Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Act, except so far as the contrary intention appears:
4% manner has the meaning given by section 43-145.
70% DFE rule has the meaning given by section 394- 35.
95% services indirect value shift has the meaning given by section 727-700.
100% subsidiary has the meaning given by section 975- 505.
165-CC tagged asset has the meaning given by section 715-30.
170-D deferred loss has the meaning given by section 715- 310.
"AAT" means the Administrative Appeals Tribunal.
"ABN" has the meaning given by the A New Tax System (Australian Business Number) Act 1999 .
"abnormal trading" has the meaning given by Subdivision 960-H.
"Aboriginal" has the meaning given by section 128U of the Income Tax Assessment Act 1936 .
"above-average special professional income" has the meaning given by section 405-15.
"acceptable amount" of an instalment for an * instalment quarter has the meaning given by section 45-232 in Schedule 1 to the Taxation Administration Act 1953 .
"accountable membership interest" has the meaning given by section 208-30.
"accountable partial interest" has the meaning given by section 208- 35.
"accounting standards" has the same meaning as in the Corporations Act 2001 .
"accrued leave transfer payment" has the meaning given by subsection 26-10(2).
"accumulated HELP debt" has the meaning given by section 140-25 of the Higher Education Support Act 2003 .
(a) a * CGT asset: you acquire a CGT asset (in its capacity as a CGT asset) in the circumstances and at the time worked out under Division 109 (including under a provision listed in Subdivision 109‑B); and
Note: A CGT asset acquired before 20 September 1985 may be treated as having been acquired on or after that day: see, for example, Division 149.
(b) an item of * intellectual property: an entity does not acquire an item of intellectual property merely because a licence relating to a patent, design or copyright is surrendered to the entity.
"acquisition time" has the meaning given by section 58-5.
"acquisition year" has the meaning given by section 58-5.
"active asset" has the meaning given by section 152-40.
"active foreign business asset" of a company that is a foreign resident has the meaning given by section 768-540.
"active foreign business asset percentage" of a company has the meaning given by section 768-510.
(a) in a * scheme under which there is a * direct value shift, has the meaning given by subsection 725‑65(2); and
(b) in a * scheme under which there is an * indirect value shift, has the meaning given by subsection 727‑530(3).
"actuary" means a Fellow or Accredited Member of the Institute of Actuaries of Australia.
"additional investment requirements for ESVCLPs" has the meaning given by subsection 118-428(1).
"ADI" (authorised deposit-taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 .
"ADI equity capital" of an entity at a particular time means the total of the following:
(a) all the entity's * equity capital at that time; and
(b) the total value of all the * debt interests * issued by the entity that satisfy all of the following:
(i) at that time, the interests are * on issue and have been on issue for 90 days or more;
(ii) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820‑40(1)(a).
A debt interest is treated as having satisfied subparagraph (b)(i) at that time if it was on issue at that time, and the total period for which it remains on issue is 90 days or more.
(a) of a * depreciating asset, has the meaning given by section 40‑ 85; and
(ba) of an asset, for the purposes of determining the consequences of a choice under any of sections 715‑100, 715‑ 105, 715‑ 125, 715‑130 and 715‑185, has the meaning given by section 715‑145; and
(b) of an * equity or loan interest:
(i) for the purposes of determining the consequences of a * direct value shift--has the meaning given by sections 725‑ 240, 725‑ 315 and 725‑ 325; and
(ii) for the purposes of determining the consequences of an * indirect value shift--has the meaning given by sections 727‑830, 727‑ 835 and 727‑840.
"adjustable value method" means the method (for determining the effect of * indirect value shifts) for which Subdivision 727-H provides.
"adjusted assessed tax" has the meaning given by section 45-375 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted assessed taxable income" has the meaning given by section 45-370 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted available frankable profits" has the meaning given by subsection 215-25(2).
"adjusted average debt" has the meaning given by sections 820- 85, 820-120, 820-185 and 820- 225.
"adjusted average equity capital" has the meaning given by sections 820-300, 820-330, 820-589 and 820-613.
"adjusted on-lent amount" has the meaning given by sections 820-100, 820-200 and 820- 210.
"adjusted tax" on * adjusted taxable income or on * adjusted withholding income has the meaning given by section 45-340 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted taxable income" has the meaning given by sections 45-330 and 45-480 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted unrealised loss" at an * alteration time for a company has the meaning given by section 165-115U.
"adjusted withholding income" has the meaning given by sections 45-335 and 45-485 in Schedule 1 to the Taxation Administration Act 1953 .
"adopted child" of a person means someone the person has adopted:
(a) under a * State law or * Territory law about adoption of children; or
(b) under a * foreign law about adoption of children, if the adoption would be recognised as valid under a State law or Territory law.
(a) in the * losing entity for an * indirect value shift, has the meaning given by section 727‑460; or
(b) in the * gaining entity for an indirect value shift, has the meaning given by section 727‑465.
(a) of * down interests, has the meaning given by section 725‑80; and
(b) of * up interests, has the meaning given by section 725‑ 85; and
(c) for an * indirect value shift, has the meaning given by section 727‑530.
"affiliate" has the meaning given by section 328-130.
"AFOF means an " * Australian venture capital fund of funds.
"agent" : this Act applies to some entities that are not agents in the same way as it applies to agents: see section 960- 105.
"aggregated turnover" has the meaning given by section 328- 115.
"Agriculture Department" means the Department that:
(a) deals with matters arising under section 1 of the Farm Household Support Act 1992 ; and
(b) is administered by the * Agriculture Minister.
"Agriculture Minister" means the Minister administering section 1 of the Farm Household Support Act 1992 .
"Agriculture Secretary" means the Secretary of the * Agriculture Department.
"alienated personal services payment" has the meaning given by section 13-10 in Schedule 1 to the Taxation Administration Act 1953 .
"All Groups Consumer Price Index number" means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician.
"allocable cost amount" has the meaning given by section 705-60 and subsection 711-20(1).
"allocated annuity" means an * immediate annuity that satisfies the requirements of subregulation 1.05(4) of the Superannuation Industry (Supervision) Regulations.
"allocated pension" means a * current pension that satisfies the requirements of subregulation 1.06(4) of the Superannuation Industry (Supervision) Regulations.
"allowable OB deduction" has the meaning given by subsection 121EF(2) of the Income Tax Assessment Act 1936 .
(a) for a company has the meaning given by sections 165‑115L, 165‑115M, 165‑115N, 165‑115P, 165‑115Q, 715‑ 245, 715‑250 and 719‑725; and
(b) for a trust, has the meaning given by section 715‑270.
"amount" includes a nil amount.
"amount required to be withheld" by an entity from a * withholding payment means:
(a) the amount that the entity must withhold from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or
(aa) the amount that Division 13 in that Schedule requires the entity to pay to the Commissioner in respect of the * alienated personal services payment to which the withholding payment relates; or
(b) the amount that Division 14 in that Schedule requires the entity to pay to the Commissioner in respect of the * non‑cash benefit of which the withholding payment consists;
or that amount as varied by the Commissioner under section 15‑15 in the Schedule.
"amount withheld" by an entity from a * withholding payment means:
(a) an amount that the entity withheld from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or
(aa) an amount that the entity paid to the Commissioner under Division 13 in that Schedule in respect of the * alienated personal services payment to which the withholding payment relates; or
(b) an amount that the entity paid to the Commissioner under Division 14 in that Schedule in respect of the * non‑cash benefit of which the withholding payment consists.
"ancillary mining activities" has the meaning given by section 40-740.
"annual instalment component" of your * tax position has the meaning given by section 45- 610 in Schedule 1 to the Taxation Administration Act 1953 .
"annual payer" means an entity that has become an annual payer under section 45-140 in Schedule 1 to the Taxation Administration Act 1953 , and has not since ceased to be an annual payer under section 45-150 or 45- 155 or former section 45-180 in that Schedule.
"annual tax period election" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .
"annual turnover" has the meaning given by section 328-120.
(a) an annuity, within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(b) a pension, within the meaning of the Retirement Savings Accounts Act 1997 .
"annuity instrument" means an instrument that secures the grant of an annuity (whether dependent on the life of an individual or not).
"apartment building" has the meaning given by section 43- 95.
"applicable functional currency" has the meaning given by section 960-70.
"applicable fund earnings" has the meaning given by section 305-75.
"apportionable deductions" are:
(a) amounts deducted or deductible under section 25‑75 (which provides a deduction for rates and land tax); or
(b) amounts deducted or deductible under section 30‑15 because of item 1, 2, 7 or 8 in the table in that section, except amounts deducted or deductible for gifts of trading stock in cases where:
(i) the gifts are covered by section 70‑90 (which has the effect that the giver's assessable income includes the market value of the gift); and
(ii) no election has been made, or is made, under Subdivision 385‑E (which allows the giver to choose to spread the market value of a gift of live stock over the giver's assessable income for 5 income years or to reduce the amount included in the giver's assessable income by the cost of replacement live stock).
"approved child care" has the meaning given by section 61-475.
"approved child care fees" has the meaning given by section 61-490.
"approved deposit fund" has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993 .
"approved deposit fund payment" has the meaning given by section 307-5.
"approved form" has the meaning given by section 388-50 in Schedule 1 to the Taxation Administration Act 1953 .
"approved investment plan" , of an * ESVCLP, has the meaning given by subsection 13-15(2) of the Venture Capital Act 2002 .
"approved management plan" for land has the meaning given by section 40-640.
"approved occupational clothing guidelines" has the meaning given by subsection 34-55(1).
"approved stock exchange" has the meaning given by section 470 of the Income Tax Assessment Act 1936 .
"APRA" means the Australian Prudential Regulation Authority.
"arm's length" : in determining whether parties deal at arm's length , consider any connection between them and any other relevant circumstance.
"arm's length capital amount" :
(a) for an * outward investing entity (ADI)--has the meaning given by section 820‑ 315; and
(b) for an * inward investing entity (ADI)--has the meaning given by section 820‑ 410.
(a) for an * outward investing entity (non‑ADI)--has the meaning given by section 820‑ 105; and
(b) for an * inward investing entity (non‑ADI)--has the meaning given by section 820‑ 215.
"arrangement" means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings.
"arrangement payment" has the meaning given by section 240- 65.
"arrangement payment period" has the meaning given by section 240-70.
"arrangement period" for a * tax preferred use of an asset has the meaning given by section 250- 65.
"artistic support" has the meaning given by subsection 405-25(5).
"Arts Department" means the Department that:
(a) deals with matters arising under section 1 of the National Gallery Act 1975 ; and
(b) is administered by the * Arts Minister.
"Arts Minister" means the Minister administering section 1 of the National Gallery Act 1975 .
"Arts Secretary" means the Secretary of the * Arts Department.
(a) a painting, sculpture, drawing, engraving or photograph; or
(b) a reproduction of such a thing; or
(c) property of a similar description or use.
"assessable film income" has the meaning given by section 375- 805.
"assessable income" has the meaning given by sections 6-5, 6-10, 6-15, 17-10 and 17-30.
For the effect of GST‑related amounts on assessable income, see Division 17.
Note: For income years before 1997‑98, assessable income has the meaning given by section 6‑3 of the Income Tax (Transitional Provisions) Act 1997 .
"assessable non-primary production income" has the meaning given by subsection 392-85(2).
"assessable primary production income" has the meaning given by subsection 392-80(2).
"assessable professional income" has the meaning given by subsection 405-20(1).
"assessable recoupment" has the meaning given by section 20-20.
"assessment" , in relation to a * tax-related liability, has the meaning given by a * taxation law that provides for the assessment of the amount of the liability.
Note: The table lists provisions of taxation laws that define assessment .
|
Taxation laws that define assessment |
||
|
Item |
Provision |
|
|
1 |
subsection 6(1) |
|
|
5 |
subsection 136(1) |
|
|
10 |
section 2 |
|
|
15 |
section 6 |
|
|
20 |
Superannuation Contributions Tax (Assessment and Collection) Act 1997 |
section 43 |
| 57 valign=top style='width:42.5pt;border:none;border-bottom:solid windowtext 1.0pt; padding:0cm 5.35pt 0cm 5.35pt'>
25 |
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 |
section 38 |
|
30 |
Termination Payments Tax (Assessment and Collection) Act 1997 |
|
"assessment day" for an income year of a * life insurance company has the meaning given by section 219- 45.
"asset-based income tax regime" has the meaning given by section 830- 105.
"asset included in the total assets" of a company that is a foreign resident has the meaning given by section 768- 545.
"associate" has the meaning given by section 318 of the Income Tax Assessment Act 1936 .
Note: Under section 87‑ 35, Australian government agencies, and certain parts of Australian governments and authorities, are not treated as associates for the purposes of ascertaining whether an entity is conducting a personal services business.
"associated government entity" means:
(a) for the Commonwealth--each authority of the Commonwealth; or
(b) for an authority of the Commonwealth--each other authority of the Commonwealth; or
(c) for a State--each authority of the State; or
(d) for an authority of a State--each other authority of the State; or
(e) for a Territory--each authority of the Territory; or
(f) for an authority of a Territory--each other authority of the Territory.
"associate entity" has the meaning given by section 820-905.
"associate entity debt" has the meaning given by section 820-910.
"associate entity equity" has the meaning given by section 820-915.
"associate entity excess amount" has the meaning given by section 820-920.
"associate-inclusive control interest" in a company has the meaning given by section 975-160.
"associate interest" has the meaning given by section 820-905.
"at risk" has the meaning given by section 118-430.
"attributable income" has the meaning given by Division 7 of Part X of the Income Tax Assessment Act 1936 .
"attributable taxpayer" has the meaning given by Part X of the Income Tax Assessment Act 1936 .
(a) in relation to a * CFC or a * CFT--has the meaning given by Part X of the Income Tax Assessment Act 1936 ; and
(b) in relation to a * FIF that is a company--has the meaning given by section 581 of that Act.
"auditing standard" has the same meaning as in the Corporations Act 2001 .
"Australian Business Register" means the Australian Business Register established and maintained under the A New Tax System (Australian Business Number) Act 1999 .
"Australian Business Registrar" means the Registrar of the * Australian Business Register.
"Australian controlled foreign entity" has the meaning given by section 820-745.
(a) of a * controlled foreign company mentioned in paragraph 820‑745(a)--has the meaning given by section 820‑750; and
(b) of a * controlled foreign trust--has the meaning given by section 820‑755; and
(c) of a * controlled foreign corporate limited partnership--has the meaning given by section 820‑760.
"Australian corporate tax entity" : an entity is an Australian corporate tax entity at a particular time if the entity is:
(a) a * corporate tax entity at that time; and
(b) for a company or a * corporate limited partnership--an Australian resident at that time; and
(c) for a * corporate unit trust or a * public trading trust--a * resident unit trust for the income year in which that time occurs.
"Australian entity" has the same meaning as in Part X of the Income Tax Assessment Act 1936 .
"Australian financial services licence" has the meaning given by section 761A of the Corporations Act 2001 .
"Australian fund" has the meaning given by section 74 of the Life Insurance Act 1995 .
"Australian government agency" means:
(a) the Commonwealth, a State or a Territory; or
(b) an authority of the Commonwealth or of a State or a Territory.
"Australian law" means a * Commonwealth law, a * State law or a * Territory law.
"Australian legislature" means:
(a) the Parliament of the Commonwealth of Australia; or
(b) the Parliament of a State; or
(c) the Legislative Assembly for the Australian Capital Territory; or
(d) the Legislative Assembly of the Northern Territory of Australia.
"Australian/overseas fund" has the meaning given by section 74 of the Life Insurance Act 1995 .
"Australian permanent establishment" , of an entity, means a * permanent establishment of the entity that is in Australia.
"Australian resident" means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .
"Australian source" : * ordinary income or * statutory income has an Australian source if, and only if, it is * derived from a source in Australia for the purposes of the Income Tax Assessment Act 1936 .
"Australian superannuation fund" has the meaning given by section 295- 95.
"Australian trust" has the same meaning as in Part X of the Income Tax Assessment Act 1936.
"Australian venture capital fund of funds" has the meaning given by subsection 118-410(3).
"available expense" has the meaning given by section 175-30.
"available fraction" for a * bundle of losses has the meaning given by sections 707-320, 719- 310 and 719- 315.
"available frankable profits" has the meaning give by section 215-20 and affected by subsection 215-25(1).
"available income" has the meaning given by section 175-30.
"available loss exposure amount" has the meaning given by paragraph 830-50(1)(a).
"average equity capital" has the meaning given by sections 820-395, 820-420 and 820- 615 .
"average income" has the meaning given in subsection 392-45(1).
"average taxable professional income" has the meaning given by subsections 405-50(1) and (2).
"averaging adjustment" has the meaning given in section 392-75.
"averaging component" has the meaning given in subsection 392-90(1).
"award transport payment" has the meaning given by section 900- 220.
"balancing adjustment event" has the meaning given by section 40-295.
"BAS amounts" means any debts or credits that arise directly under the * BAS provisions.
Note: BAS stands for Business Activity Statement.
"base assessment" has the meaning given by sections 45-320 and 45-470 in Schedule 1 to the Taxation Administration Act 1953 .
"base interest rate" has the meaning given by section 8AAD of the Taxation Administration Act 1953 .
"base penalty amount" : the base penalty amount for calculating the amount of an administrative penalty is worked out under the relevant provision in this table:
|
Item |
For a penalty for this: |
See: |
|
1 |
False or misleading statement Position not reasonably arguable |
Section 284‑90 in Schedule 1 to the Taxation Administration Act 1953 |
|
2 |
* Schemes |
Section 284‑160 in that Schedule |
|
3 |
Failure to lodge returns etc. |
Section 286‑80 in that Schedule |
(a) for an entitlement to a * tax offset under Subdivision 61‑I--has the meaning given by sections 61‑430 and 61‑450; and
(b) otherwise--has the meaning given by sections 45‑320 and 45‑470 in Schedule 1 to the Taxation Administration Act 1953 .
"basic assessable income" has the meaning given by subsection 392-45(2).
"basic rates" has the meaning given by subsection 392-35(4).
"basic taxable income" has the meaning given by section 392-15.
(a) Part VII of the Fringe Benefits Tax Assessment Act 1986 ; and
(b) the * indirect tax law; and
(c) Parts 2‑5 and 2‑10 in Schedule 1 to the Taxation Administration Act 1953 (which are about the PAYG system).
Note: BAS stands for Business Activity Statement.
"behaviour that is harmful or abusive" means one or more of the following:
(a) emotional abuse;
(b) sexual abuse;
(c) physical abuse;
(d) suicide;
(e) self‑harm;
(f) substance abuse;
(g) harmful gambling.
"benchmark franking percentage" has the meaning given by section 203-30.
"benchmark instalment rate" has the meaning given by sections 45-360 and 45-530 in Schedule 1 to the Taxation Administration Act 1953 .
"benchmark rate of return" for an interest has the meaning given by section 974-145.
"benchmark rule" is the rule in section 203- 25.
"benchmark tax" has the meaning given by sections 45-365 and 45-535 in Schedule 1 to the Taxation Administration Act 1953 .
"bereavement Subdivision" has the meaning given by section 52-20.
"bid period" has the meaning given by section 9 of the Corporations Act 2001 .
"borrowed securities amount" of an entity at a particular time means the total of the liabilities of the entity, to the extent that they meet these conditions:
(a) the value of the liability at that time is worked out by reference to the value at that time of securities that the entity has short sold;
(b) as at that time, the entity has settled the sale using securities it acquired under one or more of these * arrangements:
(i) a reciprocal purchase agreement (otherwise known as a repurchase agreement);
(ii) a sell‑buyback arrangement;
(iii) a securities loan arrangement.
"borrowing" means any form of borrowing, whether secured or unsecured, and includes the raising of funds by the issue of a bond, debenture, discounted security or other document evidencing indebtedness.
"bribe to a foreign public official" has the meaning given by section 26-52.
"bribe to a public official" has the meaning given by section 26-53.
"bundle" of losses has the meaning given by section 707- 315.
"business" includes any profession, trade, employment, vocation or calling, but does not include occupation as an employee.
"business day" means a day other than:
(a) a Saturday or a Sunday; or
(b) a day which is a public holiday for the whole of:
(i) any State; or
(ii) the Australian Capital Territory; or
(iii) the Northern Territory.
"business kilometres" has the meaning given by sections 28- 25, 28-50, 28-75 and 28-90.
"business meeting" has the meaning given by subsections 32-65(3) and (4).
"business travel expense" has the meaning given by section 900- 95.
"business use percentage" has the meaning given by section 28-90.
"capital allowance" means a deduction under:
(a) Division 40 (capital allowances) of this Act; or
(ab) Division 43 (capital works) of this Act; or
(ac) Subdivision 328‑D (capital allowances for small business entities) of this Act; or
(d) Division 10BA of Part III of that Act (Australian films); or
(e) Division 10B of Part III of that Act (copyright in Australian films); or
(f) section 73B of that Act (research and development).
"capital gain" : for each * CGT event a capital gain is worked out in the way described in that event.
Note 1: There are some CGT events for which there is no capital gain.
Note 2: For income years before 1998‑99, capital gain has the meaning given by section 102‑20 of the Income Tax (Transitional Provisions) Act 1997 .
"capital loss" : for each * CGT event a capital loss is worked out in the way described in that event.
Note 1: There are some CGT events for which there is no capital loss.
Note 2: For income years before 1998‑99, capital loss has the meaning given by section 102‑20 of the Income Tax (Transitional Provisions) Act 1997 .
"capital proceeds" has the meaning given by Division 116.
"capital protected borrowing" has the meaning given by section 247-10.
"capital protection" has the meaning given by section 247-10.
"capital stake" has the meaning given by section 166- 235.
"capped life" of a * depreciating asset has the meaning given by section 40-102.
"car" means a * motor vehicle (except a motor cycle or similar vehicle) designed to carry a load of less than 1 tonne and fewer than 9 passengers.
"carbon sequestration" has the meaning given by section 40-1015.
"car expense" has the meaning given by section 28- 13.
"car fringe benefit" has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"car-less day" has the meaning given by section 28- 45.
"car limit" has the meaning given by section 40- 230.
(a) of a * general partner in a * VCLP, an * ESVCLP or an * AFOF--has the meaning given by subsections 104‑255(4) and (6); and
(b) of a * limited partner in a * VCMP--has the meaning given by subsections 104‑255(5) and (6).
"carrying on" an * enterprise includes doing anything in the course of the commencement or termination of the enterprise.
"cash settlable" has the meaning given by subsection 230-45(2).
"cessation event" , in relation to a * provisional head company of a * MEC group, has the meaning given by subsection 719-60(6).
"cessation time" has the meaning given by sections 139CA, 139CB and 139DSH of the Income Tax Assessment Act 1936 .
"CFC" has the meaning given by Part X of the Income Tax Assessment Act 1936 .
"CFT" has the meaning given by section 342 of the Income Tax Assessment Act 1936 .
"CGT asset" has the meaning given by section 108-5.
"CGT cap amount" has the meaning given by section 292- 105.
"CGT concession stakeholder" has the meaning given by subsection 152-60.
"CGT event" means any of the CGT events described in Division 104. A CGT event described by number (for example: CGT event A1 ) refers to the relevant event in that Division.
"CGT exempt amount" has the meaning given by section 152- 315.
"CGT retirement exemption limit" has the meaning given by section 152-320.
"chain of trusts" has the meaning given by section 104-71.
"changeover time" for a company has the meaning given by sections 165-115C, 165-115D and 719- 705.
"child" : without limiting who is a child of an individual, each of the following is the child of an individual:
(a) the individual's * adopted child, stepchild or exnuptial child;
(b) a child of the individual's * spouse;
(c) someone who is a child of the individual within the meaning of the Family Law Act 1975 .
"child care base week" has the meaning given by section 61-470.
"child care offset limit" has the meaning given by section 61-495.
"child event" has the meaning given by section 61-360.
"class" of a taxable income or a * tax loss of a * life insurance company has the meaning given by section 320-133.
"class" : * membership interests in a company form a class if the interests have the same, or substantially the same, rights.
"Climate Change Department" means the Department that:
(a) deals with matters arising under section 1 of the National Greenhouse and Energy Reporting Act 2007 ; and
(b) is administered by the * Climate Change Minister.
"Climate Change Minister" means the Minister administering section 1 of the National Greenhouse and Energy Reporting Act 2007 .
"Climate Change Secretary" means the Secretary of the * Climate Change Department.
"closing pool balance" has the meaning given by:
(a) for a low‑value pool--section 40‑440; or
(b) for a * general small business pool or a * long life small business pool--section 328‑200.
"closing pool value" has the meaning given by section 40-830.
"collectable" has the meaning given by section 108-10.
"commencing day" of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936 .
"commencing day asset" of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936 .
"commercial horticulture" has the meaning given by 40-535.
"Commissioner" means the Commissioner of Taxation.
Note: The office of Commissioner of Taxation is created by section 4 of the Taxation Administration Act 1953 .
"Commissioner's instalment rate" has the meaning given by section 45- 115 in Schedule 1 to the Taxation Administration Act 1953 .
"committed capital" of a partnership has the meaning given by section 118-445.
"common ownership" : see under common ownership .
"common-ownership nexus" : see section 727-400.
"Commonwealth education or training payment" has the meaning given by subsection 52-145(1).
"Commonwealth labour market program" has the meaning given by subsection 52-145(2).
"Commonwealth law" means a law of the Commonwealth.
"Commonwealth of Nations country" means:
(a) a foreign country that is a member of the Commonwealth of Nations; or
(b) a colony, overseas territory or protectorate of such a member; or
(c) a territory for whose international relations such a member is responsible;
other than one declared by the regulations not to be a Commonwealth of Nations country.
(a) a body corporate; or
(b) any other unincorporated association or body of persons;
but does not include a partnership or a * non‑entity joint venture.
Note: Division 830 treats foreign hybrid companies as partnerships.
(a) of a partnership's * notional loss or * notional net income--has the meaning given by sections 165‑80 and 165‑ 85; and
(b) of a partnership's * full year deductions--has the meaning given by sections 165‑90.
"comparison rate" has the meaning given by section 392-55.
"compensable work-related trauma" has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"completed" , in relation to a * film, has the meaning given by subsection 376-55(2).
"complying approved deposit fund" means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993 .
"complying superannuation entity" means:
(a) a * complying superannuation fund; or
(b) a * complying approved deposit fund; or
(c) a * pooled superannuation trust.
"complying superannuation/FHSA asset" has the meaning given by subsection 320-170(6).
"complying superannuation/FHSA asset pool" has the meaning given by subsection 320-170(6).
"complying superannuation/FHSA class" :
(a) for a taxable income of a * life insurance company--has the meaning given by section 320‑137; or
(b) for a * tax loss of a * life insurance company--has the meaning given by section 320‑141.
"complying superannuation/FHSA liabilities" of a * life insurance company means liabilities of the company under * life insurance policies referred to in subsection 320-190(1).
"complying superannuation/FHSA life insurance policy" means a * life insurance policy that:
(a) is held by:
(i) the trustee of a fund that is a * complying superannuation fund or a * complying approved deposit fund; or
(ii) the trustee of a * pooled superannuation trust; or
(b) is held by an individual and:
(i) provides for an * annuity that is not presently payable, if the annuity was purchased out of a * superannuation lump sum or an * employment termination payment; or
(ii) is so held in the benefit fund of a * friendly society, being a fund that is a regulated superannuation fund under the Superannuation Industry (Supervision) Act 1993 ; or
(c) is held by another * life insurance company and is a * complying superannuation/FHSA asset of that company; or
(d) is an * FHSA;
and is not an * excluded complying superannuation/FHSA life insurance policy.
"complying superannuation fund" means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993 .
"complying superannuation plan" means:
(a) a * complying superannuation fund; or
(b) a * public sector superannuation scheme that is:
(i) a regulated superannuation fund (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993 ); or
(ii) an exempt public sector superannuation scheme (within the meaning of section 10 of that Act); or
(c) a * complying approved deposit fund; or
(d) an * RSA.
"component" of your * tax position has the meaning given by section 45-610 in Schedule 1 to the Taxation Administration Act 1953 .
"concessional contributions" has the meaning given by sections 292- 25 and 292-165.
"concessional contributions cap" has the meaning given by section 292-20.
"conduit foreign income" has the meaning given by Subdivision 802-A.
"connected entity" of an entity means:
(a) an * associate of the entity; or
(b) another member of the same * wholly owned group if the entity is a company and is a member of such a group.
"connected with" : an entity is connected with you in the circumstances described in section 328- 125.
Note: This meaning is affected by section 152‑42.
"connecting power to land or upgrading the connection" has the meaning given by section 40-655.
"conservation covenant" has the meaning given by section 31-5.
(a) consideration receivable on the disposal of a leased * car has the meaning given by section 20‑ 115; and
(b) consideration receivable for trading stock changing hands has the meaning given by subsection 70‑100(11).
"consolidatable group" has the meaning given by section 703-10.
"consolidated group" has the meaning given by section 703-5.
Note 1: Part 3‑90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719‑2).
Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3‑90) referring only to consolidated groups do not apply to MEC groups.
"consolidation transitional year" for a * member of a * consolidated group or a member of a * MEC group, is an income year for that member that satisfies both of the following conditions:
(a) the group is in existence during all or any part of that year;
(b) Subdivision 45‑Q in Schedule 1 to the Taxation Administration Act 1953 (including that Subdivision as applied under Subdivision 45‑S in that Schedule):
(i) does not apply at all to the * head company or the * provisional head company of the group during that year; or
(ii) starts to apply at any time during that year to the head company or the provisional head company of the group because of subsection 45‑705(2) or subparagraph 45‑705(3)(c)(ii), (4)(d)(ii) or (iv), or subsection 45‑915(2) or subparagraph 45‑915(3)(c)(ii), (4)(b)(ii) or (iv), in that Schedule.
"constitution" of a company means the memorandum and articles of association of the company, or any other rules or document constituting the company or governing its activities.
"constitutional corporation" means:
(a) a corporation to which paragraph 51(xx) of the Constitution applies; or
(b) a body corporate that is incorporated in a Territory.
"constitutionally protected fund" means a fund that is declared by the regulations to be a constitutionally protected fund.
"construction expenditure" has the meaning given by section 43-70.
"construction expenditure area" has the meaning given by section 43-75.
"contingent on the economic performance" has the meaning given by section 974- 85.
"continuing shareholders" has the meaning given by sections 175-10, 175-20, 175- 25, 175- 45, 175-60, 175- 65 and 175- 85.
"continuous disability policy" has the meaning given by section 9A of the Life Insurance Act 1995 .
"contract of reinsurance" means a contract of reinsurance in respect of * life insurance policies other than:
(a) the parts of * complying superannuation/FHSA life insurance policies in respect of which the liabilities of the company that issued the policies are to be discharged out of a * complying superannuation/FHSA asset pool; and
(b) policies that are * exempt life insurance policies.
"contributions segment" has the meaning given by section 307- 220.
"contributions-splitting superannuation benefit" has the meaning given by the regulations.
"control (for value shifting purposes)" has the meaning given by sections 727- 355, 727-360, 727-365 and 727-375.
"controlled foreign company" has the same meaning as in Part X of the Income Tax Assessment Act 1936.
"controlled foreign corporate limited partnership" has the meaning given by section 820-760 .
"controlled foreign entity debt" has the meaning given by section 820-885.
"controlled foreign entity equity" has the meaning given by section 820-890.
"controlled foreign trust" has the same meaning as in Part X of the Income Tax Assessment Act 1936.
"controller (for CGT purposes)" : an entity is a controller (for CGT purposes) of a company in the circumstances mentioned in section 975- 155.
"controller (for imputation purposes)" has the meaning given by subsections 207-130(5) and (6).
"convertible interest" means a convertible interest in a company or in a trust or unit trust and:
(a) a convertible interest in a company is an interest of the kind referred to in item 4 of the table in subsection 974‑75(1); and
(b) a convertible interest in a trust or unit trust is an interest that has the same or a similar effect in relation to the trust or unit trust.
(a) a convertible note of a company has the meaning given by section 82L of the Income Tax Assessment Act 1936 ; and
(b) a convertible note of a trust or unit trust means a note that has the same or a similar effect in relation to the trust or unit trust.
"co-operative company" has the same meaning as in Division 9 of Part III of the Income Tax Assessment Act 1936 .
"copyright collecting society" means either of the following bodies:
(a) a body that satisfies all of the following conditions:
(i) a declaration under the Copyright Act 1968 is in force in respect of the body;
(ii) the body is a company whose * constitution contains provisions about the distribution of amounts collected or * derived by it, including a requirement that a * member of the society cannot direct the body to pay an amount at a particular time;
(iii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met;
(b) a company that satisfies all of the following conditions:
(i) the company is incorporated under an * Australian law relating to companies;
(ii) the company has and maintains the purpose of collective administration of copyrights;
(iii) if the company has other purposes--these purposes are incidental to the purpose described in subparagraph (ii);
(iv) the company collects or derives, and distributes, * copyright income;
(v) the company's constitution allows any copyright owner, or his or her * agent, to be a member of the society, or allows all copyright owners of a particular type to be members;
(vi) the company's constitution prohibits the payment of * dividends;
(vii) the company's constitution contains provisions about the payment, out of amounts collected or derived by it, of the administrative costs of collecting those amounts;
(viii) the company's constitution contains provisions about the distribution of amounts collected or derived by it, including a requirement that an amount must be paid to a member as soon as is reasonably possible after the allocation of the amount to the member, as well as a requirement that a member cannot direct the company to pay an amount at a particular time;
(ix) the company's constitution, or contracts with members, contains such other provisions as are prescribed by the regulations (if any), being provisions necessary to ensure that the interests of members or their agents are protected adequately;
(x) the company's constitution requires the company to hold amounts on trust for copyright owners who are not members, or for members pending the payment of amounts to them;
(xi) the company's constitution, or contracts with members, allows all members to access the company's records;
(xii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met.
"copyright income" of a * copyright collecting society means * ordinary income, or * statutory income, of the following kinds:
(a) * royalties, and interest on royalties, collected or * derived by the society;
(b) such other amounts relating to copyright that are derived by the society as are prescribed by the regulations for the purposes of this paragraph.
"corporate change" has the meaning given by section 166- 175.
"corporate limited partnership" has the meaning given by section 94D of the Income Tax Assessment Act 1936 .
"corporate tax entity" has the meaning given by section 960- 115.
"corporate tax rate" means the rate of tax in respect of the taxable income of a company covered by subsection 23(2) of the Income Tax Rates Act 1986 .
"corporate unit trust" has the meaning given by section 102J of the Income Tax Assessment Act 1936 .
(a) cost of a * depreciating asset has the meaning given by Subdivision 40‑C; and
(b) cost of an item of * trading stock, in the case of an animal that you acquired by natural increase, has the meaning given by section 70‑55.
Note: The cost of an animal acquired by natural increase before the 1997‑98 income year is the cost price of the animal under former section 34 of the Income Tax Assessment Act 1936 . See subsection 70‑55(2) of the Income Tax (Transitional Provisions) Act 1997 .
"cost base" of a * CGT asset has the meaning given by Subdivision 110-A.
"cost-free debt capital" has the meaning given by section 820-946.
"COT transfer" of a loss has the meaning given by section 707- 210.
(a) a * consolidated group is created from a * MEC group if the consolidated group comes into existence under section 703‑55 at the time the MEC group ceases to exist (as mentioned in that section); and
(b) a MEC group is created from a consolidated group if:
(i) the MEC group comes into existence under section 719‑40 when a * special conversion event happens to a * potential MEC group derived from an * eligible tier‑1 company of a * top company; and
(ii) the eligible tier‑1 company was the * head company of the consolidated group (as mentioned in paragraph 719‑40(1)(b)).
"creditable acquisition" has the meaning given by section 195-1 of the * GST Act.
"creditable importation" has the meaning given by section 195-1 of the * GST Act.
"creditable purpose" has the meaning given by section 195-1 of the * GST Act.
"credit absorption tax" has the meaning given by section 770-15.
"Crown lease" has the meaning given by section 124-580.
crystallised pre-July 83 amount , in relation to a * superannuation interest, means the amount mentioned in paragraph 307-225(2)(e) in relation to the interest.
"crystallised segment" has the meaning given by section 307- 225.
"cultural organisation" has the meaning given by section 30-300.
"currency exchange rate effect" has the meaning given by section 775- 105.
"current GST turnover" has the meaning given by section 195-1 of the * GST Act.
"current pension" means a pension that has begun to be paid.
"current termination value" of a * life insurance policy, or of the * net risk component of a life insurance policy, has the meaning given in prudential standards made under section 230A of the Life Insurance Act 1995 .
"current year" means the income year for which you are working out your assessable income and deductions.
"custodian" has the meaning given by section 12-390 in Schedule 1 to the Taxation Administration Act 1953 .
"datacasting transmitter licence" has the meaning given by section 5 of the Radiocommunications Act 1992 .
"date of the settlement or order" , for a * structured settlement or a * structured order, has the meaning given by section 54-5.
"death benefits dependant" has the meaning given by section 302-195.
"death benefit termination payment" has the meaning given by subsection 82-130(3).
"debenture" of a company or unit trust includes debenture stock, bonds, notes and any other securities of the company or trust, whether or not constituting a charge on its assets.
"debt capital" , of an entity and at a particular time, means any * debt interests issued by the entity that are still * on issue at that time.
"debt deduction" has the meaning given by section 820-40.
"debt interest" in an entity has the meaning given by Subdivision 974-B.
"debt property" has the meaning given by section 243-30.
"decrease time" for a * direct value shift has the meaning given by section 725- 155.
"decreasing adjustment" has the meaning given by section 195-1 of the * GST Act.
"deduct" has the meaning given by sections 8-1 and 8-5.
"deductible gift recipient" has the meaning given by section 30-227.
"deduction" means an amount that you can deduct.
Note: For income years before 1997‑98, deduction has the meaning given by section 8‑3 of the Income Tax (Transitional Provisions) Act 1997 .
"deduction year" has the meaning given by section 170-20.
"Defence Minister" means the Minister administering section 1 of the Defence Act 1903 .
"deferred BAS payer" , at a particular time, means an entity that has an obligation to notify the Commissioner of a * BAS amount at that time, other than:
(a) an entity that has an obligation at that time to give the Commissioner a * GST return for a monthly * tax period; or
(b) an entity whose obligation to notify a BAS amount at that time relates only to one or more of the following:
(i) an * amount withheld by a * medium withholder or a * large withholder;
(ii) the * PAYG instalment of an * annual payer.
Note: You are therefore a deferred BAS payer if you have an obligation to give the Commissioner a GST return for a quarterly tax period or if you are a GST instalment payer within the meaning of the GST Act.
(a) section 205‑40 sets out when a * franking account is in deficit; and
(b) section 208‑ 125 sets out when an * exempting account is in deficit; and
(c) section 210‑130 sets out when a * venture capital sub‑account is in deficit.
"defined benefit interest" has the meaning given by section 292- 175.
"demerged entity" has the meaning given by section 125-70.
"demerger" has the meaning given by section 125-70.
"demerger dividend" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"demerger group" has the meaning given by section 125- 65.
"demerger subsidiary" has the meaning given by section 125- 65.
"demerging entity" has the meaning given by section 125-70.
"departing Australia superannuation payment" has the meaning given by section 301-170.
"depository entity" has the meaning given by section 166-260.
"depreciating asset" has the meaning given by section 40-30.
"depreciating asset lease" : a depreciating asset lease is an agreement (including a renewal of an agreement) under which the entity that * holds the * depreciating asset grants a right to use the asset to another entity. However, a depreciating asset lease does not include a * hire purchase agreement or a * short-term hire agreement.
"derivative financial arrangement" has the meaning given by subsection 230-350(1).
"derive" has a meaning affected by subsection 6-5(4).
"design" of a uniform has the meaning given by subsection 34-25(2).
"development assistance" for a * film has the meaning given by section 376-55.
"development expenditure" for a * film means expenditure to the extent to which it is incurred in meeting the development costs for the film and includes expenditure to the extent to which it is incurred on any of the following:
(a) location surveys and other activities undertaken to assess locations for possible use in the film;
(b) storyboarding for the film;
(c) scriptwriting for the film;
(d) research for the film;
(e) casting actors for the film;
(f) developing a budget for the film;
(g) developing a shooting schedule for the film.
"died in the line of duty" has the meaning given by subsection 302-195(3).
"diminishing value method" has the meaning given by sections 40-70 and 40-72.
"dining facility" has the meaning given by section 32-60.
"direct equity interests" in a company are * shares in the company.
"direct forestry expenditure" has the meaning given by section 394- 45.
"direct participation interest" has the meaning given by section 960-190.
"direct roll-over replacement" has the meaning given by section 723-110.
"direct small business participation percentage" has the meaning given by section 152-70.
"direct value shift" has the meaning given by section 725-145.
"direct voting percentage" in a company has the meaning given by section 768-550.
"disability policy" means a * life insurance policy under which a benefit is payable in the event of:
(a) the death, by accident or by some other cause stated in the contract, of the person whose life is insured (the insured ); or
(b) injury to, or disability of, the insured as a result of accident or sickness; or
(c) the insured being found to have a stated condition or disease;
but does not include a contract of consumer credit insurance within the meaning of the Insurance Contracts Act 1984 .
"disability superannuation benefit" means a * superannuation benefit if:
(a) the benefit is paid to a person because he or she suffers from ill‑health (whether physical or mental); and
(b) 2 legally qualified medical practitioners have certified that, because of the ill‑health, it is unlikely that the person can ever be * gainfully employed in a capacity for which he or she is reasonably qualified because of education, experience or training.
"disaggregated attributable decrease" : section 727-775 sets out how to determine whether an * indirect value shift has produced a disaggregated attributable decrease in the * market value of an * equity or loan interest.
"disaggregated attributable increase" : section 727- 805 sets out how to determine whether an * indirect value shift has produced a disaggregated attributable increase in the * market value of an * equity or loan interest.
(a) a * net capital loss--has the meaning given by section 175‑40; or
(b) a * capital loss--has the meaning given by section 175‑55.
"disallowed capital allowance percentage" has the meaning given by subsection 250-150(4).
"discount" : an * equity or loan interest is issued at a discount as provided in section 725-150.
"discount capital gain" has the meaning given by Subdivision 115-A.
"discount percentage" has the meaning given by Subdivision 115-B.
"discretionary benefits" means investment account benefits (as defined by section 14 of the Life Insurance Act 1995 ) that are regarded as non-participating benefits for the purposes of that Act solely because of the operation of Prudential Rules No. 22 in force under section 252 of that Act.
"disease" has the meaning given by subsection 34-20(3).
"disentitling event" has the meaning given by section 385-163.
"disposal year" has the meaning given by subsection 385-105(2).
"dispose of" a * CGT asset: you dispose of a CGT asset (in its capacity as a CGT asset) in the circumstances specified in section 104-10.
"distributable profits" of a company has the meaning given by section 317 of the Income Tax Assessment Act 1936 .
"distributing body" has the meaning given by section 128U of the Income Tax Assessment Act 1936 .
"distribution , " by a * corporate tax entity, has the meaning given by section 960-120.
"distribution event" has the meaning given by subsection 207-120(5).
"distribution statement" has the meaning given by section 202-80.
"divestiture registration requirement" , in relation to an * ESVCLP, has the meaning given by subsection 9-3(3) of the Venture Capital Act 2002 .
"dividend" has the meaning given by subsections 6(1) and (4) and 6BA(5) and section 94L of the Income Tax Assessment Act 1936 and section 375-872 of this Act.
"dividend stake" has the meaning given by section 166- 235.
"dividend stripping operation" has the meaning given by section 207- 155.
Division 230 financial arrangement : a * financial arrangement is a Division 230 financial arrangement if Division 230 applies in relation to your gains and losses from the arrangement.
Division 230 starting value :
(a) the Division 230 starting value of an asset or liability that is or is part of a * Division 230 financial arrangement to which Subdivision 230‑C (fair value method) applies is the amount of the asset or the amount of the liability according to the relevant standards mentioned in section 230‑ 230 that apply in relation to the arrangement; and
(b) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230‑D (foreign exchange retranslation method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230‑280 that apply in relation to the arrangement; and
(c) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230‑F (reliance on financial reports method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230‑420 that apply in relation to the arrangement.
Division 405 payment has the meaning given by section 405-5 in Schedule 1 to the Taxation Administration Act 1953 .
Division 405 report has the meaning given by section 405-10 in Schedule 1 to the Taxation Administration Act 1953 .
Division 410 payment has the meaning given by section 410-5 in Schedule 1 to the Taxation Administration Act 1953 .
Division 410 report has the meaning given by section 410-10 in Schedule 1 to the Taxation Administration Act 1953 .
Division 415 payment has the meaning given by section 415-5 in Schedule 1 to the Taxation Administration Act 1953 .
Division 417 payment has the meaning given by section 417-5 in Schedule 1 to the Taxation Administration Act 1953 .
"down interest" has the meaning given by section 725- 155.
"dual listed company arrangement" has the meaning given by section 125-60.
"dual listed company voting share" has the meaning given by section 125-60.
"dual resident investment company" has the meaning given by section 6F of the Income Tax Assessment Act 1936 .
"dwelling" has the meaning given by section 118- 115.
"early retirement scheme" has the meaning given by section 83-180.
"early retirement scheme payment" has the meaning given by section 83-180.
"early stage venture capital limited partnership" has the meaning given by subsection 118-407(4).
"Education Department" means the Department that:
(a) deals with matters arising under section 1 of the Student Assistance Act 1973 ; and
(b) is administered by the * Education Minister.
"Education Minister" means the Minister administering section 1 of the Student Assistance Act 1973 .
"effective life" : the effective life of a * depreciating asset is worked out under sections 40- 95, 40-100, 40-102, 40- 105 and 40-110.
"effectively non-cancellable" has the meaning given by section 250-130.
"effectively non-contingent obligation" has the meaning given by section 974-135.
"election to rely on financial reports" has the meaning given by section 230-395.
"electronic payment" means a payment by way of electronic transmission, in an electronic format approved by the Commissioner.
"electronic signature" of an entity means a unique identification of the entity in electronic form that is approved by the Commissioner.
"element taxed in the fund" has the meaning given by section 307- 275.
"element untaxed in the fund" has the meaning given by section 307- 275.
"eligible continuing substantial member" of a * former exempting entity has the meaning given by section 208- 155.
eligible Division 166 company means a company:
(a) that is not a * widely held company; and
(b) in which:
(i) * voting stakes that carry rights to more than 50% of the voting power in the company; or
(ii) * dividend stakes that carry rights to receive more than 50% of any dividends that the company may pay; or
(iii) * capital stakes that carry rights to receive more than 50% of any distribution of capital of the company;
are beneficially owned (whether directly, or * indirectly through one or more interposed entities) by:
(iv) a widely held company; or
(v) an entity mentioned in subsection 166‑245(2) that satisfies the condition in subsection 166‑245(3); or
(vi) a * non‑profit company; or
(vii) a charitable institution, a charitable fund or any other kind of charitable body; or
(viii) 2 or more entities mentioned in subparagraphs (iv) to (vii).
"eligible security" has the meaning given by section 775-190.
eligible tier-1 company has the meaning given by section 719-15.
"eligible venture capital investment" has the meaning given by sections 118- 425 and 118-427.
Note: This meaning is also affected by subsection 118‑435(2).
"eligible venture capital investor" has the meaning given by subsection 118-415(2).
"eligible venture capital partner" has the meaning given by section 118-420.
"employee share scheme" : a * share or right, including a right to * acquire a stapled security that is treated because of Subdivision DB of Division 13A of Part III of the Income Tax Assessment Act 1936 as a qualifying right for the purposes of that Division, is acquired under an employee share scheme if it is acquired (within the meaning of section 139G of that Act) in the way described in section 139C of that Act.
"employee share trust" means a trust of the kind mentioned in subsection 139C(5) of the Income Tax Assessment Act 1936 .
"employment termination payment" has the meaning given by section 82-130.
"endowment policy" has the meaning given by section 295-480.
"ends" , in relation to a * corporate change, has the meaning given by section 166- 175.
"end user" of an asset has the meaning given by section 250-50.
"end value" of an asset has the meaning given by section 250-180.
"enterprise" has the meaning given by section 9-20 of the * GST Act.
"entertainment" has the meaning given by section 32-10.
"entitled to child care benefit" has the meaning given by section 61-480.
"entitlement to child care benefit" has the meaning given by section 61-480.
"entity" has the meaning given by section 960-100.
"entity maintenance deduction" has the meaning given by subsection 86-65(2).
"environmental organisation" has the meaning given by sections 30-260 and 30- 275.
"environmental protection activities" has the meaning given by section 40-755.
"Environment Department" means the Department that:
(a) deals with matters arising under section 1 of the Environment Protection and Biodiversity Conservation Act 1999 ; and
(b) is administered by the * Environment Minister.
"Environment Minister" means the Minister administering section 1 of the Environment Protection and Biodiversity Conservation Act 1999 .
"Environment Secretary" means the Secretary of the * Environment Department.
"equity capital" of an entity at a particular time means the total of the following as at that time:
(a) the issue price (however described) of each * equity interest in the entity that is still * on issue, reduced by so much (if any) of the issue price as remains unpaid;
(b) the entity's general reserves and asset revaluation reserves;
(c) the entity's retained earnings;
(d) the entity's net earnings (if any) for the current year, reduced by:
(i) the * tax the entity expects to pay in respect of those net earnings; and
(ii) so much of each distribution to the entity's * members that has been made or declared as at that time as is attributable to the entity's earnings for the current year;
(e) if the entity is a * corporate tax entity--provisions for * distributions of profit;
(f) if paragraph (e) does not apply--provisions for distributions to the entity's * members;
reduced by the total of the following as at that time:
(g) the entity's negative retained earnings (if any);
(h) the entity's net loss (if any) for the current year.
"equity holder" in a company means an entity that holds an * equity interest in the company.
"equity interest" in an entity has the meaning given by:
(a) in the case of a company--Subdivision 974‑C; and
(b) in the case of a trust or partnership--section 820‑930.
"equity or loan interest" has the meaning given by section 727-520.
"ESVCLP" means an * early stage venture capital limited partnership.
"ETP cap amount" has the meaning given by section 82-160.
"excess concessional contributions" has the meaning given by section 292-20.
"excess concessional contributions tax" means tax imposed under the Superannuation (Excess Concessional Contributions Tax) Act 2007 .
"excess contributions tax" means:
(a) * excess concessional contributions tax; or
(b) * excess non‑concessional contributions tax.
"excess contributions tax assessment" has the meaning given by section 292- 230.
"excess franking offsets" has the meaning given by section 36-55.
"excess non-concessional contributions" has the meaning given by section 292- 85.
"excess non-concessional contributions tax" means tax imposed under the Superannuation (Excess Non-concessional Contributions Tax) Act 2007 .
"excess untaxed roll-over amount" has the meaning given by section 306-15.
"exchangeable interest" has the meaning given by section 130-100.
"excluded complying superannuation/FHSA life insurance policy" means a * life insurance policy that:
(a) provides only for * superannuation death benefits, * disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295‑460(c), that are not * participating benefits; or
(b) is an * exempt life insurance policy.
"excluded equity interest" has the meaning given by section 820-946.
"excluded loss" has the meaning given by sections 175-5 and 175-40.
"excluded STB" has the same meaning as in section 24AT of the Income Tax Assessment Act 1936 .
"exempt Australian government agency" means:
(a) the Commonwealth, a State or a Territory; or
(b) an authority of the Commonwealth or of a State or a Territory whose * ordinary income and * statutory income is exempt from income tax because of Division 50; or
(c) an STB (within the meaning of Division 1AB of Part III of the Income Tax Assessment Act 1936 ) whose * ordinary income and * statutory income is exempt from income tax under that Division of that Part.
(a) an entity all of whose * ordinary income and * statutory income is exempt from income tax because of this Act or because of another * Commonwealth law, no matter what kind of ordinary income or statutory income the entity might have; or
(b) an * untaxable Commonwealth entity.
Note: See section 11‑5 for a list of entities of the kind referred to in paragraph (a).
"exempt film income" has the meaning given by section 375- 805.
"exempt foreign employment income" means amounts that are exempt from tax under section 23AF or 23AG of the Income Tax Assessment Act 1936 .
"exempt foreign government agency" means:
(a) the government of a foreign country, or of part of a foreign country; or
(b) an authority of the government of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency; or
(c) an authority of the government of part of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency.
"exempt income" has the meaning given by section 6-20.
Note: For income years before 1997‑98, exempt income has the meaning given by section 6‑20 of the Income Tax (Transitional Provisions) Act 1997 .
"exempting account" means an account that arises under section 208-110.
"exempting credit" has the meaning given by section 208- 115.
"exempting debit" has the meaning given by section 208-120.
"exempting deficit" has the meaning given by subsection 208-125(2).
"exempting entity" has the meaning given by section 208-20 and affected by section 220-500 if relevant.
"exempting percentage" has the meaning given by section 208- 95.
"exempting surplus" has the meaning given by subsection 208-125(1).
"exempt institution that is eligible for a refund" has the meaning given in section 207- 115.
Note: This definition is affected by sections 207‑119 to 207‑136.
"exempt life insurance policy" has the meaning given by section 320-246.
Note: This definition is affected by section 320‑247.
"exempt life insurance policy liabilities" of a * life insurance company means liabilities of the company under the * life insurance policies referred to in subsection 320-245(1).
"expected financial benefits" has the meaning given by section 250- 95.
"exploration or prospecting" has the meaning given by section 40-730.
"external indirect equity or loan interest" in a * subsidiary member of a * consolidated group or * MEC group has the meaning given by section 715- 610 or 719-775.
"facility agreement" has the meaning given by section 775-185.
"failure to notify penalty" means the penalty worked out under Division 2 of Part IIA of the Taxation Administration Act 1953 .
"fair value election" has the meaning given by subsection 230-210(1).
"Families Department" means the Department that:
(a) deals with matters arising under section 1 of the A New Tax System (Family Assistance) (Administration) Act 1999 ; and
(b) is administered by the * Families Minister.
"Families Minister" means the Minister administering section 1 of the A New Tax System (Family Assistance) (Administration) Act 1999 .
"Families Secretary" means the Secretary of the * Families Department.
"family law superannuation payment" has the meaning given by section 307-5.
"family trust" has the same meaning as in section 272-75 of Schedule 2F to the Income Tax Assessment Act 1936 .
"farm management deposit" has the same meaning as in Schedule 2G to the Income Tax Assessment Act 1936 .
"feature film" includes a * film that is an animated feature film.
"FHSA" has the meaning given by the First Home Saver Accounts Act 2008 .
"FHSA component" has the meaning given by section 345-20.
"FHSA holder" has the meaning given by the First Home Saver Accounts Act 2008 .
"FHSA home acquisition payment" has the meaning given by the First Home Saver Accounts Act 2008 .
"FHSA ineligibility payment" has the meaning given by the First Home Saver Accounts Act 2008 .
"FHSA misuse tax" means tax imposed under the Income Tax (First Home Saver Accounts Misuse Tax) Act 2008 .
"FHSA payment conditions" has the meaning given by the First Home Saver Accounts Act 2008 .
"FHSA provider" has the meaning given by the First Home Saver Accounts Act 2008 .
"FHSA trust" has the meaning given by the First Home Saver Accounts Act 2008 .
"FIF" has the meaning given by section 481 of the Income Tax Assessment Act 1936 .
"film" means an aggregate of images, or of images and sounds, embodied in any material.
"film authority" has the meaning given by section 376-55.
"film component" of a * tax loss has the meaning given by:
(a) section 375‑ 805 of this Act; and
(b) section 375‑ 105 (Film component of tax loss for 1989‑90 to 1996‑97 income years) of the Income Tax (Transitional Provisions) Act 1997 .
"film deductions" has the meaning given by section 375- 805.
"film licensed investment company" has the meaning given by section 375- 855.
"film loss" has the meaning given by section 375- 810 and affected by section 701-30.
"final RUNL" has the meaning given by section 715- 35.
"finance charge" has the meaning given by section 240- 25.
"financed property" has the meaning given by section 243-30.
"Finance Minister" means the Minister administering section 1 of the Financial Management and Accountability Act 1997 .
"financial arrangement" has the meaning given by sections 230- 45 to 230-55.
"financial benefit" has the meaning given by section 974-160.
"financial entity" , at a particular time, means an entity other than an * ADI that is any of the following at that time:
(a) a registered corporation under the Financial Sector (Collection of Data) Act 2001 ;
(b) a * securitisation vehicle;
(c) an entity that:
(i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in at least one of the financial products mentioned in paragraphs 764A(1)(a), (b) and (j) of that Act; or
(ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in at least one of those financial products;
and carries on a * business of dealing in securities, but not predominantly for the purposes of dealing in securities with, or on behalf of, the entity's * associates;
Note 1: Paragraphs 764A(1)(a), (b) and (j) of the Corporations Act 2001 deal respectively with securities, managed investment products and government debentures, stocks and bonds.
Note 2: Paragraph 911A(2)(h) of that Act exempts financial services provided to wholesale clients by a person who is regulated by an overseas regulatory authority if the provision of the service is covered by an exemption from the Australian Securities and Investments Commission (ASIC).
Note 3: Paragraph 911A(2)(l) of that Act empowers ASIC to exempt financial services.
(d) an entity that:
(i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in derivatives within the meaning of that Act; or
(ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in such derivatives;
and carries on a business of dealing in such derivatives, but not predominantly for the purposes of dealing in such derivatives with, or on behalf of, the entity's associates.
"financial institution" has the meaning given by section 202A of the Income Tax Assessment Act 1936 .
"financial investment" includes the following:
(b) an interest in a managed investment scheme (within the meaning of the Corporations Act 2001 );
(c) a * forestry interest in a * forestry managed investment scheme;
(d) a right or option in respect of an investment referred to in paragraph (a), (b) or (c);
(e) an investment of a like nature to any of those referred to in paragraphs (a) to (d).
"financial year" means a period of 12 months beginning on 1 July.
"financing arrangement" has the meaning given by section 974-130.
"financing cost" has the meaning given by section 26-80.
"firearms surrender arrangements" means:
(a) an * Australian law; or
(b) administrative arrangements of a State or Territory;
implementing the agreement arising from the meeting of the Police Ministers held on 10 May 1996 concerning the surrender of prohibited firearms.
"first continuity period" has the meaning given by section 165-120.
"first use time" has the meaning given by section 41-30.
"fixed entitlement" : an entity has a fixed entitlement to a share of the income or capital of a trust if the entity has a fixed entitlement to that share within the meaning of Division 272 in Schedule 2F to the Income Tax Assessment Act 1936 .
"fixed trust" : a trust is a fixed trust if entities have * fixed entitlements to all of the income and capital of the trust.
"flexible care" has the same meaning as in the Aged Care Act 1997 .
"FLIC" (film licensed investment company) has the meaning given by section 375- 855.
"FLIC concessional capital " has the meaning given by section 375-880.
(a) subsections 207‑50(2), (3) and (4) set out the circumstances in which a * franked distribution flows indirectly to an entity; and
(b) subsection 207‑50(5) sets out the circumstances in which a franked distribution flows indirectly through an entity; and
(c) section 208‑ 175 sets out the circumstances in which a * distribution * franked with an exempting credit flows indirectly to an entity; and
(d) section 220‑405 sets out the circumstances in which a supplementary dividend (as defined in section OB1 of the Income Tax Act 1994 of New Zealand) flows indirectly to an entity; and
(e) subsections 380‑25(2), (3) and (4) set out the circumstances in which * NRAS rent flows indirectly to an entity; and
(f) subsection 380‑25(5) sets out the circumstances in which NRAS rent flows indirectly through an entity.
"FLP" has the same meaning as in Part XI of the Income Tax Assessment Act 1936 .
"Foreign Affairs Minister" means the Minister administering section 1 of the International Development Association Act 1960 .
"foreign bank" means an * ADI that is a * foreign entity.
"foreign controlled Australian company" has the meaning given by section 820-785.
"foreign controlled Australian entity" has the meaning given by section 820-780.
"foreign controlled Australian partnership" has the meaning given by section 820-795.
"foreign controlled Australian trust" has the meaning given by section 820-790.
"foreign currency" means a currency other than Australian currency.
"foreign currency hedge" has the meaning given by subsection 230-350(2).
"foreign entity" means an entity that is not an * Australian entity.
"foreign exchange retranslation election" has the meaning given by subsections 230-255(1) and (3).
"foreign general insurance company" means a company that is a foreign resident, and whose sole or principal business is * insurance business.
"foreign government agency" means:
(a) the government of a foreign country or of part of a foreign country; or
(b) an authority of the government of a foreign country; or
(c) an authority of the government of part of a foreign country.
"foreign hybrid" has the meaning given by section 830-5.
"foreign hybrid company" has the meaning given by section 830-15.
"foreign hybrid limited partnership" has the meaning given by section 830-10.
"foreign hybrid net capital loss amount" has the meaning given by section 830-55.
"foreign hybrid revenue loss amount" has the meaning given by paragraph 830-45(1)(a).
"foreign hybrid tax provisions" means:
(a) the Income Tax Assessment Act 1936 (other than Division 5A of Part III); and
(b) this Act (other than Subdivision 830‑A and 830‑B); and
(c) an Act that imposes any tax payable under the Income Tax Assessment Act 1936 or this Act; and
(d) the Income Tax Rates Act 1986 ; and
(e) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a), (b) or (c); and
(f) any other Act, so far as it relates to an Act covered by paragraph (a), (b), (c), (d) or (e); and
(g) regulations under an Act covered by any of the preceding paragraphs.
"foreign income tax" has the meaning given by section 770-15.
"foreign investment fund" means a FIF as defined by section 481 of the Income Tax Assessment Act 1936 .
"foreign law" means a law of a foreign country.
Note: Foreign country is defined in paragraph 22(1)(f) of the Acts Interpretation Act 1901 .
"foreign life insurance company" means a company that is a foreign resident, and whose sole or principal business is life insurance.
"foreign public official" has the same meaning as in section 70.1 of the Criminal Code .
"foreign resident" means a person who is not a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .
Note: Foreign resident is not asterisked in this Act.
"foreign resident life insurance policy" means a * life insurance policy that:
(a) was issued by a company in the course of * carrying on a * business at or through the * permanent establishment of the company in a foreign country; and
(b) is held by an entity that is neither an * associate of the company nor a Part X Australian resident (within the meaning of Part X of the Income Tax Assessment Act 1936 ).
"foreign revenue claim" has the meaning given by section 263-10 in Schedule 1 to the Taxation Administration Act 1953 .
"foreign superannuation fund" :
(a) a * superannuation fund is a foreign superannuation fund at a time if the fund is not an * Australian superannuation fund at that time; and
(b) a superannuation fund is a foreign superannuation fund for an income year if the fund is not an Australian superannuation fund for the income year.
"foreign trust for CGT purposes" means a trust that is not a * resident trust for CGT purposes.
"foreign venture capital fund of funds" has the meaning given by subsections 118-420(4) and (5).
"forestry interest" in a * forestry managed investment scheme has the meaning given by subsection 394-15(3).
"forestry managed investment scheme" has the meaning given by subsection 394-15(1).
"forestry manager" of a * forestry managed investment scheme has the meaning given by subsection 394-15(2).
"forestry road" has the meaning given by subsection section 43-72.
"forex cost base" has the meaning given by section 775- 85.
"forex entitlement base" has the meaning given by section 775-90.
"forex realisation event" means any of the forex realisation events described in Division 775.
"forex realisation gain" : for each * forex realisation event a forex realisation gain is worked out in the way described in the event.
"forex realisation loss" : for each * forex realisation event a forex realisation loss is worked out in the way described in the event.
"form approved by Innovation Australia" has the same meaning as in section 33-5 of the Venture Capital Act 2002 .
"former exempting entity" has the meaning given by section 208-50.
"fourth element expenditure" has the meaning given by section 104-185.
"frankable distribution" has the meaning given by section 202-40.
"frankable with a venture capital credit" has the meaning given by section 210-50.
"franked distribution" : a * distribution is franked if an entity * franks it in accordance with section 202-5.
"franked part" of a * distribution has the meaning given by section 976-1.
"franking account" means an account that arises under section 205-10.
Note 1: Section 205‑15 sets out when a credit arises in that account.
Note 2: Section 205‑30 sets out when a debit arises in that account.
"franking account balance" has the meaning given by section 214-30.
"franking assessment" has the meaning given by subsection 214-60(1) and affected by section 214-100.
"franking credit" has the meaning given by section 205-15.
"franking debit" has the meaning given by section 205-30.
"franking deficit" has the meaning given by subsection 205-40(2).
"franking deficit tax" means tax imposed under the New Business Tax System (Franking Deficit Tax) Act 2002 .
Note: That Act imposes tax where it is payable under section 205‑45 of this Act.
"franking entity" has the meaning given by section 202-15.
"franking percentage" has the meaning given by section 203- 35.
"franking period" has the meaning given by sections 203-40 and 203- 45.
"franking return" means a return required under Subdivision 214-A.
"franking surplus" has the meaning given by subsection 205-40(1).
"franking tax" has the meaning given by section 214-40.
"franks with an exempting credit" has the meaning given by section 208-60.
"frank with a venture capital credit" has the meaning given by section 210-30.
(a) a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b) a body that is registered or incorporated as a friendly society under a * State law or a * Territory law; or
(c) a body that is permitted, by a * State law or a * Territory law, to assume or use the expression friendly society ; or
(d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a * State law or a * Territory law.
"friendly society dispensary" means an approved pharmacist (within the meaning of Part VII of the National Health Act 1953 ) that is:
(a) a * friendly society; or
(b) a body carrying on * business for the benefit of members of a * friendly society.
(a) a fringe benefit as defined by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 ; and
(b) a benefit that would be a fringe benefit (as defined by subsection 136(1) of that Act) if paragraphs (d) and (e) of the definition of employer in that subsection of that Act were omitted.
"fringe benefits taxable amount" has the meaning given by section 5B of the Fringe Benefits Tax Assessment Act 1986 .
"fringe benefits tax law" means a provision of an Act or regulations under which the extent of liability for tax imposed by the Fringe Benefits Tax Act 1986 is worked out.
"FS assessment debt" means an FS assessment debt under:
(a) subsection 19AB(2) of the Social Security Act 1991 ; or
(b) the Student Assistance Act 1973 as in force at a time on or after 1 July 1998.
"FTB amount" for an income year means an amount of family tax benefit (within the meaning of the A New Tax System (Family Assistance) (Administration) Act 1999 ) to which an individual is entitled in respect of the income year.
"fuel tax credit" has the meaning given by section 110-5 of the Fuel Tax Act 2006 .
"fuel tax law" has the meaning given by section 110-5 of the Fuel Tax Act 2006 .
"fuel tax return period" has the meaning given by section 61-20 of the Fuel Tax Act 2006 .
"full self-assessment taxpayer" has the same meaning as in subsection 6(1) of the Income Tax Assessment Act 1936 .
"full year amounts" has the meaning given by section 165-60.
"full year car deduction" has the meaning given by section 28- 45.
"full year deductions" has the meaning given by subsections 165-55(5) and (6).
"fund payment" has the meaning given by 12-405 in Schedule 1 to the Taxation Administration Act 1953 .
"fund-raising event" has the meaning given by section 40-165 of the A New Tax System (Goods and Services Tax) Act 1999 , as modified by the omission of subparagraph 40-165(1)(b)(i) of that Act.
"funeral policy" means a * life insurance policy issued by a * friendly society for the sole purpose of providing benefits to pay for the funeral of the insured person.
"gainfully employed" means employed or self-employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment.
"gaining entity" for an * indirect value shift has the meaning given by section 727-150.
"GDP-adjusted notional tax" has the meaning given by section 45-405 in Schedule 1 to the Taxation Administration Act 1953 .
"GDP amount" for a * quarter has the meaning given by section 45-405 in Schedule 1 to the Taxation Administration Act 1953 .
"general deduction" has the meaning given by section 8-1.
"general insurance company" means a body corporate that carries on * insurance business.
"general insurance policy" means a policy of insurance that is not a * life insurance policy or an * annuity instrument.
"general interest charge" means the charge worked out under Part IIA of the Taxation Administration Act 1953 .
"general partner" means a partner of a * limited partnership whose liability in relation to the partnership is not limited.
"general small business pool" has the meaning given by section 328-185.
"genuine redundancy payment" has the meaning given by section 83- 175.
"global GST amount" has the meaning given by section 195-1 of the * GST Act.
(a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165‑115E; and
(b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165‑115U.
goes for at least 4 hours , in relation to a * seminar, has the meaning given by subsection 32-65(2).
"government entity" has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 .
"Government FHSA contribution" has the meaning given by the First Home Saver Accounts Act 2008 .
"greater benefit from franking credits" has a meaning affected by subsections 204-30(7) and (8).
(a) under an * indirect value shift, has the meaning given by subsection 727‑150(3); and
(b) under a * presumed indirect value shift, has the meaning given by subsection 727‑855(1).
"gross averaging amount" has the meaning given by section 392-70.
"gross vehicle mass" of a vehicle means:
(a) the road weight specified by the manufacturer of the vehicle as the maximum design weight capacity of the vehicle; or
(b) in the absence of such a specification, the sum of:
(i) the weight of the vehicle; and
(ii) the weight of the maximum load for which the vehicle was designed (including the weight of the driver and a full tank of fuel, if applicable).
"group heading" has the meaning given by section 950-100.
"GST" has the meaning given by section 195-1 of the * GST Act.
"GST Act" means the A New Tax System (Goods and Services Tax) Act 1999.
"GST-free" has the meaning given by section 195-1 of the * GST Act.
"GST group" has the meaning given by section 195-1 of the * GST Act.
"GST inclusive market value" has the meaning given by section 195-1 of the * GST Act.
"GST joint venture" has the meaning given by section 51-5 of the * GST Act.
"GST law" has the meaning given by section 195-1 of the * GST Act.
"GST return " has the same meaning as in section 195-1 of the * GST Act.
"GST turnover" has the meaning given by section 195-1 of the * GST Act.
"guaranteed residual value" for an asset that is put to a tax preferred use has the meaning given by subsection 250-85(3).
"guarantee period" , for an annuity provided under a * structured settlement or a * structured order, has the meaning given by subsection 54-35(2).
"Guide" has the meaning given by section 950-150.
"harm prevention charity" has the meaning given by section 30-288.
(a) in relation to a * consolidated group or * consolidatable group--has the meaning given by section 703‑15; and
(b) of a * MEC group--has the meaning given by section 719‑75.
"head entity of a demerger " group has the meaning given by section 125- 65.
"hedged item" has the meaning given by subsections 230-335(10) and (11).
"hedging financial arrangement" has the meaning given by subsections 230-335(1) to (9) and sections 230-340 and 230- 345.
"hedging financial arrangement election" has the meaning given by section 230- 315.
"held" : see hold .
"Heritage Department" means the Department that:
(a) deals with matters arising under section 1 of the Australian Heritage Council Act 2003 ; and
(b) is administered by the * Heritage Minister.
"Heritage Minister" means the Minister administering section 1 of the Australian Heritage Council Act 2003 .
"Heritage Secretary" means the Secretary of the * Heritage Department.
"HIH company" has the meaning given by section 322-5.
"HIH Trust" has the meaning given by section 322-5.
"hire purchase agreement" means:
(a) a contract for the hire of goods where:
(i) the hirer has the right, obligation or contingent obligation to buy the goods; and
Note: An example of a contingent obligation is a put option.
(ii) the charge that is or may be made for the hire, together with any other amount payable under the contract (including an amount to buy the goods or to exercise an option to do so), exceeds the price of the goods; and
(iii) title in the goods does not pass to the hirer until the option referred to in subparagraph (a)(i) is exercised; or
(b) an agreement for the purchase of goods by instalments where title in the goods does not pass until the final instalment is paid.
(a) hold a car for the purposes of Division 28 has the meaning given by section 28‑90; and
(b) hold a * depreciating asset has the meaning given by section 40‑40.
"horse opening value" has the meaning given by subsection 70-65(1).
"horse reduction amount" has the meaning given by subsection 70-65(2).
"horticultural plant" has the meaning given by section 40-520.
"horticulture" has the meaning given by section 40-535.
"hotel building" has the meaning given by section 43- 95.
(a) residential accommodation; or
(b) health, eduction, recreation or similar facilities, or facilities for meals; or
(c) works carried out directly in connection with such accommodation or facilities, including works for providing water, light, power, access or communications.
"Housing Department" means the Department that:
(a) deals with matters arising under section 1 of the National Rental Affordability Scheme Act 2008 ; and
(b) is administered by the * Housing Minister.
"Housing Minister" means the Minister administering section 1 of the National Rental Affordability Scheme Act 2008 .
"Housing Secretary" means the Secretary of the * Housing Department.
"hypothetical tax position" has the meaning given by section 45- 615 in Schedule 1 to the Taxation Administration Act 1953 .
"immediate annuity" means an * annuity that is presently payable.
"import" has the meaning given by section 195-1 of the * GST Act.
"improvement threshold" has the meaning given by section 108-85.
"imputation benefit" has the meaning given by subsection 204-30(6).
"imputation system" means the rules in Part 3-6.
"in a position to affect rights" has the meaning given by section 975-150.
"incapacitated entity" has the meaning given by section 195-1 of the * GST Act.
"incentive amount" has the meaning given by section 61-220.
"incidental costs" has the meaning given by section 110- 35.
"incidental forestry scheme receipts" has the meaning given by subsection 394-30(4).
"income bond" means a * life insurance policy issued by a * friendly society under which bonuses are regularly distributed.
"income company" has the meaning given by section 170-10.
"income for surcharge purposes" , for a person and an income year, means the sum of the following:
(a) the person's taxable income for the income year (disregarding subsection 271‑105(1) of Schedule 2F to the Income Tax Assessment Act 1936 );
(b) the person's * reportable fringe benefits total (if any) for the income year;
(c) the person's * reportable superannuation contributions for the income year;
(d) the person's * total net investment loss for the income year;
less the amount mentioned in subsection 301‑20(3) for the person for the income year if the person is entitled to a tax offset under subsection 301‑20(2) for the income year.
"income tax" means income tax imposed by any of these:
(a) the Income Tax Act 1986 ;
(b) the Income Tax (Diverted Income) Act 1981 ;
(c) the Income Tax (Former Complying Superannuation Funds) Act 1994 ;
(d) the Income Tax (Former Non‑resident Superannuation Funds) Act 1994 ;
(e) the Income Tax (Fund Contributions) Act 1989 .
"income tax law" means a provision of an Act or regulations under which is worked out the extent of liability for:
(a) * tax; or
(b) Medicare levy; or
(d) * withholding tax; or
(e) * mining withholding tax.
"income tax return" means a return under section 161, 162 or 163 of the Income Tax Assessment Act 1936 .
"income year" : the basic meaning is given by subsections 4-10(2) and 9-5(2). Some provisions refer to a particular income year. (They may describe it in different ways: for example, as the income year ending on 30 June 1998, or the 1997-98 income year.) For an entity that adopts an accounting period in place of the particular income year, the reference includes:
(a) the adopted accounting period; or
(b) if the adopted accounting period ends under section 18A of the Income Tax Assessment Act 1936 :
(i) in relation to the commencing of the income year--the adopted accounting period (as ending under that section); or
(ii) in relation to the ending of the income year--the accounting period ending under that section on the day on which the adopted accounting period would (but for that section) have ended.
Note 1: The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 .
Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 .
"in connection with" : an economic benefit is * provided in connection with a * scheme if at least one of the tests in section 727-160 is satisfied.
"increase time" for a * direct value shift has the meaning given by section 725- 155.
"increasing adjustment" has the meaning given by section 195-1 of the * GST Act.
"independent candidate" has the meaning given by section 30-244.
"independent member" has the meaning given by section 30- 245.
(a) for an amount mentioned in a provision listed at items 8 to 12 in section 960‑ 265-- indexation factor has the meaning given by section 960‑ 285; or
(b) for an amount mentioned in a provision listed at another item in section 960‑ 265-- indexation factor has the meaning given by section 960‑ 275.
(a) for an amount mentioned in a provision listed at items 8 to 12 in section 960‑ 265-- index number has the meaning given by section 960‑ 285; or
(b) for an amount mentioned in a provision listed at another item in section 960‑ 265-- index number has the meaning given by section 960‑280.
"indirect Australian real property interest" has the meaning given by section 855- 25.
"indirect equity interests" : an entity has indirect equity interests in a company if it has * shares or other interests in entities interposed between the entity and the company.
"indirect equity or loan interest" has the meaning given by section 727- 525.
"indirectly" : entities have the right to receive * dividends or capital of a company indirectly for their own benefit if they would receive the dividends or capital for their own benefit if:
(a) the company were to pay or distribute the dividends or capital; and
(b) the dividends or capital were then successively paid or distributed by each entity interposed between the company and those entities.
An * ultimate owner indirectly has a beneficial interest in a * CGT asset of an entity, or in * ordinary income that may be * derived from a * CGT asset of an entity, as described in section 149‑15.
"indirect participation interest" has the meaning given by section 960-185.
"indirect primary equity interest" has the meaning given by section 727- 220.
"indirect roll-over replacement" has the meaning given by section 723-110.
"indirect small business participation percentage" has the meaning given by section 152-75.
"indirect tax" means any of the following:
(a) * GST;
(b) * wine tax;
"indirect tax document" means a document that:
(a) was obtained by you in the course of:
(i) your appointment or employment by the Commonwealth; or
(ii) the performance of services by you for the Commonwealth; or
(iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and
(b) was made or given under, or for the purposes of, an * indirect tax law.
Example: A GST return is a document made for the purposes of an indirect tax law.
"indirect tax information" means information that:
(a) was obtained by you in the course of:
(i) your appointment or employment by the Commonwealth; or
(ii) the performance of services by you for the Commonwealth; or
(iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and
(b) was disclosed or obtained under an * indirect tax law; and
(c) relates to the affairs of an entity other than you.
"indirect tax law" means any of the following:
(a) the * GST law;
(b) the * wine tax law;
(c) the * luxury car tax law;
(d) the * fuel tax law.
"indirect tax ruling" means any ruling or advice given or published by the Commissioner in relation to an * indirect tax law (other than the * fuel tax law), including one that has been previously altered, but not including:
(a) one given orally; or
(b) an assessment.
"indirect value shift" has the meaning given by Subdivision 727-B.
"indirect voting percentage" in a company has the meaning given by section 768- 555.
"individual" means a natural person.
(a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165‑115E; and
(b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165‑115U.
"individual superannuation guarantee shortfall" has the meaning given by section 19 of the Superannuation Guarantee (Administration) Act 1992 .
"industrial activities" has the meaning given by section 43-150.
"industrial instrument" means:
(a) an * Australian law; or
(b) an award, order, determination or industrial agreement in force under an * Australian law.
"Industry Department" means the Department that:
(a) deals with matters arising under section 1 of the Industry Research and Development Act 1986 ; and
(b) is administered by the * Industry Minister.
"Industry Minister" means the Minister administering section 1 of the Industry Research and Development Act 1986 .
"Industry Secretary" means the Secretary of the * Industry Department.
"information exchange country" has the meaning given by section 12-385 in Schedule 1 to the Taxation Administration Act 1953 .
"in-house dining facility" has the meaning given by section 32-55.
"in-house software" is computer software, or a right to use computer software, that you acquire, develop or have another entity develop:
(a) that is mainly for you to use in performing the functions for which the software was developed; and
(b) for which you cannot deduct amounts under a provision of this Act outside Divisions 40 and 328.
"initial head company instalment rate" , for a * head company of a * consolidated group, or a * provisional head company of a * MEC group, is an * instalment rate worked out on the basis of:
(a) for a group that comes into existence in an income year under section 703‑50 or 719‑50--the first * base assessment of a company as the head company of that group for which the * base year is that income year; and
(b) for a group (the later group ) for which either of the following conditions is satisfied:
(i) the later group is * created from a group (the first group ) that comes into existence under section 703‑50 or 719‑50;
(ii) starting from the first group, consolidated groups or MEC groups are successively created, ending in the creation of the later group;
the first base assessment of a company as the head company of the first group, the later group or any other group covered by subparagraph (ii), for which the base year is the income year in which the first group comes into existence.
Note: For example, subparagraph (b)(ii) covers a consolidated group that is created from a MEC group, which was in turn created from a consolidated group that came into existence under section 703‑50.
"initial participant" in a * forestry managed investment scheme has the meaning given by subsection 394-15(5).
"injected amount" has the meaning given by sections 175-10, 175-20 and 175- 85.
(a) in relation to a * structured settlement, has the meaning given by subparagraph 54‑10(1)(a)(i); and
(b) in relation to a * structured order, has the meaning given by subparagraph 54‑10(1A)(a)(i).
"Innovation Australia" means the board established by section 6 of the Industry Research and Development Act 1986 .
"input tax credit" has the meaning given by section 195-1 of the * GST Act.
"input taxed" has the meaning given by section 195-1 of the * GST Act.
"installed ready for use" means installed ready for use and held in reserve.
"instalment group" has the meaning given by section 45-145 in Schedule 1 to the Taxation Administration Act 1953 .
"instalment income" has the meaning given by sections 45-120, 45-260, 45-280, 45- 285 and 45-465 in Schedule 1 to the Taxation Administration Act 1953 .
"instalment of petroleum resource rent tax" is an instalment of tax payable under Division 2 of Part VIII of the Petroleum Resource Rent Tax Assessment Act 1987 .
"instalment quarter" has the meaning given by section 45-60 in Schedule 1 to the Taxation Administration Act 1953 .
"insurance business" has the same meaning as in the Insurance Act 1973 .
"intellectual property" : an item of intellectual property consists of the rights (including equitable rights) that an entity has under a * Commonwealth law as:
(a) the patentee, or a licensee, of a patent; or
(b) the owner, or a licensee, of a registered design; or
(c) the owner, or a licensee, of a copyright;
or of equivalent rights under a * foreign law.
"interest that will or may convert into another interest" has the meaning given by section 974-165.
"intermediate controller" has the meaning given by subsection 727-530(2).
"invalidity segment" , of an * employment termination payment, has the meaning given by section 82-150.
"investment body" for a * Part VA investment has the meaning given by section 202D of the Income Tax Assessment Act 1936 .
"investment commitment time" has the meaning given by section 41- 25.
"investment registration requirement" :
(a) in relation to a * VCLP--has the meaning given by subsection 9‑1(2) of the Venture Capital Act 2002 ; and
(ab) in relation to an * ESVCLP--has the meaning given by subsection 9‑3(2) of the Venture Capital Act 2002 ; and
(b) in relation to an * AFOF--has the meaning given by subsection 9‑5(2) of the Venture Capital Act 2002 .
"investor" for a * Part VA investment has the meaning given by section 202D of the Income Tax Assessment Act 1936 .
"invoice" means a document notifying an obligation to make a payment.
"inward investing entity (ADI)" has the meaning given by sections 820-395 and 820-609.
Note: Section 820‑430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases.
"inward investing entity (non-ADI)" has the meaning given by sections 820-185, 820-583, 820-609 and 820-610.
"inward investment vehicle (financial)" has the meaning given by sections 820-185, 820-583, 820-609 and 820- 610.
Note: Section 820‑430 allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases.
"inward investment vehicle (general)" has the meaning given by sections 820-185 and 820-583.
"inward investor (financial)" has the meaning given by section 820-185.
Note: Section 820‑430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases.
"inward investor (general)" has the meaning given by section 820-185.
"irrigation water provider" has the meaning given by section 40- 515.
"IRU" is an indefeasible right to use a telecommunications cable system.
"issued" , in relation to a * debt interest, has the meaning given by paragraph 974-55(1)(d).
"IVS period" has the meaning given by section 727-150.
"IVS time" has the meaning given by section 727-150.
"joint venture operator" for a * GST joint venture has the meaning given by section 195-1 of the * GST Act.
"labour hire notional withheld amount" has the meaning given by section 16-125 in Schedule 1 to the Taxation Administration Act 1953 .
"landcare operation" has the meaning given by section 40-635.
"land transport facilities borrowings agreement" has the meaning given by section 396-80.
"land transport facility" has the meaning given by section 396- 45.
"large withholder" has the meaning given by section 16- 95 in Schedule 1 to the Taxation Administration Act 1953 .
(a) if an individual's employment or office would have terminated when he or she reached a particular age or completed a particular period of service--the day he or she would reach the age or complete the period of service (as the case may be); or
(b) in any other case--the day on which he or she would turn 65.
"laundry expense" has the meaning given by section 900-40.
"legally responsible" for a child means legally responsible (whether alone or jointly with someone else) for the day-to-day care, welfare and development of the child.
"legal personal representative" means:
(a) an executor or administrator of an estate of an individual who has died; or
(b) a trustee of an estate of an individual who is under a legal disability; or
(c) a person who holds a general power of attorney that was granted by another person.
"legal practitioner" means a person who is enrolled as a barrister, a solicitor or a barrister and solicitor of:
(a) a federal court; or
(b) a court of a State or Territory.
"leisure facility" has the meaning given by subsection 26-50(2).
(a) under an * indirect value shift, has the meaning given by paragraph 727‑150(3)(a); and
(b) under a * presumed indirect value shift, has the meaning given by paragraph 727‑855(1)(c).
"LIC capital gain" has the meaning given by section 115- 285.
"life benefit termination payment" has the meaning given by subsection 82-130(2).
"life insurance business" means:
(a) a business to the extent that it consists of issuing * life insurance policies; and
(b) any business that relates to a business to which paragraph (a) applies.
"life insurance company" means a company registered under the Life Insurance Act 1995 .
"life insurance policy has the meaning given to the expression life policy" in the Life Insurance Act 1995 but includes:
(a) a contract made in the course of carrying on business that is * life insurance business because of a declaration in force under section 12A or 12B of that Act; and
(b) a sinking fund policy within the meaning of that Act.
"life insurance premium" includes consideration received or receivable in respect of the grant of, or the undertaking of liabilities in respect of, an * annuity or a * personal injury lump sum.
Note: Certain other amounts are treated as life insurance premiums when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320‑320.
"limited partner" means a partner of a * limited partnership whose liability in relation to the partnership is limited.
(a) an association of persons (other than a company) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly, where the liability of at least one of those persons is limited; or
(b) an association of persons (other than one referred to in paragraph (a)) with legal personality separate from those persons that was formed solely for the purpose of becoming a * VCLP, an * ESVCLP, an * AFOF or a * VCMP and to carry on activities that are carried on by a body of that kind.
"limited recourse debt" has the meaning given by section 243-20.
"linked assets and liabilities" has the meaning given by subsection 705-59(2).
"linked group" has the meaning given by section 170-260.
"listed country" has the meaning given by section 320 of the Income Tax Assessment Act 1936 .
"listed investment company" has the meaning given by section 115-290.
"listed public company" means a company * shares in which (except shares that carry a right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange. However, a company is not a listed public company if:
(a) a person (who is not a company) controls, or is able to control, or up to 20 persons (none of them companies) between them control, or are able to control, 75% or more of the voting power in the company (whether directly, or indirectly through one or more interposed entities); or
(b) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any * dividends that the company may pay; or
(c) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any distribution of capital of the company.
"listed widely held trust" has the meaning given by section 272- 115 in Schedule 2F to the Income Tax Assessment Act 1936 .
"live stock does not" include animals used as beasts of burden or working beasts in a * business other than a * primary production business.
local governing body means a local governing body established by or under a * State law or * Territory law.
"lodge electronically" : a document is lodged electronically if it is transmitted to the Commissioner in an electronic format approved by the Commissioner.
"long life small business pool" has the meaning given by section 328-185.
"long service leave employment period" has the meaning given by subsection 83-90(4).
"losing entity" for an * indirect value shift has the meaning given by section 727-150.
(a) at a particular time, has the meaning given by section 165‑115R or 165‑115S; and
(b) in relation to a transfer of a * tax loss or a * net capital loss has the meaning given by section 170‑10 or 170‑110.
"loss denial balance" of a * loss denial pool of an entity has the meaning given by sections 715-60, 715-70, 715-110, 715-135, 715- 355 and 715-360.
"loss denial pool" of an entity has the meaning given by sections 715-60, 715-70, 715-110, 715-135, 715- 355 and 715-360.
"loss exposure amount" has the meaning given by section 830-60.
"loss-focussed basis" has the meaning given by section 727-780.
"loss year" has the meaning given by sections 36-10, 165-70 and 175- 35.
Note: The meaning of loss year in sections 36‑10, 165‑70 and 175‑ 35 is modified by section 36‑55 for a corporate tax entity that has an amount of excess franking offsets.
"low-cost asset" has the meaning given by section 40- 425.
"low rate cap amount" has the meaning given by section 307- 345.
"low tax component" has the meaning given by section 295- 545.
"low-value asset" has the meaning given by section 40- 425.
"LTF interest" has the meaning given by sections 396-30 and 396- 35.
"luxury car" has the same meaning as in Division 42A of Schedule 2E to the Income Tax Assessment Act 1936 .
"luxury car tax" has the meaning given by section 27-1 of the * Luxury Car Tax Act.
"Luxury Car Tax Act" means the A New Tax System (Luxury Car Tax) Act 1999 .
"luxury car tax law" has the meaning given by section 27-1 of the * Luxury Car Tax Act.
"majority control" has the meaning given by section 45-145 in Schedule 1 to the Taxation Administration Act 1953 .
"majority underlying interests" in a * CGT asset has the meaning given by section 149-15.
"make" , in relation to a * film, has the meaning given by section 376- 125.
"managed investment scheme" means an entity, with more than 20 members, that is:
(a) a managed investment scheme for the purposes of the Corporations Act 2001 ; or
(b) an entity with a similar status to a managed investment scheme under a * foreign law relating to corporate regulation.
"managed investment trust" has the meaning given by section 12-400 in Schedule 1 to the Taxation Administration Act 1953 .
"managed investment trust withholding tax" means income tax payable under:
(a) Subdivision 840‑M of this Act; or
(b) Subdivision 840‑M of the Income Tax (Transitional Provisions) Act 1997 .
"market value" has a meaning affected by Subdivision 960-S.
(a) for an * outward investing entity (non‑ADI)--has the meaning given by section 820‑90 (or that section as applied by section 820‑120); and
(b) for an * inward investing entity (non‑ADI) covered by paragraph 820‑185(1)(a) (or 820‑225(1)(a))--has the meaning given by section 820‑190 (or that section as applied by section 820‑ 225).
"maximum franking credit" for a distribution has the meaning given by subsection 202-60(2).
"MDO" has the meaning given by section 5 of the Medical Indemnity Act 2002 .
"meal allowance" has the meaning given by section 900-30.
"meal allowance expense" has the meaning given by section 900-30.
"MEC group" has the meaning given by section 719-5.
Note 1: Part 3‑90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719‑2).
Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3‑90) referring only to consolidated groups do not apply to MEC groups.
"Medicare levy surcharge" means:
(a) an amount (other than a nil amount) of Medicare levy (within the meaning of Part VIIB of the Income Tax Assessment Act 1936 ) that is payable by you only because of section 8B, 8C, 8D, 8E, 8F or 8G of the Medicare Levy Act 1986 ; or
(b) surcharge within the meaning of the A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999 .
"medium withholder" has the meaning given by section 16-100 in Schedule 1 to the Taxation Administration Act 1953 .
(a) in relation to a * GST group--has the meaning given by section 195‑1 of the * GST Act; and
(b) in relation to a * consolidated group or * consolidatable group--has the meaning given by section 703‑15; and
(c) in relation to an entity--has the meaning given by section 960‑130; and
(d) in relation to a * copyright collecting society, means:
(i) any entity that has been admitted as a member under the society's * constitution; or
(ii) any entity that has authorised the society to license the use of his or her copyright material.
"member of the Forces" has the meaning given by section 52- 105.
"member of the tax preferred end user group" has the meaning given by paragraph 250-60(4)(a).
"member of the tax preferred sector" has the meaning given by paragraph 250-60(4)(b).
"membership interest" in an entity has the meaning given by section 960-135.
"metering point" on land has the meaning given by section 40-655.
"minerals" has the meaning given by section 40-730.
"minerals treatment" has the meaning given by section 40- 875.
(a) for an * outward investing entity (ADI)--has the meaning given by section 820‑ 305 (or that section as applied by section 820‑330); and
(b) for an * inward investing entity (ADI)--has the meaning given by section 820‑400 (or that section as applied by section 820‑420).
"mining building site" has the meaning given by section 40-740.
"mining capital expenditure" has the meaning given by section 40-860.
"mining entitlement" has the meaning given by subsection 124-710(2).
"mining operations" has the meaning given by section 40-730.
"mining payment" has the meaning given by section 128U of the Income Tax Assessment Act 1936 .
"mining, quarrying or prospecting information" has the meaning given by section 40-730.
"mining, quarrying or prospecting right" is:
(a) an authority, licence, permit or right under an * Australian law to mine, quarry or prospect for minerals, * petroleum or quarry materials; or
(b) a lease of land that allows the lessee to mine, quarry or prospect for minerals, petroleum or quarry materials on the land; or
(c) an interest in such an authority, licence, permit, right or lease; or
(d) any rights that:
(i) are in respect of buildings or other improvements (including anything covered by the definition of housing and welfare ) that are on the land concerned or are used in connection with operations on it; and
(ii) are acquired with such an authority, licence, permit, right, lease or interest.
However, a right in respect of anything covered by the definition of housing and welfare in relation to a quarrying site is not a mining, quarrying or prospecting right .
"mining site rehabilitation" has the meaning given by section 40-735.
"mining withholding tax" means income tax payable under section 128V of the Income Tax Assessment Act 1936 .
"MLS lump sums" has the meaning given by section 61-590.
"modified market value" of an entity has the meaning given by section 707- 325.
(a) a right to receive money or something that is a * money equivalent under this definition; or
(b) a * financial arrangement (within the meaning of section 230‑ 45).
more than a 50% stake has the meaning given by section 165-37.
more than 50% of the company's capital distributions has the meaning given by section 165-160.
more than 50% of the company's dividends has the meaning given by section 165- 155.
more than 50% of the voting power has the meaning given by section 165-150.
"motor vehicle" means any motor-powered road vehicle (including a 4 wheel drive vehicle).
"multi-rate trustee" has the meaning given by section 45- 455 in Schedule 1 to the Taxation Administration Act 1953 .
"mutual affiliate company" has the meaning given by section 121AC of the Income Tax Assessment Act 1936 .
"mutual insurance company" has the meaning given by section 121AB of the Income Tax Assessment Act 1936 .
"National Rental Affordability Scheme" has the same meaning as in the National Rental Affordability Scheme Act 2008 .
"natural resource" has the meaning given by section 6 of the Income Tax Assessment Act 1936.
"natural resource" means minerals or any other non-living resource of the land, sea-bed or sea.
"net amount" has the same meaning as in section 195 -1 of the * GST Act.
"net assessable film income" has the meaning given by section 375-815.
"net asset amount" has the meaning given by section 104- 95.
"net capital gain" has the meaning given by sections 102-5 and 165- 111.
Note: For income years before 1998‑99, net capital gain has the meaning given by section 102‑20 of the Income Tax (Transitional Provisions) Act 1997 .
"net capital loss" has the meaning given by sections 102-10 and 165-114 and affected by section 701-30.
"net current termination value" of a * life insurance policy means so much of the * current termination value of the policy as relates to the part of the policy that is not reinsured under a * contract of reinsurance.
"net exempt film income" has the meaning given by section 375- 805.
"net exempt income" has the meaning given by section 36-20.
"net fuel amount" has the meaning given by section 60-5 of the Fuel Tax Act 2006 .
"net GST" : Your net GST for a * supply, is:
(a) the * GST payable by you on the supply; plus
(b) the sum of any * increasing adjustments that you have relating to the supply; minus
(c) the sum of any * decreasing adjustments that you have relating to the supply.
(a) of a partnership--has the same meaning as in Division 5 of Part III of the Income Tax Assessment Act 1936 ; and
(b) of a trust--has the same meaning as in Division 6 of Part III of that Act.
"net income from working" has the meaning given by section 61-570.
"net input tax credit" : Your net input tax credit for an * acquisition or * importation is:
(a) the amount of any * input tax credit to which you are entitled for the acquisition or * importation; minus
(b) the sum of any * increasing adjustments that you have relating to the acquisition or * importation; plus
(c) the sum of any * decreasing adjustments that you have relating to the acquisition or * importation.
"net investment component of ordinary life insurance policies" has the meaning given by subsection 713-515(4).
"net overstated amount" has the meaning given by subsection 104-525(3).
"net premium" for a * life insurance policy means the amount of the * life insurance premium for the policy less the part (if any) of that premium that is reinsured under a * contract of reinsurance.
"net risk component" of a * life insurance policy means so much of the policy's risk component as:
(a) is not reinsured under a * contract of reinsurance; or
(b) is reinsured under a contract of reinsurance to which subsection 148(1) of the Income Tax Assessment Act 1936 applies.
"net small business income" has the meaning given by section 61- 525.
"net understated amount" has the meaning given by subsection 104-525(3).
"net value" of an entity means the amount by which the sum of the * market values of the assets of the entity exceeds the sum of its liabilities.
"net value of the CGT assets" of an entity has the meaning given by section 152-20.
"new investment threshold" has the meaning given by section 41- 35.
"non-ADI financial institution" has the meaning given by subsection 128A(1) of the Income Tax Assessment Act 1936 .
"non-arm's length component" has the meaning given by section 295- 545.
"non-arm's length income" has the meaning given by section 295-550.
"non-arm's length limited recourse debt" has the meaning given by subsection 243-20(6).
"non-assessable non-exempt income" has the meaning given by section 6-23.
"non-cash benefit" is property or services in any form except money. If a non-cash benefit is dealt with on behalf of an entity, or is provided or dealt with as an entity directs, the benefit is taken to be provided to the entity.
"non-complying approved deposit fund" means an * approved deposit fund that is not a * complying approved deposit fund.
"non-complying superannuation fund" means a * superannuation fund that:
(a) is a fund; and
(b) is not a * complying superannuation fund.
"non-compulsory" , in relation to a * uniform, has the meaning given by subsection 34-15(2).
"non-concessional contributions" has the meaning given by section 292-90.
"non-concessional contributions cap" has the meaning given by section 292- 85.
"non-copyright income" of a * copyright collecting society means * ordinary income and * statutory income * derived by the society, but does not include * copyright income.
"non-debt liabilities" , of an entity and at a particular time, means liabilities that the entity has at that time, other than:
(a) any * debt capital of the entity; or
(b) any * equity interest in the entity; or
(c) if the entity is a * corporate tax entity--a provision for a * distribution of profit; or
(ca) if paragraph (c) does not apply--a provision for a distribution to the entity's * members; or
(d) any liability of the entity under a securities loan arrangement if, as at that time, the entity:
(i) has received amounts for the sale of securities (other than any fees associated with the sale) under the arrangement; and
(ii) has not repurchased the securities under the arrangement; or
(e) a liability of the entity, to the extent that it meets the conditions for being taken into account in working out the * borrowed securities amount of the entity as at that time.
"non-entity joint venture" means an arrangement that the Commissioner is satisfied is a contractual arrangement:
(a) under which 2 or more parties undertake an economic activity that is subject to the joint control of the parties; and
(b) that is entered into to obtain individual benefits for the parties, in the form of a share of the output of the arrangement rather than joint or collective profits for all the parties.
"non-equity share" means a * share that is not an * equity interest in the company.
Note: A share will not be an equity interest if it is characterised as, or forms part of a larger interest that is characterised as, a debt interest under Subdivision 974‑B.
"non-fixed trust" means a trust that is not a * fixed trust.
"non-member spouse" has the same meaning as in Part VIIIB of the Family Law Act 1975 .
"non-portfolio interest test" : an interest held by an entity in another entity passes the non-portfolio interest test in the circumstances set out in section 960-195.
"non-primary production deductions" has the meaning given by subsection 392-85(3).
"non-primary production shade-out amount" has the meaning given by subsections 392-90(2) and (3).
"non-profit company" has the meaning given by section 3 of the Income Tax Act 1986.
"non-profit sub-entity" has the meaning given by section 195-1 of the * GST Act.
"non-quotation withholding payment" means a * withholding payment covered by Subdivision 12-E in Schedule 1 to the Taxation Administration Act 1953 .
Note: Subdivision 12‑E and Division 14 in that Schedule deal with collecting amounts on account of income tax payable by recipients of certain payments or non‑cash benefits who have not quoted their tax file number or ABN, as appropriate.
"non-share capital account" means the account provided for by section 164-10.
"non-share capital return" has the meaning given by section 974- 125.
"non-share equity interest" in a company means an * equity interest in the company that is not solely a * share.
"non-share distribution" has the meaning given by section 974- 115.
"non-share dividend" has the meaning given by section 974-120.
"no-TFN contributions income" has the meaning given by section 295- 610.
"notional accounting period" has the meaning given by section 470 of the Income Tax Assessment Act 1936 .
"notional buyer" has the meaning given by section 240- 17.
"notional depreciation" for a lease period has the meaning given by section 20-120.
"notional employer" has the meaning given by section 28-185.
"notional interest" has the meaning given by section 240-60.
"notional loan" has the meaning given by section 240- 25.
"notional loan principal" has the meaning given by section 240- 25.
(a) of a company--has the meaning given by sections 165‑50 and 165‑75; and
(b) of a partnership--has the meaning given by sections 165‑80 and 165‑ 85.
"notional net capital gain" has the meaning given by section 165-108.
"notional net capital loss" has the meaning given by section 165-108.
"notional net income" of a partnership has the meaning given by sections 165-80 and 165- 85.
"notional seller" has the meaning given by section 240- 17.
"notional tax" has the meaning given by sections 45- 325 and 45-475 in Schedule 1 to the Taxation Administration Act 1953 .
"notional taxable income" has the meaning given by sections 165-50 and 165-75.
"notional taxed contributions" has the meaning given by section 292-170.
"notional written down value" of a * depreciating asset has the meaning given by section 58-75.
"NRAS rent" (short for National Rental Affordability Scheme rent) means rent * derived from a rental dwelling under the National Rental Affordability Scheme for an income year.
"NRAS year" has the same meaning as in the National Rental Affordability Scheme Act 2008 .
"NZ franking choice" has the meaning given by section 220- 35.
"NZ franking company" has the meaning given by section 220-30.
"NZ resident" has the meaning given by section 220-20.
"OB activity" has the meaning given by section 121D of the Income Tax Assessment Act 1936 .
"occupation specific clothing" has the meaning given by subsection 34-20(1).
"officially quoted price" has the meaning given by subsections 124-784A(6) and (7).
"off-market buy-back" means a purchase that is a buy-back and an off-market purchase for the purposes of Division 16K of Part III of the Income Tax Assessment Act 1936 .
"off-market purchase" has the meaning given by section 159GZZZJ of the Income Tax Assessment Act 1936 .
"offshore banking unit" has the meaning given by section 128AE of the Income Tax Assessment Act 1936 .
(a) a * debt interest is on issue as provided in paragraph 974‑55(1)(e); and
(b) an * equity interest in an entity:
(i) is on issue from when it is issued until it stops being on issue because of subparagraph (ii); and
(ii) stops being on issue when, for reasons other than the economic performance of the entity (or of a * connected entity of the entity), there is no longer a reasonable likelihood that a substantial * financial benefit will be provided in respect of the interest under the * scheme, or under any of the schemes, that give rise to the interest.
"on-lent amount" , of an entity and at a particular time, means the value, as at that time, of:
(a) all the assets of the entity that are comprised by * debt interests issued by other entities; and
(b) all the assets of the entity that are comprised by leases for the hire of goods that are not covered by paragraph (a) and in relation to which the following subparagraphs are satisfied:
(i) each of the leases is for a term of 6 months or more;
(ii) the leases are part of the * business of hiring goods that the entity carries on;
(iii) the entity's business of hiring goods is not carried on predominantly for the purposes of hiring goods to the entity's * associates; and
(c) all the securities that were held by the entity that:
(i) have been sold by the entity under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell‑buyback arrangement or securities loan arrangement; but
(ii) have not yet been repurchased by the entity under the agreement or arrangement; and
(d) if the entity:
(i) carries on a * business of dealing in securities; and
(ii) does not carry on that business predominantly for the purposes of dealing in securities with, or on behalf of, the entity's * associates;
all * shares that:
(iii) the entity holds at that time; and
(iv) are listed at that time for quotation in the official list of an * approved stock exchange; and
(v) are not shares in an * associate entity at that time of the entity.
"on-market buy-back" means a purchase that is a buy-back and an on-market purchase for the purposes of Division 16K of Part III of the Income Tax Assessment Act 1936 .
"opening adjustable value" of a * depreciating asset has the meaning given by section 40- 85.
"opening pool balance" has the meaning given by section 328-195.
"oral ruling" has the meaning given by section 360-5 in Schedule 1 to the Taxation Administration Act 1953 .
"ordinary capital gain" has the meaning given by section 124ZW of the Income Tax Assessment Act 1936 .
"ordinary class" for a taxable income of a * life insurance company has the meaning given by section 320-139.
"ordinary class" for a * tax loss of a * life insurance company has the meaning given by section 320-143.
"ordinary debt interest" has the meaning given by section 974-140.
"ordinary income" has the meaning given by section 6-5.
"ordinary investment policy" means a * life insurance policy that is not:
(a) a * complying superannuation/FHSA life insurance policy; or
(b) an * exempt life insurance policy; or
(c) a policy that provides for * participating benefits or * discretionary benefits; or
(d) a policy (other than a * funeral policy) under which amounts are to be paid only on the death or disability of a person.
"ordinary payment" is defined as set out in this table:
|
Item |
Ordinary payment , in relation to this kind of a payment: |
has the meaning given by: |
|
1 |
subsection 52‑131(8) |
|
|
2 |
Payment under the Military Rehabilitation and Compensation Act 2004 |
subsection 52‑114(3) |
|
3 |
Social security payment |
subsection 52‑10(3) |
|
4 |
Veterans' affairs payment |
subsection 52‑65(4) |
"original excess contributions tax assessment day" has the meaning given by section 292- 305.
"original franking assessment day" has the meaning given by subsection 214-95(2).
"outstanding" , within the context of * franking returns, has the meaning given by subsection 214-45(3).
"outstanding claims at the end of an income year (the current income year" ) under * general insurance policies means claims under the policies that:
(a) the * general insurance company concerned is liable to pay; and
(b) arose from insured events that occurred in the current income year or an earlier income year; and
(c) were not paid in full before the end of the current income year.
"outstanding foreign hybrid net capital loss amount" has the meaning given by section 830-70.
"outstanding foreign hybrid revenue loss amount" has the meaning given by section 830- 65.
"outstanding tax-related liability" of an entity at a particular time means a * tax-related liability of the entity:
(a) that has arisen at or before that time (whether or not it is due and payable at that time); and
(b) an amount of which has not been paid before that time.
"outward investing entity (ADI)" has the meaning given by sections 820-300, 820-583 and 820-609.
Note: Section 820‑430:
* allows an outward investor (financial) to be treated as an outward investing entity (ADI) in certain cases; and
* allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases.
"outward investing entity (non-ADI)" has the meaning given by sections 820- 85, 820-583, 820-609 and 820- 610.
"outward investor (financial)" has the meaning given by sections 820- 85, 820-583, 820-609 and 820- 610.
Note: Section 820‑430 allows an outward investor (financial) to be treated as an outward investing entity (ADI) in certain cases.
"outward investor (general)" has the meaning given by sections 820- 85 and 820-583.
"over-depreciated" has the meaning given by subsection 705-50(6).
"over-depreciation" has the meaning given by subsection 705-50(6).
"over-franking tax" means tax imposed under the New Business Tax System (Over-franking Tax) Act 2002 .
Note: The Act imposes tax where it is payable under section 203‑50 of this Act.
"overseas fund" has the meaning given by section 74 of the Life Insurance Act 1995 .
"overseas permanent establishment" , of an entity, means a * permanent establishment of the entity that is in a country other than Australia.
"ownership interest" : an ownership interest :
(a) in land or a * dwelling--has the meaning given by section 118‑130; and
(b) in a company or trust--has the meaning given by section 125‑60.
"ownership period" of a * dwelling has the meaning given by section 118- 125.
"ownership test period" has the meaning given by sections 165- 12, 165-37 and 165-123.
"ownership test time" has the meaning given by section 166-145.
"paid-up share capital" of a company means the amount standing to the credit of the company's * share capital account reduced by the amount (if any) that represents amounts unpaid on shares.
"parent" : an individual is the parent of anyone who is the individual's * child.
"part" of the * spectrum specified in a * spectrum licence has the meaning given by section 5 of the Radiocommunications Act 1992 .
"partial interest" in a * corporate tax entity has the meaning given by subsection 208-25(3).
(a) participant , in relation to a * GST joint venture, has the meaning given by section 195‑1 of the * GST Act; and
(a) participant in a * forestry managed investment scheme has the meaning given by subsection 394‑15(4).
"participating benefit" has the meaning given by section 15 of the Life Insurance Act 1995 .
"participating PDF" has the meaning given by section 210-40.
(a) an association of persons (other than a company or a * limited partnership) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly; or
(b) a limited partnership.
Note: Division 830 treats foreign hybrid companies as partnerships.
"partnership cost setting interest , " in a partnership, has the meaning given by section 713- 210.
"partnership loss" has the same meaning as in Division 5 of Part III of the Income Tax Assessment Act 1936 .
"part of a distribution that is franked with an exempting credit" has the meaning given by section 976-10.
"part of a distribution that is franked with a venture capital credit" has the meaning given by section 976-15.
Part VA investment means an investment of a kind mentioned in section 202D of the Income Tax Assessment Act 1936 .
"passes" : a * CGT asset passes to a beneficiary in an individual's estate in the way described in section 128-20.
"PAYG instalment" means an instalment payable under Division 45 in Schedule 1 to the Taxation Administration Act 1953 .
"PAYG instalment period" means:
(a) for a * quarterly payer--an * instalment quarter in relation to which a * PAYG instalment is paid; and
(b) for an * annual payer--an income year in relation to which a PAYG instalment is paid.
"PAYG instalment variation credit" means a credit under section 45- 215 or 45-420 in Schedule 1 to the Taxation Administration Act 1953 .
(a) for a * personal services entity that is a * small withholder--any * quarter; or
(b) for any other personal services entity--any month.
"PAYG withholding branch" has the meaning given by section 16-142 in Schedule 1 to the Taxation Administration Act 1953 .
"payment" , of a * carried interest, includes the meanings given in subsection 104-255(7).
"payment split" means a payment split under Part VIIIB of the Family Law Act 1975 .
"payment summary" has the meaning given by section 16-170 in Schedule 1 to the Taxation Administration Act 1953 .
"pays a PAYG instalment" has the meaning given by subsection 205-20(1).
"pays income tax" has the meaning given by subsection 205-20(3).
"PDF" (pooled development fund) means a company that is a PDF within the meaning of the Pooled Development Funds Act 1992 .
"pension age" has the meaning given by sections 52- 65 and 52- 105.
"performing artist" has the meaning given by subsections 405-25(2) and (3).
"period of the loan" has the meaning given by subsection 25-25(5).
"permanent establishment" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"permitted entity value" has the meaning given by section 118-440.
"permitted loan" has the same meaning as in section 9-10 of the Venture Capital Act 2002 .
"person" includes a company.
"personal injury annuity" has the meaning given by section 54-5.
"personal injury lump sum" has the meaning given by section 54-5.
"personal services business" has the meanings given by subsection 87-15(1) and section 87-55.
"personal services business determination" means a determination under section 87-60 or 87- 65.
"personal services business test" has the meaning given by subsection 87-15(2).
"personal services entity" has the meaning given by subsection 86-15(2).
"personal services income" has the meaning given by section 84-5.
"personal services payment remitter" has the meaning given by section 13-15 in Schedule 1 to the Taxation Administration Act 1953 .
"personal use asset" has the meaning given by section 108-20.
"petroleum" has the meaning given by section 40-730.
"petroleum resource rent tax" means tax imposed by the Petroleum Resource Rent Tax Act 1987 , as assessed under the Petroleum Resource Rent Tax Assessment Act 1987 .
"plant" has the meaning given by section 45-40.
"policy owners' retained profits" for * life insurance policies means Australian policy owners' retained profits, or overseas policy owners' retained profits, as defined by section 61 of the Life Insurance Act 1995 , in relation to the statutory fund (within the meaning of section 29 of that Act) to which the business of issuing the policies relates.
"policy termination value" , in relation to a * life insurance policy at a particular time, means the amount that is, within the meaning of prudential standards made under section 230A of the Life Insurance Act 1995 , the termination value of that policy at that time.
"pool of construction expenditure" has the meaning given by section 43- 85.
"pooled development fund" means a * PDF.
"pooled interest" in an * eligible tier-1 company that is a member of a * MEC group has the meaning given by section 719-560.
"pooled superannuation trust" means a pooled superannuation trust within the meaning of section 48 of the Superannuation Industry (Supervision) Act 1993 .
"position to affect rights" has the meaning given by section 975-150.
post-17/8/93 period has the meaning given by subsection 83-90(3).
"post-CGT asset" means a * CGT asset that is not a * pre-CGT asset.
"post-choice NZ franking company" has the meaning given by section 220-300.
"post, digital and visual effects production" for a * film has the meaning given by section 376- 35.
"potential MEC group" has the meaning given by section 719-10.
pre-16/8/78 period has the meaning given by subsection 83-90(1).
pre-18/8/93 period has the meaning given by subsection 83-90(2).
"pre-CGT asset" has the meaning given by section 149-10.
"pre-CGT factor" has the meaning given by subsection 705-125(2).
"precious metal" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .
"precluded asset" has the meaning given by subsection 122-25(3).
"predominant economic interest in an asset " has the meaning given by sections 250-110 to 250-140.
"predominantly-services indirect value shift" has the meaning given by section 727-725.
"pre-existing audited book value" of a * depreciating asset has the meaning given by section 58- 85.
pre-July 83 segment , of an * employment termination payment, has the meaning given by section 82- 155.
"pre-owned" has the meaning given by subsection 118-428(2).
"pre-school course" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .
"prescribed dual resident" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"prescribed excluded STB" means an * excluded STB that is prescribed by the regulations for the purposes of Division 1AB of Part III of the Income Tax Assessment Act 1936 .
"present value" of a * financial benefit has a meaning affected by section 250-100.
"preservation age" has the meaning given by Part 6 of the Superannuation Industry (Supervision) Regulations 1994.
"pre-shift gain" has the meaning given by section 725- 210.
"pre-shift loss" has the meaning given by section 725- 210.
"presumed indirect value shift" has the meaning given by section 727- 855.
"previous recoupment law" has the meaning given by section 20-55.
"primary course" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 .
"primary entitlement" to a * tax offset under Subdivision 61-I has the meaning given by subsections 61-355(2) and 61-440(2).
"primary equity interest" in an entity has the meaning given by section 727-520.
"primary interest" in an entity has the meaning given by section 727-520.
"primary loan interest" in an entity has the meaning given by section 727-520.
"primary production business" : you carry on a primary production business if you carry on a * business of:
(a) cultivating or propagating plants, fungi or their products or parts (including seeds, spores, bulbs and similar things), in any physical environment; or
(b) maintaining animals for the purpose of selling them or their bodily produce (including natural increase); or
(c) manufacturing dairy produce from raw material that you produced; or
(d) conducting operations relating directly to taking or catching fish, turtles, dugong, bêche‑de‑mer, crustaceans or aquatic molluscs; or
(e) conducting operations relating directly to taking or culturing pearls or pearl shell; or
(f) planting or tending trees in a plantation or forest that are intended to be felled; or
(g) felling trees in a plantation or forest; or
(h) transporting trees, or parts of trees, that you felled in a plantation or forest to the place:
(i) where they are first to be milled or processed; or
(ii) from which they are to be transported to the place where they are first to be milled or processed.
"primary production deductions" has the meaning given by subsection 392-80(3).
"prime cost method" has the meaning given by section 40-75.
"principal class of shares" in a company means:
(a) those ordinary or common shares of the company that represent the majority of the voting power and value of the company; or
(b) if no single class of ordinary or common shares represents the majority of the voting power and value of the company--those classes of ordinary or common shares that represent the majority of the voting power and value of the company.
"private ancillary fund" has the meaning given by section 426- 105 in Schedule 1 to the Taxation Administration Act 1953 .
"private ancillary fund guidelines" has the meaning given by section 426-110 in Schedule 1 to the Taxation Administration Act 1953 .
"private company" means a company that is not a * public company for the income year.
"private indirect tax ruling" means an * indirect tax ruling given to a particular entity.
"private ruling" has the meaning given by section 359-5 in Schedule 1 to the Taxation Administration Act 1953 .
"private use" , of a * car, has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"privatised asset" has the meaning given by section 58-5.
"proceeds of the disposal or death" has the meaning given by subsection 385-100(2).
proceeds of the sale of 2 wool clips has the meaning given by subsection 385-135(3).
"processed minerals" has the meaning given by section 40- 875.
"production associate" has the meaning given by subsection 405-25(4).
"production expenditure" has the meaning given by Subdivision 376-C.
"product ruling" means a public ruling under the Taxation Administration Act 1953 that states that it is a product ruling.
"professional arts business" has the meaning given by section 35-10.
professional year 1 has the meaning given by subsection 405-50(3).
professional year 2 has the meaning given by subsection 405-50(4).
professional year 3 has the meaning given by subsection 405-50(4).
professional year 4 has the meaning given by subsection 405-50(4).
"profit" on the disposal of a leased * car has the meaning given by section 20- 115.
"project amount" has the meaning given by section 40-840.
"project life" has the meaning given by section 40- 845.
"promoter" has the meaning given by section 290-60 in Schedule 1 to the Taxation Administration Act 1953 .
"prospecting entitlement" has the meaning given by subsection 124-710(1).
"prospective gaining entity" for a * scheme has the meaning given by section 727-860.
"prospective losing entity" for a * scheme has the meaning given by section 727-850.
"protective clothing" has the meaning given by subsection 34-20(2).
"provide" a * fringe benefit or economic benefit includes allow, confer, give, grant or perform the benefit.
Note: This is based on the definition of provide in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"provided in relation to a tax preferred use of an asset" , in relation to a * financial benefit, has a meaning affected by section 250- 85.
"provides medical indemnity cover" has the meaning given by section 5 of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 .
"provisional head company" of a * MEC group means the company that holds an appointment in force under section 719-60 as the provisional head company of the group.
"prudential capital deduction" , for an entity and at a particular time, means the total amounts that must be deducted in calculating the following in accordance with the * prudential standards as in force at that time:
(a) the eligible tier 1 capital of the entity at that time (within the meaning of those standards);
(b) the sum of the eligible tier 1 and tier 2 capital of the entity at that time (within the meaning of those standards).
"prudential standards" means the prudential standards determined by * APRA and in force under section 11AF of the Banking Act 1959 .
"public company" means a company that is a public company (as defined by section 103A of the Income Tax Assessment Act 1936 ) for the income year.
"public indirect tax ruling" means an * indirect tax ruling other than a * private indirect tax ruling.
"publicly traded unit trust" has the meaning given by section 149-50.
"public official" means an employee or official of an * Australian Government Agency or of a * local governing body.
"public ruling" has the meaning given by section 358-5 in Schedule 1 to the Taxation Administration Act 1953 .
"public sector superannuation scheme" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"public trading trust" has the meaning given by section 102R of the Income Tax Assessment Act 1936 .
"purpose of producing assessable income" : something is done for the purpose of producing assessable income if it is done:
(a) for the purpose of gaining or producing assessable income; or
(b) in carrying on a * business for the purpose of gaining or producing assessable income.
Note: Section 32‑15 (about using property in providing entertainment) treats use of property as not being for the purpose of producing assessable income.
"put to a tax preferred use" , in relation to an asset, has the meaning given by section 250-60.
"qualifying Australian production expenditure" has the meaning given by Subdivision 376-C.
"qualifying forex account" means an account that:
(a) is denominated in a particular * foreign currency; and
(c) either:
(i) has the primary purpose of facilitating transactions; or
(ii) is a credit card account.
"qualifying investor" has the meaning given by section 43- 220.
"qualifying right" has the meaning given by section 139CD of the Income Tax Assessment Act 1936 , and includes a right to * acquire a stapled security that is treated because of Subdivision DB of Division 13A of Part III of that Act as a qualifying right for the purposes of that Division.
"qualifying security" has the same meaning as in Division 16E of Part III of the Income Tax Assessment Act 1936 .
"qualifying share" has the meaning given by section 139CD of the Income Tax Assessment Act 1936 .
"qualifying SME investment" means an * SME investment that is made in accordance with Division 1 of Part 4 of the Pooled Development Funds Act 1997.
"quarter" means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.
"quarterly instalment component" has the meaning given by section 45-610 in Schedule 1 to the Taxation Administration Act 1953 .
"quarterly payer" means an entity that is liable to pay * PAYG instalments and is not an * annual payer.
quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax has the meaning given by section 45-134 in Schedule 1 to the Taxation Administration Act 1953 .
quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax has the meaning given by section 45-132 in Schedule 1 to the Taxation Administration Act 1953 .
"quarterly payer who pays on the basis of GDP-adjusted notional tax" has the meaning given by section 45-130 in Schedule 1 to the Taxation Administration Act 1953 .
"quarterly payer who pays on the basis of instalment income" has the meaning given by section 45- 125 in Schedule 1 to the Taxation Administration Act 1953 .
"quasi-ownership right" over land means:
(a) a lease of the land; or
(b) an easement in connection with the land; or
(c) any other right, power or privilege over the land, or in connection with the land.
"quote" an entity's * ABN means quote in a form and manner approved by the Commissioner.
"quoted" : an entity has quoted its * tax file number in connection with a * Part VA investment if the entity is taken, for the purposes of Part VA of the Income Tax Assessment Act 1936 , to have quoted its tax file number in connection with the investment.
"quoted (for superannuation purposes)" has the meaning given by section 295- 615.
"RBA" has the same meaning as in Part IIB of the Taxation Administration Act 1953 .
"RBA surplus" has the same meaning as in Part IIB of the Taxation Administration Act 1953 .
"realisation event" has the meaning given by sections 977-5, 977-20 and 977-55.
"realisation-time method" means the method (for determining the effect of * indirect value shifts) for which Subdivision 727-G provides.
"realised for income tax purposes" :
(a) a gain is realised for income tax purposes as provided in sections 977‑15, 977‑ 35, 977‑40 and 977‑55; and
(b) a loss is realised for income tax purposes as provided in sections 977‑10, 977‑ 25, 977‑30 and 977‑55.
"reasonably arguable" has the meaning given by section 284-15 in Schedule 1 to the Taxation Administration Act 1953 .
"receives a refund of income tax" has the meaning given by section 205-