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INCOME TAX ASSESSMENT ACT 1997 - SECT 10.5 List of provisions about assessable income

INCOME TAX ASSESSMENT ACT 1997 - SECT 10.5

List of provisions about assessable income

    The provisions set out in the table:

  • include in your assessable income amounts that are not * ordinary income; and
  • vary or replace the rules that would otherwise apply for certain kinds of * ordinary income.

Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936.

 

Accrued leave transfer payments

 

  ....................................

15 - 5

alienated personal services income

 

  ....................................

86 - 15

allowances

 

see employment

 

annual leave

 

see leave payments

 

annuities

 

  ....................................

27H

approved deposit fund (ADFs)

 

see superannuation

 

attributable income

 

see controlled foreign corporations

 

avoidance of tax

 

general .................................

177F

diversion of income .........................

121H

see also transfers of income

 

bad debts

 

see recoupment

 

balancing adjustment

 

see capital allowances , investments , R&D , scientific research and tax exempt entities

 

banking

 

offshore banking unit, deemed interest on payments to by owner  


121EK

barter transactions

 

.......... ..................................

21, 21A, 15 - 2

beneficiaries

 

see trusts

 

benefits

 

business, non - cash ...................

21A

consideration, non - cash ................

21

meals you provide in an in - house dining facility  

32 - 70

see also employment and superannuation

 

bonus shares

 

see shares

 

bounties

 

.......... ..................................

15 - 10

capital allowances

 

excess of termination value over adjustable value

 

generally .........................

40 - 285

for some cars ......................

40 - 370

depreciating asset in low - value pool ........

40 - 445(2)

expenditure in software development pool ..........

40 - 460

recovery of petroleum resource rent tax ............

40 - 750(3)

capital gains

 

  ....................................

102 - 5

see also insurance

 

car expenses

 

cents per kilometres reimbursement of ............

15 - 70

carried interests

 

carried interests, not ordinary income .............

118 - 21

CFCs

 

see controlled foreign corporations

 

charters

 

see shipping

 

child

 

non - trust income of, unearned ............

102AE

trust income of, unearned .....................

102AG

collecting societies

 

payments of royalties by copyright collecting societies ..

15 - 22

payments of royalties by resale royalty collecting society  


15 - 23

company

 

see controlled foreign corporations , co - operative company , directors , dividends , liquidation , shareholders and shares

 

compensation

 

live stock or trees, recoveries for loss of ...........

385 - 130

profits or income, insurance or indemnity for loss of ....

15 - 30

received by lessor for lessee's non - compliance with lease obligation to repair              


15 - 25

trading stock, insurance or indemnity for loss of ......

70 - 115

see also insurance , live stock , recoupment and scientific research

 

consideration

 

see benefits

 

consolidated groups and MEC groups

 

Assets in relation to Division   230 financial arrangement .


701 - 61(3)

controlled foreign corporations (CFCs)

 

attributable income of .......................

456 to 459A

see also dividends and taxes

 

co - operative company

 

receipts of ...............................

119

credit union

 

see co - operative company

 

currency gains

 

see foreign exchange

 

currency losses

 

see recoupment

 

death

 

see trusts

 

debt/equity swap

 

see shares and units

 

defence forces

 

allowances and benefits for service as a member of ....

15 - 2

depreciation

 

see capital allowances

 

directors

 

excessive remuneration or retirement payment from company  


109

distributions

 

see dividends

 

dividends

 

benefit of LIC capital gain through a trust or partnership .

115 - 280

general .................................

44(1)

distribution from a controlled foreign corporation .....

47A(1)

franked dividends, credits on ...................

207 - 20(1), 207 - 35(1), 207 - 35(3)

see also liquidation

 

elections

 

local government, reimbursement of expenses of ......

25 - 65

see also recoupment

 

electricity connections

 

see recoupment

 

employees

 

see shares

 

employment

 

allowances and benefits in relation to employment or rendering services  


15 - 2

employment termination payment ...............

82 - 10
82 - 65
82 - 70

other payments for employment termination .........

83 - 295

return to work payments ......................

15 - 3

see accrued leave transfer payments, leave payments , superannuation and sections   82 - 10A and 82 - 10C of the Income Tax (Transitional Provisions) Act 1997

 

environment

 

see recoupment

 

farm management deposits

 

repayments of ............................

393 - 10

films

 

Australian, proceeds of investment in .............

26AG

financial arrangements

 

gains from ...............................

230 - 15(1)

foreign exchange

 

gains ..................................

775 - 15

see also recoupment

 

foreign income tax deduction for franked distributions

 

Additional Tier 1 capital exception ...............

15 - 80

forestry agreement

 

amount where section   82KZMG of the 1936 Act applies .

15 - 45

CGT event in relation to forestry interest in agreement ..

82KZMGB

forestry managed investment schemes

 

forestry manager's receipts under scheme ...........

15 - 46

CGT event in relation to forestry interest in scheme for initial participant  


394 - 25(2)

CGT event in relation to forestry interest in scheme for subsequent participant              


394 - 30(2)

franked dividends

 

see dividends

 

funeral policy

 

benefit under ..............................

15 - 55

general insurance companies and companies that self insure

 

gross premiums ............................

321 - 45

reduction in value of outstanding claims liability ......

321 - 10 and 321 - 80

reduction in value of unearned premium reserve ......

321 - 50

geothermal energy

 

providing geothermal exploration information .......

15 - 40

grapevines

 

see recoupment

 

horticultural plants

 

see recoupment

 

improvements

 

see leases

 

imputation

 

see dividends

 

indemnity

 

see compensation and recoupment

 

insurance

 

bonuses .................................

26AH , 15 - 75

company, demutualisation of ...................

121AT

life insurance, transfer of contributions by superannuation fund or approved deposit fund to              


295 - 260

payments from a non - resident reinsurer in respect
of a loss ..............................


148

premiums in respect of Australian business received by non - resident insurers              


143

premiums paid to a non - resident for reinsurance  

148

premiums paid to mutual insurance association .......

121

premiums payable to a non - resident for insurance of property in Australia              


142(1)

premiums payable to a non - resident for insuring an event that can only happen in Australia              


142(1)

premiums payable to a non - resident under an insurance contract with a resident              


142(2)

rebates and premiums refunded to a superannuation fund trustee  


295 - 320 (table item   4)

see also compensation , life insurance companies and recoupment

 

interest

 

overpaid tax, on ...........................

15 - 35

qualifying securities, on ......................

159GQ, 159GW(1)

see also co - operative companies and leases

 

investments

 

prizes from investment - related lotteries ......

26AJ

qualifying securities, payments to partial residents made under  


159GW(2)

qualifying securities, amount assessable to issuer of ....

159GT(1B)

qualifying securities, balancing adjustment on the transfer of  


159GS

securities, variation in terms of .................

159GV(2)

securities lending arrangements .................

26BC

traditional securities, gains on the disposal or redemption of  


26BB

see also films and interest

 

landcare operations

 

see recoupment

 

leased plant ..................................

Division   45

leases

 

amounts received by lessor from lessee for non - compliance with lease obligation to repair              


15 - 25

interest component of payments under non - leveraged finance leases              


159GK

partnership leasing property under non - leveraged finance lease, new partner or contribution of capital since 14   May 1985              



159GO

premiums relating to assignment of a lease granted before 20   September 1985              


26AB

profit on disposal of previously leased motor vehicles ..

Subdivision   20 - B

leases of luxury cars

 

accrual amounts ...........................

242 - 35

adjustment amounts (lessee)

242 - 70

adjustment amounts (lessor)

242 - 65

leave payments

 

accrued leave transfer payment .................

15 - 5

unused annual leave payment .......... ..............

83 - 10

unused long service leave payment ...............

83 - 80

see employment

 

life insurance companies

Subdivision   320 - B

limited recourse debt

 

excessive deduction amount (debtor)

243 - 40

excessive deduction amount (partner)

243 - 65

liquidation

 

distribution to a shareholder in winding up a company ..

47(1)

live stock

 

death or destruction of .......................

Subdivision   385 - E

departing Australia and ......................

385 - 160, 385 - 163

insolvency, and ...........................

385 - 160, 385 - 163

profits on death or disposal of ..................

Subdivision   385 - E, 385 - 160

see also compensation and trading stock

 

long service leave

 

see leave payments

 

losses

 

see compensation

 

lotteries

 

see investments

 

managed investment trusts

 

gains etc. from carried interests .................

275 - 200(2)

meals

 

see benefits

 

Mining

 

providing mining, quarrying or prospecting information .


15 - 40

minors

 

see child

 

motor vehicles

 

see car expenses and leases

 

mutual insurance

 

see insurance

 

non - cash benefits

 

see benefits and employment

 

notional sales and loans

 

adjustment amounts (lessee)

240 - 110(2)

adjustment amounts (lessor)

240 - 105(2)

notional interest ............................

240 - 35(1)

profit on actual sale .........................

240 - 35(3)

profit on notional sale ........................

240 - 35(2)

offshore banking units

 

see banking

 

partnerships

 

net income of, partner's interest in ...............

92(1)

uncontrolled partnership income, effect of ..........

94

see also leases

 

petroleum

 

resource rent tax, recovery of ..................

20 - 30(1)

see also capital allowances

 

premiums

 

see insurance , leases and superannuation

 

primary production

 

see recoupment

 

prizes

 

see investments

 

profits

 

cross - border transfer pricing .............

815 - 30

profit - making undertaking or plan ..........

15 - 15

sale of property acquired before 20   September 1985 for profit - making by sale              


25A

see also avoidance of tax

 

Project pools

 

An amount received for the abandonment, sale or other disposal of a project              


40 - 830, 40 - 832

property

 

see profits and trusts

 

quarrying

 

see mining and recoupment

 

R&D

 

balancing adjustment ........................

40 - 292, 40 - 293, 355 - 315 and 355 - 525

disposal of R&D results ......................

355 - 410

recoupments and feedstock adjustments ...........

355 - 450

rates

 

see recoupment

 

recoupment

 

insurance or indemnity for deductible losses or
outgoings .............................


Subdivision   20 - A

other recoupment for certain deductible losses or outgoings  


Subdivision   20 - A

see also car expenses , compensation , elections and petroleum

 

registered emissions units

 

disposal of ...............................

420 - 25

disposal for a non - commercial purpose.......... ..

420 - 40

difference between opening and closing value of ......

420 - 45

reimbursements

 

see car expenses , dividends , elections , petroleum and recoupment

 

reinsurance

 

see insurance

 

retirement payments

 

see directors , leave payments and shareholders

 

rights to income

 

see transfers of income

 

roads

 

see timber

 

royalties

 

.......... ..................................

15 - 20

schemes

 

see avoidance of tax

 

scholarship plan

 

benefit under ..............................

15 - 60

scientific research

 

consideration for disposal or destruction of buildings acquired for scientific research              


73A(4)

securities

 

see span style="font-family:'Times New Roman', serif; font-style:italic">investments

 

services

 

see co - operative companies , employment , loans and trusts

 

shareholders

 

excessive remuneration or retirement payment from company  


109

loans, payments and credits from company .........

Division   7A of Part   III

see also dividends

 

shares

 

acquired in a debt/equity swap, profit on the disposal cancellation or redemption of              


63E(4)

bonus shares, cost of ........................

6BA

buy - backs .........................

159GZZZJ to 159GZZZT

employee share schemes .....................

Subdivisions
83A - B and 83A - C

holding company shares held by a subsidiary, cancellation of  


159GZZZC to 159GZZZI

see also dividends

 

shipping

 

goods shipped in Australia, amounts paid to foreign shipowners and charterers for              


129

subsidies

 

.......... ..................................

15 - 10

superannuation

 

associated earnings on non - concessional contributions  

Subdivision   292 - B

benefits generally ..........................

Divisions   301 to 306

benefits in breach of legislative requirements ........

Division   304

benefits received from older superannuation funds ....

26AF, 26AFA

complying fund becomes non - complying, effect of  

295 - 320 (table item   2)

contributions to an approved deposit fund ..........

Subdivisions   295 - C and 295 - D

contributions to an RSA ......................

Subdivision   295 - C

contributions to a superannuation fund ............

Subdivisions
295 - C and 295 - D

death benefits .............................

302 - 75
302 - 85
302 - 90
302 - 145

excess concessional contributions ................

291 - 15(a)

first home super saver scheme ..................

313 - 20

foreign superannuation funds and schemes, benefits from  


305 - 70

member benefits ...........................

301 - 20
301 - 25
301 - 35
301 - 40
Subdivision   301 - C

foreign fund becoming Australian, effect of .........

295 - 320 (table item   3)

no - TFN contributions income ............

295 - 605

release authorities, payments from ...............

304 - 20

returned contributions .......................

290 - 100

trustee's liability to pay tax ....................

295 - 5(2) and (3)

see insurance

 

tax avoidance

 

see avoidance of tax and transfers of income

 

tax exempt entities

 

treatment of income and gains on becoming taxable ....

Schedule   2D

taxes

 

see dividends , foreign investment funds , interest and recoupment

 

termination of employment

 

see directors , eligible termination payments , leave payments and shareholders

 

theft

 

see recoupment

 

trading stock

 

change in interests in ........................

70 - 100

death of trader and .........................

70 - 105

difference between opening and closing value of ......

70 - 35

disposal not at arm's length ....................

70 - 20

disposal of outside ordinary course of business .......

70 - 90, 70 - 95

see also compensation and tax exempt entities

 

transfer pricing

 

arm's length principle for cross - border conditions between entities              


Subdivision   815 - B

arm's length principle for permanent establishments ....

Subdivision   815 - C

transfers of income

 

consideration for transfer of right to income .........

102CA

payments for transfer or disposal of property ........

262

transferee, effect on of transfer of right to income .....

102C

transferor, effect on of transfer of right to income .....

102B

travel expenses

 

see car expenses

 

trusts

 

beneficiary under legal disability or with a vested and indefeasible interest in trust income              


100

deceased estates, income of ....................

101A

discretionary trusts .........................

101

net income of a trust estate, your present entitlement to

97, 101

non - resident beneficiaries, liability to tax of ...

98A

non - resident trust estates to which you have transferred property or services, income of              


102AAZD

property of applied for benefit of beneficiaries .......

99B

trust estate includes income from another trust estate

94(5)

trustees' liability to tax .......................

98, 99, 99A, 102, 102S

see also avoidance of tax and superannuation

 

unearned income

 

see child

 

units

 

acquired in a debt/equity swap, profit on the disposal, cancellation or redemption of              


63E(4)

water conservation

 

see recoupment

 

winding - up

 

see insurance and liquidation

 

wool clips

 

double wool clips, treatment of .................

385 - 135, 385 - 155

work in progress

 

receipt of a work in progress amount .............

15 - 50

Table of Subdivisions

11 - A   Lists of classes of exempt income

11 - B   Particular kinds of non - assessable non - exempt income

Table of sections

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

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