Commonwealth Consolidated ActsThe 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.
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................................................................................................... |
15‑5 |
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alienated personal services income |
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................................................................................................... |
86‑15 |
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allowances |
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see employment |
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annual leave |
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see leave payments |
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annuities |
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................................................................................................... |
27H |
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approved deposit fund (ADFs) |
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see superannuation |
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see controlled foreign corporations and foreign investment funds
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avoidance of tax |
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general ..................................................................................... |
177F |
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diversion of income ................................................................ |
121H |
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profits shifted out of Australia ............................................ |
136AD, 136AE |
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see also transfers of income |
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bad debts |
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see recoupment |
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balancing adjustment |
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see capital allowances , industrial property , investments , research & development , scientific research and tax exempt entities |
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banking |
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offshore banking activities, income from ........................... |
121EG(1) |
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offshore banking unit, deemed interest on payments to by owner ........................................................................... |
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barter transactions |
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................................................................................................... |
21, 21A, 15‑2 |
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beneficiaries |
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see trusts |
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benefits |
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business, non‑cash ................................................................ |
21A |
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consideration, non‑cash ....................................................... |
21 |
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meals you provide in an in‑house dining facility .............. |
32‑70 |
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see also employment and superannuation |
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bonus shares |
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see shares |
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bounties |
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................................................................................................... |
15‑10 |
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excess of termination value over adjustable value |
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generally................................................................ |
40‑285 |
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for some cars......................................................... |
40‑370 |
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depreciating asset in low‑value pool................................... |
40‑445(2) |
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expenditure in software development pool......................... |
40‑460 |
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recovery of petroleum resource rent tax.............................. |
40‑750(3) |
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................................................................................................... |
102‑5 |
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see also insurance |
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cents per kilometres reimbursement of ............................... |
15‑70 |
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carried interests, not ordinary income................................. |
118‑21 |
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CFCs |
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see controlled foreign corporations |
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charters |
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see shipping |
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non‑trust income of, unearned ............................................. |
102AE |
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trust income of, unearned ..................................................... |
102AG |
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see controlled foreign corporations , co‑operative company , directors , dividends , liquidation , shareholders and shares |
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compensation |
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live stock or trees, recoveries for loss of ............................ |
385‑130 |
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profits or income, insurance or indemnity for loss of........ |
15‑30 |
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received by lessor for lessee's non‑compliance with lease obligation to repair................................................. |
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trading stock, insurance or indemnity for loss of ............. |
70‑115 |
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see also insurance , live stock , recoupment and scientific research |
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consideration |
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see benefits |
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Assets in relation to Division 230 financial arrangement. |
701‑61(3) |
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controlled foreign corporations (CFCs) |
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attributable income of ............................................................ |
456 to 459A |
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see also dividends and taxes |
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co‑operative company |
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receipts of ................................................................................ |
119 |
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credit union |
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see co‑operative company |
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currency gains |
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see foreign exchange |
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currency losses |
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see recoupment |
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death |
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see trusts |
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debt/equity swap |
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see shares and units |
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defence forces |
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allowances and benefits for service as a member of ......... |
15‑2 |
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depreciation |
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see capital allowances |
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directors |
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excessive remuneration or retirement payment from company ............................................................................ |
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distributions |
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see dividends |
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benefit of LIC capital gain through a trust or partnership ............................................................................................. |
115‑280 |
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general ..................................................................................... |
44(1) |
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distribution from a controlled foreign corporation ........... |
47A(1) |
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franked dividends, credits on................................................ |
207‑20(1), 207‑35(1), 207‑35(3) |
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see also liquidation |
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elections |
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local government, reimbursement of expenses of.............. |
25‑65 |
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see also recoupment |
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electricity connections |
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see recoupment |
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employees |
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see shares |
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employment |
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allowances and benefits in relation to employment or rendering services ........................................................... |
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employment termination payment ....................................... |
82‑10 |
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other payments for employment termination ..................... |
83‑295 |
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return to work payments ....................................................... |
15‑3 |
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see accrued leave transfer payments, leave payments , superannuation and sections 82‑10A and 82‑10C of the Income Tax (Transitional Provisions) Act 1997 |
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environment |
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see recoupment |
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repayments of ......................................................................... |
393‑1 of Schedule 2G |
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FIFs |
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Australian, proceeds of investment in ................................ |
26AG |
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gains from................................................................................. |
230‑15(1) |
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first home saver accounts |
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employer FHSA contributions etc........................................ |
15‑80 |
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foreign exchange |
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gains ......................................................................................... |
775‑15 |
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see also recoupment |
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foreign investment funds (FIFs) |
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attributable income of ............................................................ |
529 |
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see also taxes |
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forestry agreement |
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amount where section 82KZMG of the 1936 Act applies. |
15‑45 |
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CGT event in relation to forestry interest in agreement .... |
82KZMGB |
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forestry manager's receipts under scheme......................... |
15‑46 |
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CGT event in relation to forestry interest in scheme for initial participant ............................................................... |
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CGT event in relation to forestry interest in scheme for subsequent participant .................................................... |
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franked dividends |
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see dividends |
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benefit under............................................................................ |
15‑55 |
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general insurance |
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gross premiums....................................................................... |
321‑45 of Schedule 2J |
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reduction in value of outstanding claims liability.............. |
321‑10 and 323‑5 of Schedule 2J |
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reduction in value of unearned premium reserve............... |
321‑50 of Schedule 2J |
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grapevines |
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see recoupment |
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see recoupment |
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improvements |
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see leases |
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imputation |
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see dividends |
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indemnity |
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see compensation and recoupment |
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industrial property |
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consideration for disposal of unit relating to copyright in Australian film................................................................... |
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see also intellectual property and research and development |
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infrastructure borrowings |
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see interest |
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insurance |
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bonuses ................................................................................... |
26AH , 15‑75 |
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company, demutualisation of ............................................... |
121AT |
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foreign life assurance policy ................................................ |
529 |
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life insurance, transfer of contributions by superannuation fund or approved deposit fund to .... |
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payments
from a non‑resident reinsurer in respect |
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premiums in respect of Australian business received by non‑resident insurers ...................................................... |
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premiums paid to a non‑resident for reinsurance .............. |
148 |
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premiums paid to mutual insurance association ............... |
121 |
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premiums payable to a non‑resident for insurance of property in Australia ....................................................... |
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premiums payable to a non‑resident for insuring an event that can only happen in Australia ...................... |
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premiums payable to a non‑resident under an insurance contract with a resident .................................................. |
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rebates and premiums refunded to a superannuation fund trustee ................................................................................. |
295‑320 (table item 4) |
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see also compensation , life insurance companies and recoupment |
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infrastructure borrowings, on .............................................. |
159GZZZZG |
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loans raised in Australia by foreign governments, on ..... |
27 |
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overpaid tax, on ...................................................................... |
15‑35 |
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qualifying securities, on ........................................................ |
159GQ, 159GW(1) |
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see also co‑operative companies and leases |
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investments |
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non‑interest bearing Commonwealth securities, gains on disposal or redemption of ............................................... |
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prizes from investment‑related lotteries .............................. |
26AJ |
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qualifying securities, payments to partial residents made under .................................................................................. |
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qualifying securities, amount assessable to issuer of ...... |
159GT(1B) |
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qualifying securities, balancing adjustment on the transfer of .......................................................................... |
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securities, variation in terms of ............................................ |
159GV(2) |
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securities lending arrangements .......................................... |
26BC |
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traditional securities, gains on the disposal or redemption of ................................................................... |
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see recoupment |
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leased plant .......................................................................................... |
Division 45 |
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leases |
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amounts received by lessor from lessee for non‑compliance with lease obligation to repair........... |
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interest component of payments under non‑leveraged finance leases ................................................................... |
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partnership leasing property under non‑leveraged finance lease, new partner or contribution of capital since 14 May 1985 ........................................................... |
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premiums relating to assignment of a lease granted before 20 September 1985 ................................................ |
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profit on disposal of previously leased motor vehicles ... |
Subdivision 20‑B |
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leases of luxury cars |
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accrual amounts...................................................................... |
Schedule 2E (42A‑35(1)) |
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adjustment amounts (lessee)................................................. |
Schedule 2E (42A‑70(2)) |
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adjustment amounts (lessor)................................................. |
Schedule 2E (42A‑65(2)) |
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profit on actual sale................................................................ |
Schedule 2E (42A‑35(3)) |
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profit on notional sale............................................................ |
Schedule 2E (42A‑35(2)) |
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leave payments |
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accrued leave transfer payment ........................................... |
15‑5 |
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unused annual leave payment ............................................. |
83‑10 |
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unused long service leave payment .................................... |
83‑80 |
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see employment |
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life insurance companies |
Subdivision 320‑B |
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excessive deduction amount (debtor).................................. |
243‑40 |
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excessive deduction amount (partner)................................. |
243‑65 |
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liquidation |
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distribution to a shareholder in winding up a company... |
47(1) |
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live stock |
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death or destruction of .......................................................... |
Subdivision 385‑E |
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departing Australia and ........................................................ |
385‑160, 385‑163 |
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insolvency, and ...................................................................... |
385‑160, 385‑163 |
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profits on death or disposal of ............................................. |
Subdivision 385‑E, 385‑160 |
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see also compensation and trading stock |
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long service leave |
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see leave payments |
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losses |
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see compensation |
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lotteries |
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see investments |
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meals |
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see benefits |
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Mining |
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providing mining, quarrying or prospecting information |
15‑40 |
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minors |
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see child |
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mutual insurance |
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see insurance |
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non‑cash benefits |
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see benefits and employment |
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notional sales and loans |
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adjustment amounts (lessee)................................................. |
240‑110(2) |
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adjustment amounts (lessor)................................................. |
240‑105(2) |
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notional interest...................................................................... |
240‑35(1) |
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profit on actual sale................................................................ |
240‑35(3) |
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profit on notional sale............................................................ |
240‑35(2) |
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see banking |
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net income of, partner's interest in ...................................... |
92(1) |
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uncontrolled partnership income, effect of ........................ |
94 |
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see also leases |
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payments by copyright collecting societies....................... |
15‑22 |
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resource rent tax, recovery of ............................................... |
20‑30(1) |
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see also capital allowances |
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premiums |
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see insurance , leases and superannuation |
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primary production |
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see recoupment |
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prizes |
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see investments |
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profit‑making undertaking or plan........................................ |
15‑15 |
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sale of property acquired before 20 September 1985 for profit‑making by sale........................................................ |
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see also avoidance of tax |
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Project pools |
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An amount received for the abandonment, sale or other disposal of a project......................................................... |
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property |
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see profits and trusts |
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quarrying |
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see mining and recoupment |
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rates |
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see recoupment |
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insurance
or indemnity for deductible losses or |
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other recoupment for certain deductible losses or outgoings........................................................................... |
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see also car expenses , compensation , elections and petroleum |
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reimbursements |
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see car expenses , dividends , elections , first home saver accounts, petroleum and recoupment |
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reinsurance |
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see insurance |
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research & development |
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consideration for loss or disposal etc. of plant, assets or buildings used for ............................................................ |
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return on .................................................................................. |
73B(27A), (27C), 73BF(4), (6) , 73BM(4), (6) |
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transferee of property used for, effect of disposal etc. or change of use by ............................................................. |
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residual value |
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see industrial property |
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retirement payments |
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see directors , leave payments and shareholders |
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rights to income |
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see transfers of income |
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roads |
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see timber |
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royalties |
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................................................................................................... |
15‑20 |
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see avoidance of tax |
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benefit under............................................................................ |
15‑60 |
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scientific research |
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consideration for disposal or destruction of buildings acquired for scientific research ...................................... |
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securities |
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see investments |
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services |
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see co‑operative companies , employment , loans and trusts |
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excessive remuneration or retirement payment from company ............................................................................ |
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loans, payments and credits from company ...................... |
Division 7A of Part III |
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see also dividends |
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acquired in a debt/equity swap, profit on the disposal cancellation or redemption of ........................................ |
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bonus shares, cost of ............................................................ |
6BA |
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buy‑backs ................................................................................ |
159GZZZJ to 159GZZZT |
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employee share acquisition schemes .................................. |
26AAC, 139 to 139GH |
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holding company shares held by a subsidiary, cancellation of .................................................................. |
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small‑medium enterprise, profit on disposal of shares in . |
128TG to 128TL |
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see also dividends |
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shipping |
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goods shipped in Australia , amounts paid to foreign shipowners and charterers for ....................................... |
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small‑medium enterprises (SMEs) |
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see shares |
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subsidies |
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................................................................................................... |
15‑10 |
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sugar industry exit grants |
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................................................................................................... |
15‑65 |
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superannuation |
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benefits generally ................................................................... |
Divisions 301 to 306 |
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benefits in breach of legislative requirements ................... |
Division 304 |
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benefits received from older superannuation funds ......... |
26AF, 26AFA |
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complying fund becomes non‑complying, effect of ......... |
295‑320 (table item 2) |
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contributions to an approved deposit fund ....................... |
Subdivisions 295‑C and 295‑D |
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contributions to an RSA ....................................................... |
Subdivision 295‑C |
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contributions to a superannuation fund ............................ |
Subdivisions 295‑C and 295‑D |
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death benefits ......................................................................... |
302‑75 |
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foreign superannuation funds and schemes, benefits from .................................................................................... |
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member benefits ..................................................................... |
301‑20 |
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foreign fund becoming Australian, effect of ...................... |
295‑320 (table item 3) |
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no‑TFN contributions income .............................................. |
295‑605 |
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returned contributions .......................................................... |
290‑100 |
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trustee's liability to pay tax .................................................. |
295‑5(2) and (3) |
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see insurance |
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tax avoidance |
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see avoidance of tax and transfers of income |
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tax exempt entities |
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treatment of income and gains on becoming taxable ........ |
Schedule 2D |
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taxes |
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see dividends , foreign investment funds , interest and recoupment |
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termination of employment |
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see directors , eligible termination payments , leave payments and shareholders |
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theft |
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see recoupment |
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change in interests in ............................................................ |
70‑100 |
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death of trader and ................................................................. |
70‑105 |
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difference between opening and closing value of ............ |
70‑35 |
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disposal not at arm's length.................................................. |
70‑20 |
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disposal of outside ordinary course of business .............. |
70‑90, 70‑95 |
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see also compensation and tax exempt entities |
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transfers of income |
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consideration for transfer of right to income ..................... |
102CA |
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payments for transfer or disposal of property ................... |
262 |
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transferee, effect on of transfer of right to income ........... |
102C |
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transferor, effect on of transfer of right to income ............ |
102B |
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trusts |
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beneficiary under legal disability or with a vested and indefeasible interest in trust income ............................. |
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deceased estates, income of ................................................. |
101A |
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discretionary trusts ................................................................ |
101 |
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97, 101 |
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non‑resident beneficiaries, liability to tax of ...................... |
98A |
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non‑resident trust estates to which you have transferred property or services, income of ..................................... |
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property of applied for benefit of beneficiaries ................. |
99B |
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trust estate includes income from another trust estate |
94(5) |
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trustees' liability to tax........................................................... |
98, 99, 99A, 102, 102K, 102S |
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see also avoidance of tax and superannuation |
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unearned income |
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see child |
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units |
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acquired in a debt/equity swap, profit on the disposal, cancellation or redemption of ........................................ |
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water conservation |
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see recoupment |
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winding‑up |
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see insurance and liquidation |
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wool clips |
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double wool clips, treatment of ............................................ |
385‑135, 385‑155 |
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work in progress |
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receipt of a work in progress amount .................................. |
15‑50 |
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Table of Subdivisions 11‑A Lists of classes of exempt income 11‑B Particular kinds off
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 11‑10 Ordinary or
statutory income which is exempt, no matter whose it is 11‑15 Ordinary or
statutory income which is exempt only if it is derived by certain entities
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