies
- 320.80 Deduction for certain claims paid under life insurance policies
- 320.85 Deduction for increase in value of liabilities under net risk components of life insurance policies
- 320.87 Deduction for assets transferred from or to complying superannuation asset pool
- 320.100 Deduction for life insurance premiums paid under certain contracts of reinsurance
- 320.105 Deduction for assets transferred to segregated exempt assets
- 320.110 Deduction for interest credited to income bonds
- 320.111 Deduction for funeral policy payout
- 320.112 Deduction for scholarship plan payout
- 320.115 No deduction for amounts credited to RSAs
- 320.120 Capital losses from assets other than complying superannuation assets or segregated exempt assets
- 320.125 Capital losses from complying superannuation assets
- 320.130 What this Subdivision is about
- 320.131 Overview of Subdivision
- 320.133 Object of Subdivision
- 320.134 Income tax of a life insurance company
- 320.135 Taxable income and tax loss of each of the 2 classes
- 320.137 Taxable income--complying superannuation class
- 320.139 Taxable income--ordinary class
- 320.141 Tax loss--complying superannuation class
- 320.143 Tax loss--ordinary class
- 320.149 Provisions that apply only in relation to the ordinary class
- 320.150 What this Subdivision is about
- 320.155 Subdivisions 295-I and 295-J apply to companies that are RSA providers
- 320.165 What this Subdivision is about
- 320.170 Establishment of complying superannuation asset pool
- 320.175 Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time
- 320.180 Consequences of a valuation under section 320-175
- 320.185 Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320-175
- 320.190 Complying superannuation liabilities
- 320.195 Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320-175
- 320.200 Consequences of transfer of assets to or from complying superannuation asset pool
- 320.220 What this Subdivision is about
- 320.225 Segregation of assets for purpose of discharging exempt life insurance policy liabilities
- 320.230 Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time
- 320.235 Consequences of a valuation under section 320-230
- 320.240 Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320-230
- 320.245 Exempt life insurance policy liabilities
- 320.246 Exempt life insurance policy
- 320.247 Policy split into an exempt life insurance policy and another life insurance policy
- 320.250 Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section 320-230
- 320.255 Consequences of transfer of assets to or from segregated exempt assets
- 320.300 What this Subdivision is about
- 320.305 When this Subdivision applies
- 320.310 Special deductions and amounts of assessable income
- 320.315 Complying superannuation asset pool and segregated exempt assets
- 320.320 Certain amounts treated as life insurance premiums
- 320.325 Friendly societies
- 320.330 Immediate annuities
- 320.335 Parts of assets treated as separate assets
- 320.340 Continuous disability policies
- 320.345 Exemption of management fees DIVISION 321--General insurance companies and companies that self-insure in respect of workers' compensation liabilities
- 321.10 Assessable income to include amount for reduction in outstanding claims liability
- 321.15 Deduction for increase in outstanding claims liability
- 321.20 How value of outstanding claims liability is worked out
- 321.25 Deduction for claims paid during current year
- 321.45 Assessable income to include gross premiums
- 321.50 Assessable income to include amount 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
- 321.80 Assessable income to include amount for reduction in outstanding claims liability
- 321.85 Deduction for outstanding claims liability
- 321.90 How value of outstanding claims liability is worked out
- 321.95 Deductions for claims paid during current year DIVISION 322--Assistance for policyholders with insolvent general insurers
- 322.1 What this Division is about
- 322.5 Rescue payments treated as insurance payments by HIH
- 322.10 HIH Trust exempt from tax
- 322.15 Certain capital gains and capital losses disregarded
- 322.20 What this Subdivision is about
- 322.25 Payment of entitlement under financial claims scheme treated as payment from insurer
- 322.30 Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects
PART 3-45----RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
DIVISION 328--Small business entities- 328.5 What this Division is about
- 328.10 Concessions available to small business entities
- 328.50 Objects of this Division
- 328.105 What this Subdivision is about
- 328.110 Meaning of
- 328.115 Meaning of
- 328.120 Meaning of
- 328.125 Meaning ofan entity
- 328.130 Meaning of
- 328.170 What this Subdivision is about
- 328.175 Calculations for depreciating assets
- 328.180 Assets costing less than $1,000
- 328.185 Pooling
- 328.190 Calculation
- 328.195 Opening pool balance
- 328.200 Closing pool balance
- 328.205 Estimate of taxable use
- 328.210 Low pool value
- 328.215 Disposal etc. of depreciating assets
- 328.220 What happens if you are not a small business entity or do not choose to use this Subdivision for an income year
- 328.225 Change in business use
- 328.230 Estimate where deduction denied
- 328.235 Interaction with Divisions 85 and 86
- 328.243 Roll-over relief
- 328.245 Consequences of roll-over
- 328.247 Pool deductions
- 328.250 Deductions for assets first used in BAE year
- 328.253 Deductions for cost addition amounts
- 328.255 Closing pool balance etc. below zero
- 328.257 Taxable use
- 328.280 What this Subdivision is about
- 328.285 Trading stock for small and medium business entities
- 328.295 Value of trading stock on hand
- 328.350 What this Subdivision is about
- 328.355 Entitlement to the small business income tax offset
- 328.357 Special meaning offor the purposes of this Subdivision--$5 million turnover threshold
- 328.360 Amount of your tax offset
- 328.365
- 328.370 Relevant attributable deductions
- 328.375 Modification if you are under 18 years old
- 328.420 What this Subdivision is about
- 328.425 Object of this Subdivision
- 328.430 When a roll-over is available
- 328.435 Genuine restructures--safe harbour rule
- 328.440 Ultimate economic ownership--discretionary trusts
- 328.445 Residency requirement
- 328.450 Small business transfers not to affect income tax positions
- 328.455 Effect of small business restructures on transferred cost of assets
- 328.460 Effect of small business restructures on acquisition times of pre-CGT assets
- 328.465 New membership interests as consideration for transfer of assets
- 328.470 Membership interests affected by transfers of assets
- 328.475 Small business restructures involving assets already subject to small business roll-over DIVISION 355--Research and Development
- 355.1 What this Division is about
- 355.5 Object
- 355.20
- 355.25
- 355.30
- 355.35
- 355.100 Entitlement to tax offset
- 355.105 Deductions under this Division are notional only
- 355.110 Notional deductions include prepaid expenditure
- 355.115 Working out an R&D entity's total expenses
- 355.200 What this Subdivision is about
- 355.205 When notional deductions for R&D expenditure arise
- 355.210 Conditions for R&D activities
- 355.215 R&D activities conducted by a permanent establishment for other parts of the body corporate
- 355.220 R&D activities conducted for a foreign entity
- 355.225 Expenditure that cannot be notionally deducted
- 355.300 What this Subdivision is about
- 355.305 When notional deductions for decline in value arise
- 355.310 Notional application of Division 40
- 355.315 Balancing adjustments--assets only used for R&D activities
- 355.400 Expenditure incurred while not at arm's length
- 355.405 Expenditure not at risk
- 355.410 Disposal of R&D results
- 355.415 Reducing deductions to reflect mark-ups within groups
- 355.430 What this Subdivision is about
- 355.435 When this Subdivision applies
- 355.440 R&D recoupments
- 355.445 Feedstock adjustments
- 355.446 Balancing adjustments for assets only used for R&D activities
- 355.447 Balancing adjustments for assets partially used for R&D activities
- 355.448 Balancing adjustments for R&D partnership assets only used for R&D activities
- 355.449 Balancing adjustments for R&D partnership assets partially used for R&D activities
- 355.450 Amount to be included in assessable income
- 355.455 What this Subdivision is about
- 355.460 When this Subdivision applies
- 355.465 Assets only used for R&D activities
- 355.466 Assets partially used for R&D activities
- 355.467 R&D partnership assets only used for R&D activities
- 355.468 R&D partnership assets partially used for R&D activities
- 355.475 Amount that can be deducted
- 355.480 Notional deductions for expenditure incurred to associate in earlier income years
- 355.500 What this Subdivision is about
- 355.505 Meaning ofand
- 355.510 R&D partnership expenditure on R&D activities
- 355.515 R&D activities conducted by or for an R&D partnership
- 355.520 When notional deductions arise for decline in value of depreciating assets of R&D partnerships
- 355.525 Balancing adjustments for R&D partnership assets only used for R&D activities
- 355.530 Implications for partner's aggregated turnover
- 355.535 Disposal of R&D results for R&D partnerships
- 355.540 Application of recoupment rules
- 355.545 Relevance for net income, and losses, of the R&D partnership
- 355.580 When notional deductions for CRC contributions arise
- 355.705 Effect of findings byIndustry Innovation and Science Australia
- 355.710 Amendment of assessments
- 355.715 Implications for other deductions and tax offsets DIVISION 360--Early stage investors in innovation companies
- 360.5 What this Subdivision is about
- 360.10 Object of this Subdivision
- 360.15 Entitlement to the tax offset
- 360.20 Limited entitlement for certain kinds of investors
- 360.25 Amount of the tax offset--general case
- 360.30 Amount of the tax offset--members of trusts or partnerships
- 360.35 Amount of the tax offset--trustees
- 360.40 Early stage innovation companies
- 360.45 100 point innovation test
- 360.50 Modified CGT treatment
- 360.55 Modified CGT treatment--partnerships
- 360.60 Modified CGT treatment--not affected by certain roll-overs
- 360.65 Separate modified CGT treatment for roll-overs about wholly-owned companies or scrip for scrip roll-overs DIVISION 376--Films generally (tax offsets for Australian production expenditure)
- 376.1 What this Division is about
- 376.2 Key features of the tax offsets for Australian production expenditure on films
- 376.5 Structure of this Division
- 376.10 Film production company entitled to refundable tax offset for Australian expenditure in making a film (location offset)
- 376.15 Amount of the location offset
- 376.20 Minister must issue certificate for a film for the location offset
- 376.25 Meaning of
- 376.30 Minister to determine a company's qualifying Australian production expenditure for the location offset
- 376.35 Film production company entitled to refundable tax offset for post, digital and visual effects production for a film (PDV offset)
- 376.40 Amount of the PDV offset
- 376.45 Minister must issue certificate for a film for the PDV offset
- 376.50 Minister to determine a company's qualifying Australian production expenditure for the PDV offset
- 376.55 Film production company entitled to refundable tax offset for Australian expenditure in making an Australian film (producer offset)
- 376.60 Amount of the producer offset
- 376.65 Film authority must issue certificate for an Australian film for the producer offset
- 376.70 Determination of content of film
- 376.75 Film authority to determine a company's qualifying Australian production expenditure for the producer offset
- 376.125 Production expenditure--general test
- 376.130 Production expenditure--special qualifying Australian production expenditure
- 376.135 Production expenditure--specific exclusions
- 376.140 Production expenditure--special rules for the location offset
- 376.145 Qualifying Australian production expenditure--general test
- 376.150 Qualifying Australian production expenditure--specific inclusions
- 376.155 Qualifying Australian production expenditure--specific exclusions
- 376.160 Qualifying Australian production expenditure--treatment of services embodied in goods
- 376.165 Qualifying Australian production expenditure--special rules for the location offset and the PDV offset
- 376.170 Qualifying Australian production expenditure--special rules for the producer offset
- 376.175 Expenditure to be worked out on an arm's length basis
- 376.180 Expenditure incurred by prior production companies
- 376.185 Expenditure to be worked out excluding GST
- 376.230 Production company may apply for certificate
- 376.235 Notice of refusal to issue certificate
- 376.240 Issue of certificate
- 376.245 Revocation of certificate
- 376.247 Delegation by Arts Minister
- 376.250 Notice of decision or determination
- 376.255 Review of decisions by the Administrative Appeals Tribunal
- 376.260 Minister may make rules about the location offset and the PDV offset
- 376.265 Film authority may make rules about the producer offset
- 376.270 Amendment of assessments
- 376.275 Review in relation to certain production levels DIVISION 378--Digital games (tax offset for Australian expenditure on digital games)
- 378.1 What this Division is about
- 378.10 Company entitled to refundable tax offset for Australian expenditure incurred in developing digital games
- 378.15 Amount of digital games tax offset
- 378.20 Meaning of digital game
- 378.25 Arts Minister must issue certificate for the digital games tax offset
- 378.30 Arts Minister to determine a company's qualifying Australian development expenditure for the digital games tax offset
- 378.35 Development expenditure
- 378.40 Qualifying Australian development expenditure
- 378.45 Expenditure incurred by prior companies in completing or porting a digital game
- 378.50 Expenditure to be worked out excluding GST
- 378.55 Single company or head company may apply for certificate
- 378.60 Notice of refusal to issue certificate
- 378.65 Issue of certificate
- 378.70 Revocation of certificate
- 378.75 Amendment of certificate
- 378.80 Amendment of assessments
- 378.85 Notice of decision or determination
- 378.90 Review of decisions by the Administrative Appeals Tribunal
- 378.95 Copy of digital game to be made available to the National Film and Sound Archive of Australia
- 378.100 Arts Minister may make rules about the digital games tax offset
- 378.105 Arts Minister may make rules establishing a Digital Games Tax Offset Advisory Board
- 378.110 Delegation by Arts Minister
- 378.115 Review of operation of this Division DIVISION 380--National Rental Affordability Scheme
- 380.1 What this Division is about
- 380.5 Claims by individuals, corporate tax entities and superannuation funds
- 380.10 Members of NRAS consortiums--individuals, corporate tax entities and superannuation funds
- 380.11 Elections by NRAS approved participants
- 380.12 Elections by NRAS approved participants--tax offsets
- 380.13 Elections by NRAS approved participants--special rule for partnerships and trustees
- 380.14 Members of NRAS consortiums--partnerships and trustees
- 380.15 Entities to whom NRAS rent flows indirectly
- 380.16 Elections by NRAS approved participants that are partnerships or trustees
- 380.17 Elections by NRAS approved participants that are partnerships or trustees--tax offsets
- 380.18 Elections by NRAS approved participants that are partnerships or trustees--special rule for partnerships and trustees
- 380.20 Trustee of a trust that does not have net income for an income year
- 380.25 When NRAS rent flows indirectly to or through an entity
- 380.30 Share of NRAS rent
- 380.32 Amended certificates
- 380.35 Payments made and non-cash benefits provided in relation to the National Rental Affordability Scheme DIVISION 385--Primary production
- 385.1 What this Division is about
- 385.5 Where to find some other rules relevant to primary producers
- 385.90 What this Subdivision is about
- 385.95 Basic principles for elections under this Subdivision
- 385.100 Cases where you can make an election
- 385.105 Election to spread tax profit over 5 years
- 385.110 Alternative election to defer tax profit and reduce cost of replacement live stock
- 385.115 Your assessable income includes an amount for replacement live stock you breed
- 385.120 Purchase price of replacement live stock is reduced
- 385.125 Alternative election because of bovine tuberculosis has effect over 10 years not 5
- 385.130 Insurance for loss of live stock or trees
- 385.135 Election to defer including profit on second wool clip
- 385.145 Partnerships and trusts
- 385.150 Time for making election
- 385.155 Amounts are assessable income from carrying on the primary production business
- 385.160 Effect of certain events on election
- 385.163 Disentitling events
- 385.165 New partnership can elect to be treated as same entity as old partnership
- 385.170 New partnership can elect to take advantage of election made by former owner of the business DIVISION 392--Long-term averaging of primary producers' tax liability
- 392.1 What this Division is about
- 392.5 Overview of averaging process
- 392.10 Individuals who carry on a primary production business
- 392.15 Meaning of
- 392.20 Trust beneficiaries taken to be carrying on primary production business
- 392.22 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
- 392.25 Choosing not to have your income tax averaged
- 392.30 What this Subdivision is about
- 392.35 Will you get a tax offset or have to pay extra income tax?
- 392.40 Identify income years for averaging your basic taxable income
- 392.45 Work out your average income for those years
- 392.50 Work out the income tax on your average income at basic rates
- 392.55 Work out the comparison rate
- 392.60 What this Subdivision is about
- 392.65 What your averaging adjustment reflects
- 392.70 Working out your gross averaging amount
- 392.75 Working out your averaging adjustment
- 392.80 Work out your taxable primary production income
- 392.85 Work out your taxable non-primary production income
- 392.90 Work out your averaging component
- 392.95 You are treated as if you had not carried on business before DIVISION 393--Farm management deposits
- 393.1 What this Division is about
- 393.5 Deduction for making farm management deposit
- 393.10 Assessability on repayment of deposit
- 393.15 Transactions to which the deduction, assessment and 12 month rules have modified application
- 393.16 Consolidation of farm management deposits
- 393.17 Tax consequences of liabilities reducing because of farm management deposits
- 393.20 Farm management deposits
- 393.25 Owners of farm management deposits
- 393.27 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
- 393.28 Application of Division to beneficiary no longer under legal disability
- 393.30 Effect of contravening requirements
- 393.35 Requirements of agreement for a farm management deposit
- 393.37 Agreements for a farm management deposit may allow for some offsets of a depositor's liabilities
- 393.40 Repayment of deposit within first 12 months
- 393.45 Partly repaid farm management deposits
- 393.50 What this Subdivision is about
- 393.55 Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme
- 393.60 Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer DIVISION 394--Forestry managed investment schemes
- 394.1 What this Division is about
- 394.5 Object of this Division
- 394.10 Deduction for amounts paid under forestry managed investment schemes
- 394.15 Forestry managed investment schemes and related concepts
- 394.20 Payments on behalf of participant in forestry managed investment scheme
- 394.25 CGT event in relation to forestry interest in forestry managed investment scheme--initial participant
- 394.30 CGT event in relation to forestry interest in forestry managed investment scheme--subsequent participant
- 394.35 70% DFE rule
- 394.40 Payments under forestry managed investment scheme
- 394.45 Direct forestry expenditure DIVISION 405--Above-average special professional income of authors, inventors, performing artists, production associates and sportspersons
- 405.1 What this Division is about
- 405.5 Special rate of income tax on your above-average special professional income
- 405.10 Overview of the Division
- 405.15 When do you have above-average special professional income?
- 405.20 What you count as
- 405.25 Meaning of,,,and
- 405.30 What youcount as assessable professional income
- 405.35 Limits on counting amounts as assessable professional income
- 405.40 Joint author or inventor treated as sole author or inventor
- 405.45 Working out your taxable professional income
- 405.50 Working out your average taxable professional income DIVISION 410--Copyright and resale royalty collecting societies
- 410.1 What this Division is about
- 410.5 Copyright collecting society must give notice to member of society
- 410.50 Resale royalty collecting society must give notice to holder of resale royalty right DIVISION 415--Designated infrastructure projects
- 415.1 What this Division is about
- 415.5 Object of this Division
- 415.10 What this Subdivision is about
- 415.15 Uplift of tax losses of designated infrastructure project entities
- 415.20
- 415.25 Tax losses of trusts
- 415.30 Bad debts written off etc. by trusts
- 415.35 Tax losses of companies
- 415.40 Bad debts written off by companies
- 415.45 Losses transferred to head companies of consolidated groups
- 415.50 What this Subdivision is about
- 415.55 Applications for designation
- 415.60 Dealing with applications
- 415.65 Provisional designation
- 415.70 Designation
- 415.75 Infrastructure project capital expenditure cap
- 415.80 Acceptance of estimates of infrastructure project capital expenditure
- 415.85 Review of decisions
- 415.90 Information to be made public
- 415.95 Delegation
- 415.100 Infrastructure project designation rules DIVISION 417--Timor Sea petroleum
- 417.1 What this Division is about
- 417.5 Object
- 417.10 Meaning of
- 417.25 Deducting amounts for depreciating assets
- 417.30 Balancing adjustments
- 417.35 Allocating assets to a project pool
- 417.40 Deduction for expenditure on mining site rehabilitation
- 417.45 Capital expenditure
- 417.50 Transferring entitlement to deductions relating to a project pool
- 417.65 CGT events not created by Timor Sea Maritime Boundaries Treaty entering into force
- 417.70 Tax treatment of consideration for transferred entitlement to deductions or tax loss
- 417.75 Membership interests affected by transfer of entitlement to deductions or tax loss
- 417.90 Tax losses from transitioned petroleum activities
- 417.95 How choices are made
- 417.100 The effect of choosing to transfer losses
- 417.105 The effect of choosing to apply losses to earlier income years
- 417.110 Continuity of ownership and business continuity tests
- 417.125 Foreign income tax offset
- 417.140 Transfer pricing benefits relating to transitioned petroleum activities DIVISION 418--Exploration for minerals
- 418.1 What this Division is about
- 418.5 Object of this Division
- 418.10 Who is entitled to the tax offset--ordinary case
- 418.15 Who is entitled to the tax offset--life insurance company
- 418.20 Entitlement of member of a trust or partnership to a share of exploration credits
- 418.25 The amount of the tax offset
- 418.30 Reduced amount of the tax offset for certain trusts
- 418.50 Junior minerals exploration incentive franking credit--ordinary case
- 418.55 Junior minerals exploration incentive franking credit--life insurance company
- 418.70 Entities that may create exploration credits
- 418.75 Meaning of
- 418.80 Meaning of
- 418.81 Meaning offor an income year
- 418.82 When does an entity have anfrom an income year
- 418.85 Exploration credits must not exceed maximum exploration credit amount
- 418.95 Effect on tax losses of creating exploration credits
- 418.100 Applying for an exploration credits allocation
- 418.101 Determination by the Commissioner
- 418.102 General allocation rules
- 418.103 Meaning of
- 418.104 Failure to comply with this Subdivision does not affect allocation
- 418.110 Issuing exploration credits
- 418.111 Working out whether anhas been made in an income year
- 418.115 Who may receive an exploration credit and what is the pool from which the credit may be issued
- 418.116 Exploration credits issued must be in proportion to exploration investment
- 418.120 The total of all exploration credits issued in relation to exploration investment
- 418.125 Expiry of exploration credits
- 418.130 Notifying the Commissioner of issuing or expiry of exploration credits
- 418.135 Notifying the Commissioner if no exploration investment in income year for which credits allocated
- 418.150 Excess exploration credit tax
- 418.151 Complying exploration credit amount
- 418.155 Due date for payment of excess exploration credit tax
- 418.160 Returns
- 418.165 When shortfall interest charge is payable
- 418.170 General interest charge
- 418.175 Refunds of amounts overpaid
- 418.180 Record keeping
- 418.185 Determining an entity not to be a greenfields minerals explorer
- 418.190 Annual impact assessments of this Division
PART 3-50----CLIMATE CHANGE
DIVISION 420--Registered emissions units- 420.1 What this Division is about
- 420.5 The 4 key features of tax accounting for registered emissions units
- 420.10 Meaning of
- 420.12 Meaning ofa registered emissions unit
- 420.13 Meaning of
- 420.15 What you can deduct
- 420.20 Non-arm's length transactions and transactions with associates
- 420.21 Incoming international transfers of emissions units
- 420.22 Becoming taxable in Australia on the proceeds of sale of registered emissions units
- 420.25 Assessable income on disposal of registered emissions units
- 420.30 Non-arm's length transactions and transactions with associates
- 420.35 Outgoing international transfers of emissions units
- 420.40 Disposal of registered emissions units for a purpose other than gaining assessable income
- 420.41 Ceasing to be taxable in Australia on the proceeds of sale of registered emissions units
- 420.42 Deduction for expenses incurred in ceasing to hold a registered emissions unit
- 420.45 You include the value of your registered emissions units in working out your assessable income and deductions
- 420.50 Value of registered emissions units at start of income year
- 420.51 Valuation methods
- 420.52 FIFO cost method of working out the value of units
- 420.53 Actual cost method of working out the value of units
- 420.54 Market value method of working out the value of units
- 420.55 Valuation method for first income year at the end of which you held registered emissions units
- 420.57 Valuation method for later income years at the end of which you held registered emissions units
- 420.60 Cost of registered emissions units
- 420.62 Primary producer registered emissions units
- 420.65 Exclusivity of deductions etc.
- 420.70 Exclusivity of assessable income etc.
CHAPTER 3--Specialist liability rules
PART 3-80----ROLL-OVERS APPLYING TO ASSETS GENERALLY
DIVISION 615--Roll-overs for business restructures- 615.1 What this Division is about
- 615.5 Disposing of interests in one entity for shares in a company
- 615.10 Redeeming or cancelling interests in one entity for shares in a company
- 615.15 Interposed company must own all the original interests
- 615.20 Requirements relating to your interests in the original entity
- 615.25 Requirements relating to the interposed company
- 615.30 Interposed company must make a particular choice
- 615.35 ADI restructures--disregard certain preference shares
- 615.40 CGT consequences
- 615.45 Additional consequences--deferral of profit or loss
- 615.50 Trading stock
- 615.55 Revenue assets
- 615.60 Disregard CGT exemption for trading stock
- 615.65 Consequences for the interposed company DIVISION 620--Assets of wound-up corporation passing to corporation with not significantly different ownership
- 620.5 What this Subdivision is about
- 620.10 Application
- 620.15 Object
- 620.20 Disregard body's capital gains and losses from CGT assets
- 620.25 Cost base and pre-CGT status of CGT asset for company
- 620.30 Roll-over relief for balancing adjustment events
- 620.40 Body taken to have sold trading stock to company
- 620.50 Body taken to have sold revenue assets to company
PART 3-90----CONSOLIDATED GROUPS
DIVISION 700--Guide and objects- 700.1 What this Part is about
- 700.5 Overview of this Part
- 700.10 Objects of this Part DIVISION 701--Core rules
- 701.1 Single entity rule
- 701.5 Entry history rule
- 701.10 Cost to head company of assets of joining entity
- 701.15 Cost to head company of membership interests in entity that leaves group
- 701.20 Cost to head company of assets consisting of certain liabilities owed by entity that leaves group
- 701.25 Tax-neutral consequence for head company of ceasing to hold assets when entity leaves group
- 701.30 Where entity not subsidiary member for whole of income year
- 701.35 Tax-neutral consequence for entity of ceasing to hold assets when it joins group
- 701.40 Exit history rule
- 701.45 Cost of assets consisting of liabilities owed to entity by members of the group
- 701.50 Cost of certain membership interests of which entity becomes holder on leaving group
- 701.55 Setting the tax cost of an asset
- 701.56 Application of subsection 701-55(6)
- 701.58 Effect of setting the tax cost of an asset that the head company does not hold under the single entity rule
- 701.60 Tax cost setting amount
- 701.60A Tax cost setting amount for asset emerging when entity leaves group
- 701.61 Assets in relation to Division 230 financial arrangement--head company's assessable income or deduction
- 701.63 and
- 701.65 Net income and losses for trusts and partnerships
- 701.67 Assets in this Part are CGT assets, etc.
- 701.70 Adjustments to taxable income where identities of parties to arrangement merge on joining group
- 701.75 Adjustments to taxable income where identities of parties to arrangement re-emerge on leaving group
- 701.80 Accelerated depreciation
- 701.85 Other exceptions etc. to the rules DIVISION 703--Consolidated groups and their members
- 703.1 What this Division is about
- 703.5 What is a?
- 703.10 What is a?
- 703.15 of a consolidated group or consolidatable group
- 703.20 Certain entities thatbe members of a consolidated group or consolidatable group
- 703.25 Australian residence requirements for trusts
- 703.30 When is one entity aof another?
- 703.33 Transfer time for sale of shares in company
- 703.35 Treating entities as wholly-owned subsidiaries by disregarding employee shares
- 703.37 Disregarding certain preference shares following an ADI restructure
- 703.40 Treating entities held through non-fixed trusts as wholly-owned subsidiaries
- 703.45 Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group
- 703.50 Choice to consolidate a consolidatable group
- 703.55 Creating consolidated groups from certain MEC groups
- 703.58 Notice of choice to consolidate
- 703.60 Notice of events affecting consolidated group
- 703.65 Application
- 703.70 Consolidated group continues in existence with interposed company as head company and original entity as a subsidiary member
- 703.75 Interposed company treated as substituted for original entity at all times before the completion time
- 703.80 Effects on the original entity's tax position DIVISION 705--Tax cost setting amount for assets where entities become subsidiary members of consolidated groups
- 705.1 What this Division is about
- 705.5 What this Subdivision is about
- 705.10 Application and object of this Subdivision
- 705.15 Cases where this Subdivision does not have effect
- 705.20 Tax cost setting amount worked out under this Subdivision
- 705.25 Tax cost setting amount for retained cost base assets
- 705.27 Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets
- 705.30 What is the joining entity'sfor an asset?
- 705.35 Tax cost setting amount for reset cost base assets
- 705.40 Tax cost setting amount for reset cost base assets held on revenue account etc.
- 705.45 Reduction in tax cost setting amount for accelerated depreciation assets
- 705.47 Reduction in tax cost setting amount for some privatised assets
- 705.55 Order of application of sections 705-40, 705-45 and 705-47
- 705.56 Modification for tax cost setting in relation to leases
- 705.57 Adjustment to tax cost setting amount where loss of pre-CGT status of membership interests in joining entity
- 705.58 Assets and liabilities not set off against each other
- 705.59 Exception: treatment of linked assets and liabilities
- 705.60 What is the joined group'sfor the joining entity?
- 705.62 No double counting of amounts in allocable cost amount
- 705.65 Cost of membership interests in the joining entity--step 1 in working out allocable cost amount
- 705.70 Liabilities of the joining entity--step 2 in working out allocable cost amount
- 705.75 Liabilities of the joining entity--reductions for purposes of step 2 in working out allocable cost amount
- 705.76 Liability arising from transfer or assignment of securitised assets
- 705.80 Liabilities of the joining entity--reductions/increases for purposes of step 2 in working out allocable cost amount
- 705.85 Liabilities of the joining entity--increases for purposes of step 2 in working out allocable cost amount
- 705.90 Undistributed, taxed profits accruing to joined group before joining time--step 3 in working out allocable cost amount
- 705.93 If pre-joining time roll-over from foreign resident company or head company--step 3A in working out allocable cost amount
- 705.95 Pre-joining time distributions out of certain profits--step 4 in working out allocable cost amount
- 705.100 Losses accruing to joined group before joining time--step 5 in working out allocable cost amount
- 705.105 Continuity of holding membership interests--steps 3 to 5 in working out allocable cost amount
- 705.110 If joining entity transfers a loss to the head company--step 6 in working out allocable cost amount
- 705.115 If head company becomes entitled to certain deductions--step 7 in working out allocable cost amount
- 705.125 Pre-CGT proportion for joining entity
- 705.130 What this Subdivision is about
- 705.135 Application and object of this Subdivision
- 705.140 Subdivision 705-A has effect with modifications
- 705.145 Order in which tax cost setting amounts are to be worked out where subsidiary members have membership interests in other subsidiary members
- 705.147 Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by subsidiary members in other such members
- 705.155 Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests
- 705.160 Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain entities that become subsidiary members
- 705.163 Modified application of section 705-57
- 705.170 What this Subdivision is about
- 705.175 Application and object of this Subdivision
- 705.180 Modifications of Division 701
- 705.185 Subdivision 705-A has effect with modifications
- 705.195 Modified application of subsection 705-65(6)
- 705.200 Modified application of section 705-85
- 705.210 What this Subdivision is about
- 705.215 Application and object of this Subdivision
- 705.220 Subdivision 705-A has effect with modifications
- 705.225 Order in which tax cost setting amounts are to be worked out where linked entities have membership interests in other linked entities
- 705.227 Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by linked entities in other linked entities
- 705.230 Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests
- 705.235 Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain linked entities
- 705.240 Modified application of section 705-57
- 705.300 What this Subdivision is about
- 705.305 Object of this Subdivision
- 705.310 Operation of Part IVA of the
- 705.315 Errors that attract special adjustment action
- 705.320 Tax cost setting amounts taken to be correct DIVISION 707--Losses for head companies when entities become members etc.
- 707.100 What this Subdivision is about
- 707.105 Who can utilise the loss?
- 707.110 Objects of this Subdivision
- 707.115 What losses this Subdivision applies to
- 707.120 Transfer of loss from joining entity to head company
- 707.125 Modified business continuity test for companies' post-1999 losses
- 707.130 Modified pattern of distributions test
- 707.135 Transferring loss transferred to joining entity because business continuity test was satisfied
- 707.140 Effect of transfer of loss
- 707.145 Cancelling the transfer of the loss
- 707.150 Loss cannot be utilised for income year ending after the joining time
- 707.200 What this Subdivision is about
- 707.205 Modified period for test for maintaining same ownership
- 707.210 Utilisation of certain losses transferred from a company depends on company that made the losses earlier
- 707.300 What this Subdivision is about
- 707.305 Object of this Subdivision
- 707.310 How much of a transferred loss can be utilised?
- 707.315 What is aof losses?
- 707.320 What is thefor a bundle of losses?
- 707.325 of an entity becoming a member of a consolidated group
- 707.330 Losses transferred from former head company
- 707.335 Limit on utilising transferred losses if circumstances change during income year
- 707.340 Utilising transferred losses while exempt income remains
- 707.345 Other provisions are subject to this Subdivision
- 707.400 Head company's business before and after consolidation not compared
- 707.410 Exit history rule does not treat entity as having made a loss
- 707.415 Application of losses with nil available fraction for certain purposes DIVISION 709--Other rules applying when entities become subsidiary members etc.
- 709.50 What this Subdivision is about
- 709.55 Object of this Subdivision
- 709.60 Nil balance franking account for joining entity
- 709.65 Subsidiary member's franking account does not operate
- 709.70 Credits arising in head company's franking account
- 709.75 Debits arising in head company's franking account
- 709.80 Subsidiary member's distributions on employee shares and certain preference shares taken to be distributions by the head company
- 709.85 Non-share distributions by subsidiary members taken to be distributions by head company
- 709.90 Subsidiary member's distributions to foreign resident taken to be distributions by head company
- 709.95 Payment of group liability by former subsidiary member
- 709.100 Refund of income tax to former subsidiary member
- 709.150 What this Subdivision is about
- 709.155 Testing consolidated groups
- 709.160 Subsidiary member is exempting entity
- 709.165 Subsidiary member is former exempting entity
- 709.170 Head company and subsidiary are exempting entities
- 709.175 Head company is former exempting entity
- 709.180 What this Subdivision is about
- 709.185 Joining entity's excess franking deficit tax offsets transferred to head company
- 709.190 Exit history rule not to treat leaving entity as having a franking deficit tax offset excess
- 709.200 What this Subdivision is about
- 709.205 Application of this Subdivision
- 709.210 Object of this Subdivision
- 709.215 Limit on deduction of bad debt
- 709.220 Limit on deduction of swap loss DIVISION 711--Tax cost setting amount for membership interests where entities cease to be subsidiary members of consolidated groups
- 711.1 What this Division is about
- 711.5 Application and object of this Division
- 711.10 Tax cost setting amount worked out under this Division
- 711.15 Tax cost setting amount where no multiple exit
- 711.20 What is the old group'sfor the leaving entity?
- 711.25 Terminating values of the leaving entity's assets--step 1 in working out allocable cost amount
- 711.30 What is the head company'sfor an asset?
- 711.35 If head company becomes entitled to certain deductions--step 2 in working out allocable cost amount
- 711.40 Liabilities owed to the leaving entity by members of the old group--step 3 in working out allocable cost amount
- 711.45 Liabilities etc. owed by the leaving entity--step 4 in working out allocable cost amount
- 711.46 Liability arising from transfer or assignment of securitised assets
- 711.55 Tax cost setting amount for membership interests where multiple exit
- 711.65 Membership interests treated as having been acquired before 20 September 1985
- 711.70 Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711-65--application of Division 149 to head company
- 711.75 Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711-65--application of CGT event K6 DIVISION 713--Rules for particular kinds of entities
- 713.20 Increasing the step 1 amount for settled capital that could be distributed tax free in respect of discretionary interests
- 713.25 Undistributed, realised profits that accrue to joined group before joining time and could be distributed tax free--step 3 in working out allocable cost amount
- 713.50 Factors to consider
- 713.120 What this Subdivision is about
- 713.125 Object of this Subdivision
- 713.130 Choosing to form a consolidated group
- 713.135 Effects of choice
- 713.140 Modifications of the applied law
- 713.200 What this Subdivision is about
- 713.205 Objects of this Subdivision
- 713.210 Partnership cost setting interests
- 713.215 Terminating value for partnership cost setting interest
- 713.220 Set tax cost of partnership cost setting interests if partner joins consolidated group
- 713.225 Tax cost setting amount for partnership cost setting interest
- 713.235 Partnership joins group--set tax cost of partnership assets
- 713.240 Partnership joins group--tax cost setting amount for partnership asset
- 713.250 Partnership leaves group--standard provisions modified
- 713.255 Partnership leaves group--tax cost setting amount for partnership cost setting interests
- 713.260 Partnership leaves group--tax cost setting amount for assets consisting of being owed certain liabilities
- 713.265 Partnership leaves group--adjustments to allocable cost amount of partner who also leaves group
- 713.500 What this Subdivision is about
- 713.505 Head company treated as a life insurance company
- 713.510 Certain subsidiaries of life insurance companies cannot be members of consolidated group
- 713.510A Disregard single entity rule in working out certain amounts in respect of life insurance company
- 713.511 Treatment of certain liabilities for income year when life insurance company joins consolidated group
- 713.515 Certain assets taken to be retained cost base assets where life insurance company joins group
- 713.520 Valuing certain liabilities where life insurance company joins group
- 713.525 Obligation to value certain assets and liabilities at joining time
- 713.530 Treatment of certain losses of life insurance company
- 713.535 Losses of entities whose membership interests are complying superannuation assets of life insurance company
- 713.540 Losses of entities whose membership interests are segregated exempt assets of life insurance company
- 713.545 Treatment of franking surplus in franking account of life insurance subsidiary joining group
- 713.550 Treatment of head company's franking account after joining
- 713.565 Treatment of certain liabilities for income year when life insurance company leaves consolidated group
- 713.570 Certain losses transferred to leaving company
- 713.575 Terminating value of certain assets where life insurance company leaves group
- 713.580 Valuing certain liabilities where life insurance company leaves group
- 713.585 Obligation to value certain assets and liabilities at leaving time
- 713.700 What this Subdivision is about
- 713.705 Certain assets taken to be retained cost base assets where general insurance company joins group
- 713.710 Treatment of liabilities and reserves for income year when general insurance company joins or leaves group
- 713.715 If general insurance company joins consolidated group
- 713.720 If general insurance company leaves consolidated group
- 713.725 Treatment of certain assets and liabilities of general insurance companies DIVISION 715--Interactions between this Part and other areas of the income tax law
- 715.15 Object of this Subdivision
- 715.25 Subdivision 165-CC stops applying to earlier changeover time
- 715.30 Meaning of
- 715.35 Meaning of
- 715.50 Step 1 amount is reduced if membership interest in subsidiary member is 165-CC tagged asset and business continuity test is failed
- 715.55 Step 2 amount is affected if liability of subsidiary member is 165-CC tagged asset of another group member and business continuity test is failed
- 715.60 Assets that the head company already owns
- 715.70 Assets of subsidiary member that become those of head company
- 715.75 Extension of single entity rule and entry history rule
- 715.80 Application of sections 715-85 to 715-110
- 715.85 First changeover time for leaving company at or after leaving time
- 715.90 How business continuity test applies if leaving time is changeover time for leaving company
- 715.95 If ownership and control of leaving entity havechanged since head company's last changeover time
- 715.100 First choice: adjustable values of leaving assets reduced to nil
- 715.105 Second choice: head company's final RUNL applied in reducing adjustable values of leaving assets that are loss assets
- 715.110 Third choice: loss denial pool of leaving entity created
- 715.120 What happens
- 715.125 First choice: adjustable values of leaving assets reduced to nil
- 715.130 Second choice: pool's loss denial balance applied in reducing adjustable values of leaving assets that are loss assets
- 715.135 Third choice: loss denial pool of leaving entity created
- 715.145 Effect of choice on adjustable value of leaving asset
- 715.155 When asset leaves pool
- 715.160 How loss denial balance is applied to losses realised on assets in pool
- 715.165 When pool ceases to exist
- 715.175 When choice must be made
- 715.180 Head company to notify leaving entity of choice
- 715.185 Leaving entity may choose to cancel loss denial pool by reducing adjustable values of assets in the pool
- 715.215 Extension of single entity rule and entry history rule
- 715.225 Working out adjusted unrealised loss using individual asset method
- 715.230 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
- 715.240 Application of sections 715-245 to 715-260
- 715.245 If ownership or control of leaving entity has altered since head company's last alteration time or formation of group
- 715.250 If head company has had an alteration time but ownership and control of leaving entity have not altered since
- 715.255 Consequences if leaving entity is a loss company at the leaving time
- 715.260 If neither of sections 715-245 and 715-250 applies
- 715.265 Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest
- 715.270 Subdivision 165-CD applies
- 715.290 Additional assumptions to be made when using reference time
- 715.310 What is a, and when it
- 715.355 Head company's own deferred losses at formation time
- 715.360 Deferred losses brought in by subsidiary member
- 715.365 How loss denial balance is applied when 170-D deferred loss revives
- 715.370 Cost setting--reference time for determining currency exchange rate effect
- 715.375 Cost setting on joining--amount of liability that is Division 230 financial arrangement
- 715.378 Cost setting on joining--head company's right to receive or obligation to provide payment
- 715.379 Cost setting on leaving--amount of intragroup liability that is Division 230 financial arrangement
- 715.379A Cost setting on leaving--head company's or leaving entity's right to receive or obligation to provide payment
- 715.380 Exit history rule not to affect certain matters related to Division 230 financial arrangements
- 715.385 Exit history rule and elective methods applying to Division 230 financial arrangements
- 715.410 Extension of single entity rule and entry history rule
- 715.450 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
- 715.610 Cancellation of loss
- 715.615 Exception for interests in entity leaving consolidated group
- 715.620 Exception if loss attributable to certain matters
- 715.660 Head company's choice overriding entry history rule
- 715.665 Head company's choice to override inconsistency
- 715.670 Ongoing effect of choices made by entities before joining group
- 715.675 Head company adopting choice with ongoing effect
- 715.700 Choices leaving entity can make ignoring exit history rule
- 715.705 Choices leaving entity can make ignoring exit history rule to overcome inconsistencies
- 715.875 Extension of single entity rule and entry history rule
- 715.880 No CFI for leaving entity
- 715.900 Transition time taken to be just before joining time
- 715.910 Effect on restructures--original entity becomes a subsidiary member
- 715.915 Effect on restructures--original entity is a head company
- 715.920 Effect on restructures--original entity is a head company that becomes a subsidiary member of another group
- 715.925 Effect on restructures--original entity ceases being a subsidiary member DIVISION 716--Miscellaneous special rules
- 716.1 What this Division is about
- 716.15 Assessable income spread over 2 or more income years
- 716.25 Deductions spread over 2 or more income years
- 716.70 Capital expenditure that is fully deductible in one income year
- 716.75 Application
- 716.80 Head company's assessable income and deductions
- 716.85 Entity's assessable income and deductions for a non-membership period
- 716.90 Entity's share of assessable income or deductions of partnership or trust
- 716.95 Special rule if not all partnership or trust's assessable income or deductions taken into account in working out amount
- 716.100 Spreading period
- 716.300 Prime cost method of working out decline in value
- 716.330 Head company's deductions for decline in value of assets in joining entity's low-value pool
- 716.335 Entity leaving group with asset allocated to head company's low-value pool
- 716.340 Depreciating assets arising from expenditure in joining entity's software development pool
- 716.345 Head company taken not to have incurred expenditure
- 716.400 Tax cost setting and bad debts
- 716.440 Membership interests in joining entity not subject to CGT under Division 855--foreign entity ceasing to hold interests
- 716.500 Head company bound by agreements binding on subsidiary members
- 716.505 History for entitlement to tax offset: joining entity
- 716.510 History for entitlement to tax offset: leaving entity
- 716.800 Allocating amounts to periods if head company and subsidiary member have different income years
- 716.850 Grossing up threshold amounts for periods of less than 365 days
- 716.855 Working out the cost base or reduced cost base of a pre-CGT asset after certain roll-overs
- 716.860 CGT event straddling joining or leaving time DIVISION 717--International tax rules
- 717.1 What this Subdivision is about
- 717.5 Object of this Subdivision
- 717.10 Head company taken to be liable for subsidiary member's foreign income tax
- 717.200 What this Subdivision is about
- 717.205 Object of this Subdivision
- 717.210 Attribution surpluses
- 717.220 FIF surpluses
- 717.227 Deferred attribution credits
- 717.235 What this Subdivision is about
- 717.240 Object of this Subdivision
- 717.245 Attribution surpluses
- 717.255 FIF surpluses
- 717.262 Deferred attribution credits
- 717.700 What this Subdivision is about
- 717.705 Object of this Subdivision
- 717.710 Head company treated as OBU DIVISION 719--MEC groups
- 719.2 Modified application of Part 3-90 to MEC groups
- 719.4 What this Subdivision is about
- 719.5 What is a?
- 719.10 What is a potential MEC group?
- 719.15 What is an?
- 719.20 What is aand a?
- 719.25 Head company, subsidiary members and members of a MEC group
- 719.30 Treating entities as wholly-owned subsidiaries by disregarding employee shares
- 719.35 Treating entities held through non-fixed trusts as wholly-owned subsidiaries
- 719.40 Special conversion event--potential MEC group
- 719.45 Application of sections 703-20 and 703-25
- 719.50 Eligible tier-1 companies may choose to consolidate a potential MEC group
- 719.55 When choice starts to have effect
- 719.60 Appointment of provisional head company
- 719.65 Qualifications for the provisional head company of a MEC group
- 719.70 Income year of new provisional head company to be the same as that of former provisional head company
- 719.75 Head company
- 719.76 Notice of choice to consolidate
- 719.77 Notice in relation to new eligible tier-1 members etc.
- 719.78 Notice of special conversion event
- 719.79 Notice of appointment of provisional head company after formation of group
- 719.80 Notice of events affecting MEC group
- 719.85 Application
- 719.90 New head company treated as substituted for old head company at all times before the transition time
- 719.95 No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group
- 719.120 Application
- 719.125 Head company of new group retains history of head company of old group
- 719.130 Provisions of this Part not to apply to conversion
- 719.135 Provisions of this Part applying to conversion despite section 719-130
- 719.140 Other provisions of this Part not applying to conversion
- 719.150 What this Subdivision is about
- 719.155 Object of this Subdivision
- 719.160 Tax cost setting rules for joining have effect with modifications
- 719.165 Trading stock value and registered emissions unit value not set for assets of eligible tier-1 companies
- 719.170 Modified effect of subsections 705-175(1) and 705-185(1)
- 719.250 What this Subdivision is about
- 719.255 Special rules
- 719.260 Special test for utilising a loss because a company maintains the same owners
- 719.265 What is the test company?
- 719.270 Assumptions about the test company having made the loss for an income year
- 719.275 Assumptions about nothing happening to affect direct and indirect ownership of the test company
- 719.280 Assumptions about the test company failing to meet the conditions in section 165-12
- 719.285 Business continuity test and change of head company
- 719.300 Application
- 719.305 Subdivision 707-C affects utilisation of losses made by ongoing head company while it was head company
- 719.310 Adjustment of available fractions for bundles of losses previously transferred to ongoing head company
- 719.315 Further adjustment of available fractions for all bundles
- 719.320 Limit on utilising losses other than the prior group losses
- 719.325 Cancellation of all losses in a bundle
- 719.425 Guide to Subdivision 719-H
- 719.430 Transfer of franking account balance on cessation event
- 719.435 Distributions by subsidiary members of MEC group taken to be distributions by head company
- 719.450 What this Subdivision is about
- 719.455 Special test for deducting a bad debt because a company maintains the same owners
- 719.460 Assumptions about nothing happening to affect direct and indirect ownership of the test company
- 719.465 Assumptions about the test company failing to meet the conditions in section 165-123
- 719.500 What this Subdivision is about
- 719.505 Application and object of this Subdivision
- 719.510 Modified operation of paragraphs 711-15(1)(b) and (c)
- 719.550 What this Subdivision is about
- 719.555 Application and object of this Subdivision
- 719.560 Pooled interests
- 719.565 Setting cost of reset interests
- 719.570 Cost setting amount
- 719.700 Changeover times under section 165-115C or 165-115D
- 719.705 Additional changeover times for head company of MEC group
- 719.720 Alteration times under section 165-115L or 165-115M
- 719.725 Additional alteration times for head company of MEC group
- 719.730 Some alteration times only affect interests in top company
- 719.735 Some alteration times affect only pooled interests
- 719.740 Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest
- 719.755 Effect on MEC group cost setting rules if head company is losing entity or gaining entity for indirect value shift
- 719.775 Cancellation of loss
- 719.780 Exception for pooled interests in eligible tier-1 companies
- 719.785 Exception for interests in top company
- 719.790 Exception for interests in entity leaving MEC group
- 719.795 Exception if loss attributable to certain matters DIVISION 721--Liability for payment of tax where head company fails to pay on time
- 721.1 What this Division is about
- 721.5 Object of this Division
- 721.10 When this Division operates
- 721.15 Head company and contributing members jointly and severally liable to pay group liability
- 721.17 Notice of joint and several liability for general interest charge
- 721.20 Limit on liability where group first comes into existence
- 721.25 When a group liability is covered by a tax sharing agreement
- 721.30 TSA contributing members liable for contribution amounts
- 721.32 Notice of general interest charge liability under TSA
- 721.35 When a TSA contributing member has left the group clear of the group liability
- 721.40 TSA liability and group liability are linked
CHAPTER 3--Specialist liability rules
PART 3-95----VALUE SHIFTING
DIVISION 723--Direct value shifting by creating right over non-depreciating asset- 723.1 Object
- 723.10 Reduction in loss from realising non-depreciating asset over which right has been created
- 723.15 Reduction in loss from realising non-depreciating asset at the same time as right is created over it
- 723.20 Exceptions
- 723.25 Realisation event that is only a partial realisation
- 723.35 Multiple rights created to take advantage of the $50,000 threshold
- 723.40 Application to CGT asset that is also trading stock or revenue asset
- 723.50 Effects if right created over underlying asset is also trading stock or a revenue asset
- 723.105 Reduced cost base of interest reduced when interest realised at a loss
- 723.110 Direct and indirect roll-over replacement for underlying asset DIVISION 725--Direct value shifting affecting interests in companies and trusts
- 725.1 What this Division is about
- 725.45 Main object
- 725.50 When a direct value shift has consequences under this Division
- 725.55 Controlling entity test
- 725.65 Cause of the value shift
- 725.70 Consequences for down interest only if there is a material decrease in its market value
- 725.80 Who is an affected owner of a down interest?
- 725.85 Who is an affected owner of an up interest?
- 725.90 Direct value shift that will be reversed
- 725.95 Direct value shift resulting from reversal
- 725.145 When there is a
- 725.150 Issue of equity or loan interests at a
- 725.155 Meaning of,,and
- 725.160 What is the nature of a direct value shift?
- 725.165 If market value decrease or increase is only partly attributable to the scheme
- 725.205 Consequences depend on character of down interests and up interests
- 725.210 Consequences for down interests depend on pre-shift gains and losses
- 725.220 Neutral direct value shifts
- 725.225 Issue of bonus shares or units
- 725.230 Off-market buy-backs
- 725.240 CGT consequences; meaning of
- 725.245 Table offor interests as CGT assets
- 725.250 Table of consequences for adjustable values of interests as CGT assets
- 725.255 Multiple CGT consequences for the same down interest or up interest
- 725.310 Consequences for down interest or up interest as trading stock
- 725.315 of trading stock
- 725.320 Consequences for down interest or up interest as a revenue asset
- 725.325 of revenue asset
- 725.335 How to work out those consequences
- 725.340 Multiple trading stock or revenue asset consequences for the same down interest or up interest
- 725.365 Decreases in adjustable values of down interests (with pre-shift gains), and taxing events generating a gain
- 725.370 Uplifts in adjustable values of up interests under certain table items
- 725.375 Uplifts in adjustable values of up interests under other table items
- 725.380 Decreases in adjustable value of down interests (with pre-shift losses) DIVISION 727--Indirect value shifting affecting interests in companies and trusts, and arising from non-arm's length dealings
- 727.1 What this Division is about
- 727.5 What is an indirect value shift?
- 727.10 How does this Division deal with indirect value shifts?
- 727.15 When does an indirect value shift have consequences under this Division?
- 727.25 Effect of this Division on realisations at a loss that occur before the nature or extent of an indirect value shift can be fully determined
- 727.95 Main object
- 727.100 When an indirect value shift has consequences under this Division
- 727.105 Ultimate controller test
- 727.110 Common-ownership nexus test (if both losing and gaining entities are closely held)
- 727.125 No consequences if losing entity is a complying superannuation entity etc.
- 727.150 How to determine whether a scheme results in an indirect value shift
- 727.155 Providing economic benefits
- 727.160 When an economic benefit is provideda scheme
- 727.165 Preventing double-counting of economic benefits
- 727.200 What this Subdivision is about
- 727.215 Amount does not exceed $50,000
- 727.220 Disposal of asset at cost, or at undervalue if full value is not reflected in adjustable values of equity or loan interests in the losing entity
- 727.230 Services provided by losing entity to gaining entity for at least their direct cost
- 727.235 Services provided by gaining entity to losing entity for no more than a commercially realistic price
- 727.240 What services certain provisions apply to
- 727.245 How to work out certain amounts for the purposes of sections 727-230 and 727-235
- 727.250 Distribution by an entity to a member or beneficiary
- 727.260 Shift down a wholly-owned chain of entities
- 727.300 What the rules in this Subdivision are for
- 727.315 Transfer, for its adjustable value, of depreciating asset acquired for less than $1,500,000
- 727.350
- 727.355 of a company
- 727.360 of a fixed trust
- 727.365 of a non-fixed trust
- 727.370 Preventing double counting for percentage stake tests
- 727.375 Tests in this Subdivision are exhaustive
- 727.400 When 2 entities have a common-ownership nexus within a period
- 727.405 of a particular percentage in a company
- 727.410 of a particular percentage in a fixed trust
- 727.415 Rules for tracing
- 727.450 What this Subdivision is about
- 727.455 Consequences of the indirect value shift
- 727.460 in the losing entity
- 727.465 in the gaining entity
- 727.470 Exceptions
- 727.520 and related terms
- 727.525
- 727.530 Who are the
- 727.550 Choosing the adjustable value method
- 727.555 Giving other affected owners information about the choice
- 727.600 What this Subdivision is about
- 727.610 Consequences of indirect value shift
- 727.615 Reduction of loss on realisation event for affected interest in losing entity
- 727.620 Reduction of gain on realisation event for affected interest in gaining entity
- 727.625 Total gain reductions not to exceed total loss reductions
- 727.630 How cap in section 727-625 applies if affected interest is also trading stock or a revenue asset
- 727.635 Splitting an equity or loan interest
- 727.640 Merging equity or loan interests
- 727.645 Effect of CGT roll-over
- 727.700 When 95% services indirect value shift is excluded
- 727.705 Another provision of the income tax law affects amount related to services by at least $100,000
- 727.710 Ongoing or recent service arrangement reduces value of losing entity by at least $100,000
- 727.715 Service arrangements reduce value of losing entity thata group service provider by at least $500,000
- 727.720 Abnormal service arrangement reduces value of losing entity that isa group service provider by at least $500,000
- 727.725 Meaning of
- 727.750 What this Subdivision is about
- 727.755 Consequences of indirect value shift
- 727.770 Reduction under the adjustable value method
- 727.775 Has there been a disaggregated attributable decrease?
- 727.780 Working out the reduction on a
- 727.800 Uplift under the attributable increase method
- 727.805 Has there been a disaggregated attributable increase?
- 727.810 Scaling-down formula
- 727.830 CGT assets
- 727.835 Trading stock
- 727.840 Revenue assets
- 727.850 Consequences of scheme under this Subdivision
- 727.855 Presumed indirect value shift
- 727.860 Conditions about the prospective gaining entity
- 727.865 How other provisions of this Division apply to support this Subdivision
- 727.870 Effect of CGT roll-over
- 727.875 Application to CGT asset that is also trading stock or revenue asset
- 727.905 How this Subdivision affects the rest of this Division
- 727.910 Treatment of value shifted under the direct value shift
CHAPTER 4--International aspects of income tax
PART 4-5--GENERAL
DIVISION 764--Source rules- 764.1 What this Division is about
- 764.5 Source rule for international tax agreements DIVISION 768--Foreign non-assessable income and gains
- 768.1 What this Subdivision is about
- 768.5 Foreign equity distributions on participation interests
- 768.7 Foreign equity distributions entitled to a foreign income tax deduction
- 768.10 Meaning of
- 768.15 Participation test--minimum 10% participation
- 768.100 Foreign government officials in Australia
- 768.105 Compensation arising out of Second World War
- 768.110 Foreign residents deriving income from certain activities in Australia's exclusive economic zone or on or above Australia's continental shelf
- 768.500 What this Subdivision is about
- 768.505 Reducing a capital gain or loss from certain CGT events in relation to certain voting interests
- 768.510 Active foreign business asset percentage
- 768.515 Choices to apply market value method or book value method
- 768.520 Market value method--choice made under subsection 768-515(1)
- 768.525 Book value method--choice made under subsection 768-515(2)
- 768.530 Active foreign business asset percentage--modifications for foreign life insurance companies and foreign general insurance companies
- 768.533 Foreign company that is a FIF using CFC calculation method--treatment as AFI subsidiary under this Subdivision
- 768.535 Modified rules for foreign wholly-owned groups
- 768.540 Active foreign business assets of a foreign company
- 768.545 Assets included in the total assets of a foreign company
- 768.550 Direct voting percentage in a company
- 768.555 Indirect voting percentage in a company
- 768.560 Total voting percentage in a company
- 768.900 What this Subdivision is about
- 768.905 Objects
- 768.910 Income derived by temporary resident
- 768.915 Certain capital gains and capital losses of temporary resident to be disregarded
- 768.950 Individual becoming an Australian resident
- 768.955 Temporary resident who ceases to be temporary resident but remains an Australian resident
- 768.960 Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules
- 768.970 Modification of rules for accruals system of taxation of certain non-resident trust estates
- 768.980 Interest paid by temporary resident DIVISION 770--Foreign income tax offsets
- 770.1 What this Division is about
- 770.5 Object
- 770.10 Entitlement to foreign income tax offset
- 770.15 Meaning of,and
- 770.65 What this Subdivision is about
- 770.70 Amount of foreign income tax offset
- 770.75 Foreign income tax offset limit
- 770.80 Increase in offset limit for tax paid on amounts to which section 23AI or 23AK of theapply
- 770.130 When foreign income tax is considered paid--taxes paid by someone else
- 770.135 Foreign income tax paid by CFCs on attributed amounts
- 770.140 When foreign income tax is considered not paid--anti-avoidance rule
- 770.190 Amendment of assessments DIVISION 775--Foreign currency gains and losses
- 775.5 What this Division is about
- 775.10 Objects of this Division
- 775.15 Forex realisation gains are assessable
- 775.20 Certain forex realisation gains are exempt income
- 775.25 Certain forex realisation gains are non-assessable non-exempt income
- 775.27 Certain forex realisation gains are non-assessable non-exempt income
- 775.30 Forex realisation losses are deductible
- 775.35 Certain forex realisation losses are disregarded
- 775.40 Disposal of foreign currency or right to receive foreign currency--forex realisation event 1
- 775.45 Ceasing to have a right to receive foreign currency--forex realisation event 2
- 775.50 Ceasing to have an obligation to receive foreign currency--forex realisation event 3
- 775.55 Ceasing to have an obligation to pay foreign currency--forex realisation event 4
- 775.60 Ceasing to have a right to pay foreign currency--forex realisation event 5
- 775.65 Only one forex realisation event to be counted
- 775.70 Tax consequences of certain short-term forex realisation gains
- 775.75 Tax consequences of certain short-term forex realisation losses
- 775.80 You may choose not to have sections 775-70 and 775-75 apply to you
- 775.85 Forex cost base of a right to receive foreign currency
- 775.90 Forex entitlement base of a right to pay foreign currency
- 775.95 Proceeds of assuming an obligation to pay foreign currency
- 775.100 Net costs of assuming an obligation to receive foreign currency
- 775.105 Currency exchange rate effect
- 775.110 Constructive receipts and payments
- 775.115 Economic set-off to be treated as legal set-off
- 775.120 Non-arm's length transactions
- 775.125 CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3
- 775.130 Certain deductions not allowable
- 775.135 Right to receive or pay foreign currency
- 775.140 Obligation to pay or receive foreign currency
- 775.145 Application of forex realisation events to currency and fungible rights and obligations
- 775.150 Transitional election
- 775.155 Applicable commencement date
- 775.160 Exception--event happens before the applicable commencement date
- 775.165 Exception--currency or right acquired, or obligation incurred, before the applicable commencement date
- 775.168 Exception--disposal or redemption of traditional securities
- 775.175 Application to things happening before commencement
- 775.180 What this Subdivision is about
- 775.185 What is a?
- 775.190 What is an?
- 775.195 You may choose roll-over relief for a facility agreement
- 775.200 Forex realisation event 4 does not apply
- 775.205 What is a?
- 775.210 Notional loan
- 775.215 Discharge of obligation to pay the principal amount of a notional loan under a facility agreement--forex realisation event 6
- 775.220 Material variation of a facility agreement--forex realisation event 7
- 775.225 What this Subdivision is about
- 775.230 Election to have this Subdivision apply to one or more qualifying forex accounts
- 775.235 Variation of election
- 775.240 Withdrawal of election
- 775.245 When does a qualifying forex account?
- 775.250 Tax consequences of passing the limited balance test
- 775.255 Notional realisation when qualifying forex account starts to pass the limited balance test
- 775.260 Modification of tax recognition time
- 775.265 What this Subdivision is about
- 775.270 You may choose retranslation for a qualifying forex account
- 775.275 Withdrawal of choice
- 775.280 Tax consequences of choosing retranslation for an account
- 775.285 Retranslation of gains and losses relating to a qualifying forex account--forex realisation event 8
- 775.290 What this Subdivision is about
- 775.295 When this Subdivision applies
- 775.300 Tax consequences of choosing retranslation for arrangement
- 775.305 Retranslation of gains and losses relating to arrangement to which foreign exchange retranslation election applies--forex realisation event 9
- 775.310 When election ceases to apply to arrangement
- 775.315 Balancing adjustment when election ceases to apply to arrangement DIVISION 802--Foreign residents' income with an underlying foreign source
- 802.5 What this Subdivision is about
- 802.10 Objects
- 802.15 Foreign residents--exempting CFI from Australian tax
- 802.17 Trust estates and foreign resident beneficiaries--exempting CFI from Australian tax
- 802.20 Distributions between Australian corporate tax entities--non-assessable non-exempt income
- 802.25 Conduit foreign income of an Australian corporate tax entity
- 802.30 Foreign source income amounts
- 802.35 Capital gains and losses
- 802.40 Effect of foreign income tax offset on conduit foreign income
- 802.45 Previous declarations of conduit foreign income
- 802.50 Receipt of an unfranked distribution from another Australian corporate tax entity
- 802.55 No double benefits
- 802.60 No streaming of distributions DIVISION 815--Cross-border transfer pricing
- 815.1 What this Subdivision is about
- 815.5 Object
- 815.10 Transfer pricing benefit may be negated
- 815.15 When an entity gets a
- 815.20 Cross-border transfer pricing guidance
- 815.25 Modified transfer pricing benefit for thin capitalisation
- 815.30 Determinations negating transfer pricing benefit
- 815.35 Consequential adjustments
- 815.40 No double taxation
- 815.101 What this Subdivision is about
- 815.105 Object
- 815.110 Operation of Subdivision
- 815.115 Substitution of arm's length conditions
- 815.120 When an entity gets a
- 815.125 Meaning of
- 815.130 Relevance of actual commercial or financial relations
- 815.135 Guidance
- 815.140 Modification for thin capitalisation
- 815.145 Consequential adjustments
- 815.150 Amendment of assessments
- 815.201 What this Subdivision is about
- 815.205 Object
- 815.210 Operation of Subdivision
- 815.215 Substitution of arm's length profits
- 815.220 When an entity gets a
- 815.225 Meaning of
- 815.230 Source rules for certain arm's length profits
- 815.235 Guidance
- 815.240 Amendment of assessments
- 815.301 What this Subdivision is about
- 815.305 Special rule for trusts
- 815.310 Special rules for partnerships
- 815.350 What this Subdivision is about
- 815.355 Requirement to give statements
- 815.360 Replacement reporting periods
- 815.365 Exemptions
- 815.370 Meaning of(or)
- 815.375 Meaning of(or)
- 815.380 Meaning of(or) DIVISION 820--Thin capitalisation rules
- 820.1 What this Division is about
- 820.5 Does this Division apply to an entity?
- 820.10 Map of Division
- 820.30 Object of Division
- 820.32 Exemption for private or domestic assets and non-debt liabilities
- 820.35 Application--$2 million threshold
- 820.37 Application--assets threshold
- 820.39 Exemption of certain special purpose entities
- 820.40 Meaning of
- 820.65 What this Subdivision is about
- 820.85 Thin capitalisation rule for outward investing entities (non-ADI)
- 820.90 Maximum allowable debt
- 820.95 Safe harbour debt amount--outward investor (general)
- 820.100 Safe harbour debt amount--outward investor (financial)
- 820.105 Arm's length debt amount
- 820.110 Worldwide gearing debt amount--outward investor that is not also an inward investment vehicle
- 820.111 Worldwide gearing debt amount--outward investor that is also an inward investment vehicle
- 820.115 Amount of debt deduction disallowed
- 820.120 Application to part year periods
- 820.180 What this Subdivision is about
- 820.185 Thin capitalisation rule for inward investing entities (non-ADI)
- 820.190 Maximum allowable debt
- 820.195 Safe harbour debt amount--inward investment vehicle (general)
- 820.200 Safe harbour debt amount--inward investment vehicle (financial)
- 820.205 Safe harbour debt amount--inward investor (general)
- 820.210 Safe harbour debt amount--inward investor (financial)
- 820.215 Arm's length debt amount
- 820.216 Worldwide gearing debt amount--inward investment vehicle (general)
- 820.217 Worldwide gearing debt amount--inward investment vehicle (financial)
- 820.218 Worldwide gearing debt amount--inward investor (general)
- 820.219 Worldwide gearing debt amount--inward investor (financial)
- 820.220 Amount of debt deduction disallowed
- 820.225 Application to part year periods
- 820.295 What this Subdivision is about
- 820.300 Thin capitalisation rule for outward investing entities (ADI)
- 820.305 Minimum capital amount
- 820.310 Safe harbour capital amount
- 820.315 Arm's length capital amount
- 820.320 Worldwide capital amount
- 820.325 Amount of debt deduction disallowed
- 820.330 Application to part year periods
- 820.390 What this Subdivision is about
- 820.395 Thin capitalisation rule for inward investing entities (ADI)
- 820.400 Minimum capital amount
- 820.405 Safe harbour capital amount
- 820.410 Arm's length capital amount
- 820.415 Amount of debt deduction disallowed
- 820.420 Application to part year periods
- 820.430 When choice can be made, and what effect it has
- 820.435 Conditions
- 820.440 Revocation of choice
- 820.445 How this Subdivision interacts with Subdivision 820-FA
- 820.579 What this Subdivision is about
- 820.581 How this Division applies to head company for income year in which group comes into existence or ceases to exist
- 820.583 Classification of head company
- 820.584 Exempt special purpose entities treated as not being member of group
- 820.585 Exemption for consolidated group headed by foreign-controlled Australian ADI or its holding company
- 820.587 Additional application of Subdivision 820-D to MEC group that includes foreign-controlled Australian ADI
- 820.588 Choice to treat specialist credit card institutions as being financial entities and not ADIs
- 820.589 How Subdivision 820-D applies to a MEC group
- 820.595 What this Subdivision is about
- 820.597 Choice by head company of consolidated group or MEC group
- 820.599 Choice by Australian resident company outside consolidatable group and MEC group
- 820.601 Application
- 820.603 General
- 820.605 Effect on establishment entity if certain debt deductions disallowed
- 820.607 Effect on test periods under this Division
- 820.609 Effect on classification of head company or single company
- 820.610 Choice not to be outward investing entity (ADI) or inward investing entity (ADI)
- 820.611 Values to be based on what would be in consolidated accounts for group
- 820.613 How Subdivision 820-D applies
- 820.615 How Subdivision 820-E applies
- 820.625 What this Subdivision is about
- 820.630 Methods of calculating average values
- 820.635 The opening and closing balances method
- 820.640 The 3 measurement days method
- 820.645 The frequent measurement method
- 820.675 Amount to be expressed in Australian currency
- 820.680 Valuation of assets, liabilities and equity capital
- 820.682 Recognition of assets and liabilities--modifying application of accounting standards
- 820.685 Valuation of debt capital
- 820.690 Commissioner's power
- 820.740 What this Subdivision is about
- 820.745 What is an Australian controlled foreign entity?
- 820.750 What is an Australian controller of a controlled foreign company?
- 820.755 What is an Australian controller of a controlled foreign trust?
- 820.760 What is an Australian controller of a controlled foreign corporate limited partnership?
- 820.780 What is a foreign controlled Australian entity?
- 820.785 What is a foreign controlled Australian company?
- 820.790 What is a foreign controlled Australian trust?
- 820.795 What is a foreign controlled Australian partnership?
- 820.815 General rule about thin capitalisation control interest in a company, trust or partnership
- 820.820 Special rules about calculating TC control interest held by an entity
- 820.825 Special rules about calculating TC control interests held by a group of entities
- 820.830 Special rules about determining percentage of TC control interest
- 820.835 Commissioner's power
- 820.855 TC direct control interest in a company
- 820.860 TC direct control interest in a trust
- 820.865 TC direct control interest in a partnership
- 820.870 TC indirect control interest in a company, trust or partnership
- 820.875 TC control tracing interest in a company, trust or partnership
- 820.880 What this Subdivision is about
- 820.881 Application
- 820.885 What is?
- 820.890 What is?
- 820.900 What this Subdivision is about
- 820.905 Associate entity
- 820.910 Associate entity debt
- 820.915 Associate entity equity
- 820.920 Associate entity excess amount
- 820.925 What this Subdivision is about
- 820.930 in a trust or partnership
- 820.931 What this Subdivision is about
- 820.932 Worldwide debt and worldwide equity
- 820.933 Statement worldwide debt, statement worldwide equity and statement worldwide assets
- 820.935 Meaning of
- 820.940 What this Subdivision is about
- 820.942 How to work out the zero-capital amount
- 820.945 What this Subdivision is about
- 820.946 and
- 820.950 What this Subdivision is about
- 820.960 Records about Australian permanent establishments
- 820.962 Records about Australian permanent establishments--exemptions from Australian accounting standards
- 820.965 Review of Commissioner's decision
- 820.980 Records about arm's length debt amount and arm's length capital amount
- 820.990 Offences--treatment of partnerships
- 820.995 Offences--treatment of unincorporated companies DIVISION 830--Foreign hybrids
- 830.1 What this Division is about
- 830.5 Foreign hybrid
- 830.10 Foreign hybrid limited partnership
- 830.15 Foreign hybrid company
- 830.20 Treatment of company as a partnership
- 830.25 Partners are the shareholders in the company
- 830.30 Individual interest of a partner in net income etc. equals percentage of notional distribution of company's profits
- 830.35 Partner's interest in assets
- 830.40 Control and disposal of share in partnership income
- 830.45 Partner's revenue and net capital losses from foreign hybrid not to exceed partner's loss exposure amount
- 830.50 Deduction etc. where partner's foreign hybrid revenue loss amount and foreign hybrid net capital loss amount are less than partner's loss exposure amount
- 830.55 Meaning of
- 830.60 Meaning of
- 830.65 Meaning of
- 830.70 Meaning of
- 830.75 Extended meaning of
- 830.80 Setting the tax cost of partners' interests in the assets of an entity that becomes a foreign hybrid
- 830.85 Setting the tax cost of assets of an entity when it ceases to be a foreign hybrid
- 830.90 What the expressionmeans
- 830.95 What the expressionmeans
- 830.100 What the expressionmeans
- 830.105 What the expressionmeans
- 830.110 No disposal of assets etc. on entity becoming or ceasing to be a foreign hybrid
- 830.115 Tax losses cannot be transferred to a foreign hybrid
- 830.120 End of CFC's last statutory accounting period
- 830.125 How long interest in asset, or asset, held DIVISION 832--Hybrid mismatch rules
- 832.1 What this Division is about
- 832.5 What this Subdivision is about
- 832.10 Entitlement to receive payment
- 832.15 Entitlement to receive non-cash benefits
- 832.20 Losses that arise from payments or parts of payments
- 832.25 Recipients and payers of a payment
- 832.30 How this Division applies to entities
- 832.35 Single entity rule otherwise not disregarded
- 832.40 Schemes outside Australia
- 832.45 Relationship between this Division and other charging provisions in this Act
- 832.50 Relationship between this Division and Division 820
- 832.55 Division does not affect foreign residence rules
- 832.60 Valuation of trading stock affected by hybrid mismatch rules
- 832.100 What this Subdivision is about
- 832.105 When a payment gives rise to a deduction/non-inclusion mismatch
- 832.110 When a payment gives rise to a deduction/deduction mismatch
- 832.115 Disregard effect of Division in determining deductions
- 832.120 Meaning of
- 832.125 Meaning of
- 832.130 Meaning of
- 832.135 Safe harbour for translation rates
- 832.175 What this Subdivision is about
- 832.180 Deduction not allowable--Australian primary response
- 832.185 Inclusion in assessable income--Australian secondary response
- 832.190 Exception where entity not a party to the structured arrangement
- 832.195 When a hybrid financial instrument mismatch is an offshore hybrid mismatch
- 832.200 When a payment gives rise to a hybrid financial instrument mismatch
- 832.205 Meaning of
- 832.210 Meaning of
- 832.215 Hybrid mismatch
- 832.220 Hybrid requirement--payments under financial instruments
- 832.225 Hybrid requirement--payments under transfers of certain financial instruments
- 832.230 Hybrid mismatch--integrity rule for substitute payments
- 832.235 Extended operation of this Subdivision in relation to concessional foreign taxes
- 832.240 Adjustment if hybrid financial instrument payment is income in a later year
- 832.280 What this Subdivision is about
- 832.285 Deduction not allowable--Australian primary response
- 832.290 Inclusion in assessable income--Australian secondary response
- 832.295 Exception where entity not a party to the structured arrangement
- 832.300 When a hybrid payer mismatch is an offshore hybrid mismatch
- 832.305 When a payment gives rise to a hybrid payer mismatch
- 832.310 Hybrid mismatch
- 832.315 Hybrid requirement--assume payment was made to same recipient but by an ungrouped payer
- 832.320 Hybrid payer
- 832.325 Meaning of
- 832.330 Neutralising amount
- 832.335 Adjustment if hybrid payer has dual inclusion income in a later year
- 832.375 What this Subdivision is about
- 832.380 Deduction not allowable--Australian primary response
- 832.385 Exception where entity not a party to the structured arrangement
- 832.390 When a reverse hybrid mismatch is an offshore hybrid mismatch
- 832.395 When a payment gives rise to a reverse hybrid mismatch
- 832.400 Hybrid mismatch
- 832.405 Hybrid requirement--assume payment was made to an investor
- 832.410 Reverse hybrid
- 832.450 What this Subdivision is about
- 832.455 Deduction not allowable
- 832.460 Exception where entity not a party to the structured arrangement
- 832.465 When a branch hybrid mismatch is an offshore hybrid mismatch
- 832.470 Branch hybrid mismatch
- 832.475 Hybrid mismatch
- 832.480 Hybrid requirement--payment made directly or indirectly to a branch hybrid
- 832.485 Branch hybrid
- 832.525 What this Subdivision is about
- 832.530 Deduction not allowable
- 832.535 Additional requirements for secondary response
- 832.540 When a deducting hybrid mismatch is an offshore hybrid mismatch
- 832.545 When an amount gives rise to a deducting hybrid mismatch
- 832.550 Deducting hybrid
- 832.555 Identifying a secondary response country
- 832.560 Neutralising amount
- 832.565 Adjustment if deducting hybrid has dual inclusion income in a later year
- 832.605 What this Subdivision is about
- 832.610 Deduction not allowable
- 832.615 When a payment gives rise to an imported hybrid mismatch
- 832.620 Hybrid mismatch
- 832.625 Meaning of
- 832.630 Working out the amount of the imported hybrid mismatch
- 832.635 Carry forward of residual offshore hybrid mismatches
- 832.675 What this Subdivision is about
- 832.680 Dual inclusion income, and when an entity is eligible to apply it
- 832.720 What this Subdivision is about
- 832.725 Payments made to interposed foreign entity (integrity measure)--denial of deduction
- 832.730 Back to back arrangements, etc.
- 832.735 Determination may specify kinds of scheme and circumstances where no denial of deduction
- 832.775 What this Subdivision is about
- 832.780 Section 832-20 applies to Division 230 losses
- 832.785 Adjusting Division 230 loss
- 832.790 Modifications relating to Division 230 gains and losses DIVISION 840--Withholding taxes
- 840.1 What this Division is about
- 840.800 What this Subdivision is about
- 840.805 Liability for managed investment trust withholding tax
- 840.810 When managed investment trust withholding tax is payable
- 840.815 Certain income is non-assessable non-exempt income
- 840.820 Agency rules
- 840.900 What this Subdivision is about
- 840.905 Liability for labour mobility program withholding tax
- 840.906 Covered labour mobility programs
- 840.910 When labour mobility program withholding tax is payable
- 840.915 Certain income is non-assessable non-exempt income
- 840.920 Overpayment of labour mobility program withholding tax DIVISION 842--Exempt Australian source income and gains of foreign residents
- 842.100 What this Subdivision is about
- 842.105 Amounts of Australian source ordinary income and statutory income that are exempt
- 842.200 What this Subdivision is about
- 842.205 Object of this Subdivision
- 842.210 IMR concessions apply only to foreign residents etc.
- 842.215 IMR concessions
- 842.220 Meaning of
- 842.225 Meaning of
- 842.230 Meaning of
- 842.235 Rules for determining total participation interests for the purposes of the widely held test
- 842.240 Extended meaning of--temporary circumstances outside entity's control
- 842.245 Meaning of
- 842.250 Reductions in IMR concessions if independent Australian fund manager entitled to substantial share of IMR entity's income DIVISION 855--Capital gains and foreign residents
- 855.1 What this Division is about
- 855.5 Objects of this Subdivision
- 855.10 Disregarding a capital gain or loss from CGT events
- 855.15 When an asset is taxable Australian property
- 855.16 Meaning of
- 855.20 Taxable Australian real property
- 855.25 Indirect Australian real property interests
- 855.30 Principal asset test
- 855.32 Disregard market value of duplicated non-TARP assets
- 855.35 Reducing a capital gain or loss from a business asset--Australian permanent establishments
- 855.40 Capital gains and losses of foreign residents through fixed trusts
- 855.45 Individual or company becomes an Australian resident
- 855.50 Trust becomes a resident trust
- 855.55 CFC becomes an Australian resident DIVISION 880--Sovereign entities and activities
- 880.10 What this Subdivision is about
- 880.15 Meaning of
- 880.20 Meaning of
- 880.50 What this Subdivision is about
- 880.55 Sovereign entity liable to pay tax
- 880.60 Bodies politic of foreign countries and foreign government agencies treated as foreign residents
- 880.100 What this Subdivision is about
- 880.105 Sovereign entity's income from membership interest etc. in trust or company--non-assessable non-exempt income
- 880.110 Sovereign entity's deduction from membership interest etc.--loss not deductible
- 880.115 Sovereign entity's capital gain from membership interest etc.--gain disregarded
- 880.120 Sovereign entity's capital loss from membership interest etc. in trust or company--loss disregarded
- 880.125 Covered sovereign entities
- 880.130 Meaning ofand
- 880.200 What this Subdivision is about
- 880.205 Income from consular functions--non-assessable non-exempt income
CHAPTER 5--Administration
PART 5-30----RECORD-KEEPING AND OTHER OBLIGATIONS
DIVISION 900--Substantiation rules- 900.1 What this Division is about
- 900.5 Application of the requirements of Division 900
- 900.10 Substantiation requirement
- 900.12 Application to recipients and payers of certain withholding payments
- 900.15 Getting written evidence
- 900.20 Keeping travel records
- 900.25 Retaining the written evidence and travel records
- 900.30 Meaning of
- 900.35 Exception for small total of expenses
- 900.40 Exception for laundry expenses below a certain limit
- 900.45 Exception for work expense related to award transport payment
- 900.50 Exception for domestic travel allowance expenses
- 900.55 Exception for overseas travel allowance expenses
- 900.60 Exception for reasonable overtime meal allowance
- 900.65 Crew members on international flights need not keep travel records
- 900.70 Getting written evidence
- 900.75 Retaining the written evidence and odometer records
- 900.80 Getting written evidence
- 900.85 Keeping travel records
- 900.90 Retaining the written evidence and travel records
- 900.95 Meaning of
- 900.100 What this Subdivision is about
- 900.105 Ways of getting written evidence
- 900.110 Time limits
- 900.115 Written evidence from supplier
- 900.120 Written evidence of depreciating asset expense
- 900.125 Evidence of small expenses
- 900.130 Evidence of expenses considered otherwise too hard to substantiate
- 900.135 Evidence on a payment summary
- 900.140 What this Subdivision is about
- 900.145 Purpose of a travel record
- 900.150 Recording activities in travel records
- 900.155 Showing which of your activities were income-producing activities
- 900.160 What this Subdivision is about
- 900.165 The retention period
- 900.170 Extending the retention period if an expense is disputed
- 900.175 Commissioner may tell you to produce your records
- 900.180 How to comply with a notice
- 900.185 What happens if you don't comply
- 900.195 Commissioner's discretion to review failure to substantiate
- 900.200 Reasonable expectation that substantiation would not be required
- 900.205 What if your documents are lost or destroyed?
- 900.210 What this Subdivision is about
- 900.215 Deducting an expense related to an award transport payment
- 900.220 Definition of
- 900.225 Substituted industrial instruments
- 900.230 Changes to industrial instruments applied for before 29 October 1986
- 900.235 Changes to industrial instruments solely referable to matters in the instrument
- 900.240 Deducting in anticipation of receiving award transport payment
- 900.245 Effect of exception in this Subdivision on exception for small total of expenses
- 900.250 Effect of exception in this Subdivision on methods of calculating car expense deductions
PART 5-35----MISCELLANEOUS
DIVISION 905--OffencesCHAPTER 6--The Dictionary
PART 6-1--CONCEPTS AND TOPICS
DIVISION 950--Rules for interpreting this Act- 950.100 What forms part of this Act
- 950.105 What doesform part of this Act
- 950.150 Guides, and their role in interpreting this Act DIVISION 960--General
- 960.20 Utilisation
- 960.49 Objects of this Subdivision
- 960.50 Translation of amounts into Australian currency
- 960.55 Application of translation rules
- 960.56 What this Subdivision is about
- 960.59 Object of this Subdivision
- 960.60 You may choose a functional currency
- 960.61 Functional currency for calculating capital gains and losses on indirect Australian real property interests
- 960.65 Backdated startup choice
- 960.70 What is the?
- 960.75 What is a?
- 960.80 Translation rules
- 960.85 Special rule about translation--events that happened before the current choice took effect
- 960.90 Withdrawal of choice
- 960.100 Entities
- 960.105 Certain entities treated as agents
- 960.115 Meaning of
- 960.120 Meaning of
- 960.130 Members of entities
- 960.135 Membership interest in an entity
- 960.140 Ordinary membership interest
- 960.180 Total participation interest
- 960.185 Indirect participation interest
- 960.190 Direct participation interest
- 960.195 Non-portfolio interest test
- 960.220 Meaning of
- 960.225 Abnormal trading
- 960.230 Abnormal trading--5% of shares or units in one transaction
- 960.235 Abnormal trading--suspected 5% of shares or units in a series of transactions
- 960.240 Abnormal trading--suspected acquisition or merger
- 960.245 Abnormal trading--20% of shares or units traded over 60 day period
- 960.250 What this Subdivision is about
- 960.252 Object of this Subdivision
- 960.255 Family relationships
- 960.260 What this Subdivision is about
- 960.265 The provisions for which indexation is relevant
- 960.270 Indexing amounts
- 960.275
- 960.280
- 960.285 Indexation--superannuation and employment termination
- 960.290 Indexation--levy threshold for the major bank levy
- 960.400 What this Subdivision is about
- 960.405 Effect of GST on market value of an asset
- 960.410 Market value of non-cash benefits
- 960.412 Working out market value using an approved method
- 960.415 Amounts that depend on market value
- 960.500 What this Subdivision is about
- 960.505 Meaning of Australia
- 960.550 What this Subdivision is about
- 960.555 Meaning of
- 960.560 Meaning of
- 960.565 Meaning of
- 960.570 Meaning of
- 960.575 Meaning of DIVISION 961--Notional tax offsets
- 961.1 What this Subdivision is about
- 961.5 Who is entitled to the notional tax offset
- 961.10 Amount of the dependant (non-student child under 21 or student) notional tax offset
- 961.15 Reduced amounts of the dependant (non-student child under 21 or student) notional tax offset
- 961.20 Reductions to take account of the dependant's income
- 961.50 What this Subdivision is about
- 961.55 Who is entitled to the notional tax offset
- 961.60 Amount of the dependant (sole parent of a non-student child under 21 or student) notional tax offset
- 961.65 Reductions to take account of change in circumstances DIVISION 974--Debt and equity interests
- 974.1 What this Division is about
- 974.5 Overview of Division
- 974.10 Object
- 974.15 Meaning of
- 974.20 The test for a debt interest
- 974.25 Exceptions to the debt test
- 974.30 Providing a financial benefit
- 974.35 Valuation of financial benefits--general rules
- 974.40 Valuation of financial benefits--rights and options to terminate early
- 974.45 Valuation of financial benefits--convertible interests
- 974.50 Valuation of financial benefits--value in present value terms
- 974.55 The debt interest and its issue
- 974.60 Debt interest arising out of obligations owed by a number of entities
- 974.65 Commissioner's power
- 974.70 Meaning ofin a company
- 974.75 The test for an equity interest
- 974.80 Equity interest arising from arrangement funding return through connected entities
- 974.85 Right or return contingent on aspects of economic performance
- 974.90 Right or return at discretion of company or connected entity
- 974.95 The equity interest
- 974.100 Treatment of convertible and converting interests
- 974.105 Effect of action taken in relation to interest arising from related schemes
- 974.110 Effect of material change
- 974.112 Determinations by Commissioner
- 974.115 Meaning of
- 974.120 Meaning of
- 974.125 Meaning of
- 974.130 Financing arrangement
- 974.135 Effectively non-contingent obligation
- 974.140 Ordinary debt interest
- 974.145 Benchmark rate of return
- 974.150 Schemes
- 974.155 Related schemes
- 974.160 Financial benefit
- 974.165 Convertible and converting interests DIVISION 975--Concepts about companies
- 975.150 in relation to a company
- 975.155 When is an entity aof a company?
- 975.160 When an entity has an
- 975.300 Meaning of
- 975.500 Wholly-owned groups
- 975.505 What is a 100% subsidiary? DIVISION 976--Imputation
- 976.1 Franked part of a distribution
- 976.5 Unfranked part of a distribution
- 976.10 The part of a distribution that is franked with an exempting credit
- 976.15 The part of a distribution that is franked with a venture capital credit DIVISION 977--Realisation events, and the gains and losses they realise for income tax purposes
- 977.5 Realisation event
- 977.10 Loss realised for income tax purposes
- 977.15 Gain realised for income tax purposes
- 977.20 Realisation event
- 977.25 Disposal of trading stock: loss realised for income tax purposes
- 977.30 Ending of an income year: loss realised for income tax purposes
- 977.35 Disposal of trading stock: gain realised for income tax purposes
- 977.40 Ending of an income year: gain realised for income tax purposes
- 977.50 Meaning of
- 977.55 Loss or gain realised for income tax purposes DIVISION 980--Affordable housing
- 980.1 What this Division is about
- 980.5 Providing affordable housing
- 980.10 Eligible community housing providers
- 980.15 Affordable housing certificates