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.
"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 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 Minister" means the Minister administering the Film Licensed Investment Company Act 2005 .
"Arts Secretary" means the Secretary of the Department that administers the National Gallery Act 1975 .
(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.
"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.
"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.
"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.
"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.
(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.
"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.
"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 250-165(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" of a person includes the person's * adopted child, step-child or ex-nuptial child.
"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 Minister" means the Minister administering the National Greenhouse and Energy Reporting Act 2007 .
"Climate Change Secretary" means the Secretary of the Department that administers the National Greenhouse and Energy Reporting Act 2007 .
"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