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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 and foreign investment funds

 

 

 

avoidance of tax

 

 

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

177F

 

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

121H

 

profits shifted out of Australia ............................................

136AD, 136AE

 

see also transfers of income

 

 

bad debts

 

 

see recoupment

 

 

balancing adjustment

 

 

see capital allowances , industrial property , investments , research & development , scientific research and tax exempt entities

 

 

banking

 

 

offshore banking activities, income from ...........................

121EG(1)

 

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

 

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

 

 

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

393‑1 of Schedule 2G

 

FIFs

 

 

see foreign investment funds

 

 

films

 

 

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

26AG

 

foreign exchange

 

 

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

775‑15

 

see also recoupment

 

 

foreign investment funds (FIFs)

 

 

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

529

 

see also taxes

 

 

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

 

 

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

321‑45 of Schedule 2J

 

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

321‑10 and 323‑5 of Schedule 2J

 

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

321‑50 of Schedule 2J

 

grapevines

 

 

see recoupment

 

 

horticultural plants

 

 

see recoupment

 

 

improvements

 

 

see leases

 

 

imputation

 

 

see dividends

 

 

indemnity

 

 

see compensation and recoupment

 

 

industrial property

 

 

consideration for disposal of unit relating to copyright in Australian film...................................................................


124P

 

see also intellectual property and research and development

 

 

infrastructure borrowings

 

 

see interest

 

 

insurance

 

 

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

26AH , 15‑75

 

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

121AT

 

foreign life assurance policy ................................................

529

 

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

 

 

infrastructure borrowings, on ..............................................

159GZZZZG

 

loans raised in Australia by foreign governments, on .....

27

 

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

15‑35

 

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

159GQ, 159GW(1)

 

see also co‑operative companies and leases

 

 

investments

 

 

non‑interest bearing Commonwealth securities, gains on disposal or redemption of ...............................................


26C

 

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

Schedule 2E (42A‑35(1))

 

adjustment amounts (lessee).................................................

Schedule 2E (42A‑70(2))

 

adjustment amounts (lessor).................................................

Schedule 2E (42A‑65(2))

 

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

Schedule 2E (42A‑35(3))

 

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

Schedule 2E (42A‑35(2))

 

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

 

 

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)