• Specific Year
    Any

INCOME TAX (TRANSITIONAL PROVISIONS) ACT 1997

Table of Provisions

CHAPTER 1--Introduction and core provisions

 

PART 1-1--PRELIMINARY

Division 1--Preliminary

  • 1.1 Short title  
  • 1.5 Commencement  
  • 1.7 Administration of this Act  
  • 1.10 Definitions and rules for interpreting this Act  

PART 1-3--CORE PROVISIONS

Division 4--How to work out the income tax payable on your taxable income

Division 5--How to work out when to pay your income tax

Subdivision 5-A--How to work out when to pay your income tax

Division 6--Assessable income and exempt income

  • 6.2 Effect of this Division  
  • 6.3 Assessable income for income years before 1997 - 98  
  • 6.20 Exempt income for income years before 1997 - 98  

Division 8--Deductions

  • 8.2 Effect of this Division  
  • 8.3 Deductions for income years before 1997 - 98  
  • 8.10 No double deductions for income year before 1997 - 98 and income year after 1996 - 97  
  •  

CHAPTER 2--Liability rules of general application

 

PART 2-1--ASSESSABLE INCOME

Division 15--Some items of assessable income

Division 20--Items included to reverse the effect of past deductions

Subdivision 20-A--Insurance, indemnity or recoupment for deductible expenses
  • 20.1 Application of Subdivision 20 - A of the Income Tax Assessment Act 1997  
  • Subdivision 20-B--Disposal of a car for which lease payments have been deducted
  • 20.100 Application of Subdivision 20 - B of the Income Tax Assessment Act 1997  
  • 20.105 The cost of a car acquired in the 1996 - 97 income year or an earlier income year  
  • 20.110 The termination value of a car disposed of in the 1996 - 97 income year or an earlier income year  
  • 20.115 Reducing the assessable amount for the disposal of a car in the 1997 - 98 income year or later if there has been an earlier disposal of it  

PART 2-5--RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS

Division 25--Some amounts you can deduct

Division 26--Some amounts you cannot deduct, or cannot deduct in full

Division 30--Gifts or contributions

  • 30.1 Application of Division 30 of the Income Tax Assessment Act 1997  
  • 30.5 Keeping in force old declarations and instruments  
  • 30.25 Keeping in force the old gifts registers  
  • 30.102 Fund, authorities and institutions taken to be endorsed  

Division 32--Entertainment expenses

Division 34--Non-compulsory uniforms

Division 35--Deferral of losses from non-commercial business activities

  • 35.10 Deductions for certain new business investment  
  • 35.20 Application of Commissioner's decisions  

Division 36--Tax losses of earlier income years

  • 36.100 Tax losses for the 1997 - 98 and later income years  
  • 36.105 Tax losses for 1989 - 90 to 1996 - 97 income years  
  • 36.110 Tax losses for 1957 - 58 to 1988 - 89 income years  

PART 2-10----CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE

Division 40--Capital allowances

Subdivision 40-B--Core provisions
  • 40.10 Plant  
  • 40.12 Plant acquired after 30 June 2001  
  • 40.13 Accelerated depreciation for split or merged plant  
  • 40.15 Recalculating effective life  
  • 40.20 IRUs  
  • 40.25 Software  
  • 40.30 Spectrum licences  
  • 40.33 Datacasting transmitter licences  
  • 40.35 Mining unrecouped expenditure  
  • 40.37 Post - 30 June 2001 mining expenditure  
  • 40.38 Mining cash bidding payments  
  • 40.40 Transport expenditure  
  • 40.43 Post - 30 June 2001 transport expenditure  
  • 40.44 No additional decline in certain cases  
  • 40.45 Intellectual property  
  • 40.47 IRUs  
  • 40.50 Forestry roads and timber mill buildings  
  • 40.55 Environmental impact assessment  
  • 40.60 Pooling under Subdivision 42 - L of the former Act  
  • 40.65 Substituted accounting periods  
  • 40.67 Methods for working out decline in value  
  • 40.70 References to amounts deducted and reductions in deductions  
  • 40.72 New diminishing value method not to apply in some cases  
  • 40.75 Mining expenditure incurred after 1 July 2001 on an asset  
  • 40.77 Mining, quarrying or prospecting rights or information held before 1 July 2001  
  • 40.80 Other expenditure incurred after 1 July 2001 on a depreciating asset  
  • 40.100 Commissioner's determination of effective life  
  • 40.105 Calculations of effective life  
  • Subdivision 40-BA--Backing business investment
  • 40.120 Backing business investment--accelerated decline in value for businesses with turnover less than $500 million  
  • 40.125 Backing business investment--when an asset of yours qualifies  
  • 40.130 Method for working out accelerated decline in value  
  • 40.135 Division 40 of the Income Tax Assessment Act 1997 applies to later years  
  • 40.137 Choice to not apply this Subdivision to an asset  
  • Subdivision 40-BB--Temporary full expensing of depreciating assets
  • 40.140 Definitions  
  • 40.145 Interaction with other provisions  
  • 40.150 When an asset of yours qualifies for full expensing  
  • 40.155 Businesses with turnover under $5 billion  
  • 40.157 Corporate tax entities with income under $5 billion  
  • 40.160 Full expensing of first and second element of cost for post - 2020 budget assets  
  • 40.165 Exclusions--entities covered by section 40 - 155 or 40 - 157  
  • 40.167 Exclusions--entities covered by section 40 - 157  
  • 40.170 Full expensing of eligible second element of cost  
  • 40.175 When is an amount included in the eligible second element  
  • 40.180 Division 40 of the Income Tax Assessment Act 1997 applies to later years  
  • 40.185 Balancing adjustment for assets not used or located in Australia  
  • 40.190 Choice to not apply this Subdivision to an asset for an income year  
  • Subdivision 40-C--Cost
  • 40.230 Car limit  
  • Subdivision 40-D--Balancing adjustments
  • 40.285 Balancing adjustments  
  • 40.287 Disposal of pre - 1 July 2001 mining depreciating asset to associate  
  • 40.288 Disposal of pre - 1 July 2001 mining non - depreciating asset to associate  
  • 40.289 Surrendered firearms  
  • 40.290 Reduction of deductions under former Act etc.  
  • 40.292 Balancing adjustment--assets used for both general tax purposes and R&D activities  
  • 40.293 Balancing adjustment--partnership assets used for both general tax purposes and R&D activities  
  • 40.295 Later year relief  
  • 40.340 Roll - overs  
  • 40.345 Balancing adjustments for depreciating assets that retain CGT indexation  
  • 40.365 Involuntary disposals  
  • Subdivision 40-E--Low-value and software development pools
  • 40.420 Low - value pools under Division 42 continue  
  • 40.430 Allocating assets to low - value pools  
  • 40.450 Software development pools  
  • Subdivision 40-F--Primary production depreciating assets
  • 40.515 Water facilities, grapevines and horticultural plants  
  • 40.520 Special rule for water facilities you no longer hold  
  • 40.525 Amounts deducted for water facilities  
  • Subdivision 40-G--Capital expenditure of primary producers and other landholders
  • 40.645 Electricity supply and telephone lines  
  • 40.650 Special rule for land that you no longer hold  
  • 40.670 Farm consultants  
  • Subdivision 40-I--Capital expenditure that is deductible over time
  • 40.825 Genuine prospectors  
  • 40.832 New method not to apply in some cases  
  • Subdivision 40-J--Ships depreciated under section 57AM of the Income Tax Assessment Act 1936
  • 40.840 Ships depreciated under section 57AM of the Income Tax Assessment Act 1936  

Division 43--Deductions for capital works

  • 43.100 Application of Division 43 to quasi - ownership rights over land  
  • 43.105 Application of subsections 43 - 50(1) and (2) to hotel buildings and apartment buildings  
  • 43.110 Application of subsection 43 - 75(3)  

Division 45--Disposal of leases and leased plant

  • 45.1 Application of Division 45 of the Income Tax Assessment Act 1997  
  • 45.3 Application of Division 45 to disposals between February 1999 and September 1999  
  • 45.40 Application of Division to plant formerly owned by exempt entities  

PART 2-15----NON-ASSESSABLE INCOME

Division 50--Exempt entities

Division 51--Exempt amounts

Division 52--Certain pensions, benefits and allowances are exempt from income tax

Division 53--Various exempt payments

Division 54--Exemption for certain payments made under structured settlements and structured orders

Division 55--Payments that are not exempt from income tax

Division 59--Particular amounts of non-assessable non-exempt income

Subdivision 59-N--Native title benefits
  • 59.50 Indigenous holding entities  

PART 2-20----TAX OFFSETS

Division 61--Generally applicable tax offsets

Subdivision 61-L--Tax offset for Medicare levy surcharge (lump sum payments in arrears)

PART 2-25----TRADING STOCK

Division 70--Trading stock

PART 2-40----RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS

Division 82--Pre-10 May 2006 entitlements to life benefit termination payments

Subdivision 82-A--Application of Division
  • 82.10 Pre - 10 May 2006 entitlements-- transitional termination payments  
  • Subdivision 82-B--Transitional termination payments: general
  • 82.10A Recipient has reached preservation age  
  • 82.10B Lower cap amount  
  • 82.10C Recipient under preservation age  
  • 82.10D Upper cap amount  
  • Subdivision 82-C--Pre-payment statements
  • 82.10E Transitional termination payments--pre - payment statements  
  • Subdivision 82-D--Directed termination payments made to superannuation and other entities
  • 82.10F Directed termination payments  
  • 82.10G Directed termination payments not assessable income and not exempt income  
  • Subdivision 82-E--Pre-10 May 2006 entitlements and employment termination payments made after 1 July 2012
  • 82.10H Transitional termination payments may reduce ETP cap amount for payments under section 82 - 10 after 1 July 2012  

Division 83A--Employee share schemes

Subdivision 83A-A--Application of Division 83A of the Income Tax Assessment Act 1997

CHAPTER 3--Specialist liability rules

 

PART 3-1--CAPITAL GAINS AND LOSSES: GENERAL TOPICS

Division 102--Application of Parts 3-1 and 3-3 of the Income Tax Assessment Act 1997

  • 102.1 Application of Parts 3 - 1 and 3 - 3 of the Income Tax Assessment Act 1997  
  • 102.5 Working out capital gains and capital losses  
  • 102.15 Applying net capital losses  
  • 102.20 Net capital gains, capital gains and capital losses for income years before 1998 - 99  
  • 102.25 Transitional capital gains tax provisions for certain Cocos (Keeling) Islands and Norfolk Island assets  

Division 104--CGT events

Subdivision 104-C--End of a CGT asset
  • 104.25 Cancellation, surrender and similar endings  
  • Subdivision 104-D--Bringing into existence a CGT asset
  • 104.40 Granting an option  
  • Subdivision 104-E--Trusts
  • 104.70 Capital payment before 18 December 1986 for trust interest  
  • Subdivision 104-G--Shares
  • 104.135 Capital payment for shares  
  • Subdivision 104-I--Australian residency ends
  • 104.165 Choices made under subsection 104 - 165(2) of the Income Tax Assessment Act 1997  
  • 104.166 Subsection 104 - 165(1) still applies if you continue to be a short term Australian resident  
  • Subdivision 104-J--CGT events relating to roll-overs
  • 104.175 Company ceasing to be member of wholly - owned group after roll - over  
  • 104.185 Change of status of replacement asset for a roll - over under Division 17A of former Part IIIA of the 1936 Act or Division 123 of the 1997 Act  
  • Subdivision 104-K--Other CGT events
  • 104.205 Partial realisation of intellectual property  
  • 104.235 CGT event K7: asset used for old law R&D activities  

Division 108--CGT assets

Subdivision 108-A--What a CGT asset is
  • 108.5 CGT assets  
  • Subdivision 108-B--Collectables
  • 108.15 Sets of collectables  
  • Subdivision 108-D--Separate CGT assets
  • 108.75 Capital improvements to CGT assets for which a roll - over may be available  
  • 108.85 Improvement threshold  

Division 109--Acquisition of CGT assets

Subdivision 109-A--Operative rules
  • 109.5 General acquisition rules  

Division 110--Cost base and reduced cost base

Subdivision 110-A--Cost base
  • 110.25 Cost base of CGT asset of life insurance company or registered organisation  
  • 110.35 Incidental costs  

Division 112--Modifications to cost base and reduced cost base

Subdivision 112-A--General rules
  • 112.20 Market value substitution rule  
  • Subdivision 112-B--Special rules
  • 112.100 Effect of terminated gold mining exemptions  

Division 114--Indexation of cost base

  • 114.5 When indexation relevant  

Division 118--Exemptions

Subdivision 118-A--General exemptions
  • 118.10 Interests in collectables  
  • 118.24A Pilot plant  
  • Subdivision 118-B--Main residence
  • 118.110 Foreign residents  
  • 118.195 Exemption--dwelling acquired from deceased estate  
  • Subdivision 118-C--Goodwill
  • 118.260 Business exemption threshold  

Division 121--Record keeping

  • 121.15 Retaining records under Division 121  
  • 121.25 Records for mergers between qualifying superannuation funds  

PART 3-3--CAPITAL GAINS AND LOSSES: SPECIAL TOPICS

Division 124--Replacement-asset roll-overs

Subdivision 124-C--Statutory licences
  • 124.140 New statutory licence--ASGE licence etc.  
  • 124.141 ASGE licence etc.--cost base of ineligible part  
  • 124.142 ASGE licence etc.--cost base of aquifer access licence etc.  
  • Subdivision 124-I--Change of incorporation
  • 124.510 Application of Subdivision 124 - I of the Income Tax Assessment Act 1997  

Division 125--Demerger relief

Subdivision 125-B--Consequences for owners of interests
  • 125.75 Employee share schemes  

Division 126--Roll-overs

Subdivision 126-A--Merger of qualifying superannuation funds

Division 128--Effect of death

  • 128.15 Effect on the legal personal representative or beneficiary  

Division 130--Investments

Subdivision 130-A--Bonus shares and units
  • 130.20 Issue of bonus shares or units  
  • Subdivision 130-B--Rights
  • 130.40 Exercise of rights  
  • Subdivision 130-C--Convertible notes
  • 130.60 Shares or units acquired by converting a convertible note  

Division 134--Options

  • 134.1 Exercise of options  

Division 136--Foreign residents

Subdivision 136-A--Making a capital gain or loss
  • 136.25 When an asset is taxable Australian property  

Division 137--Granny flat arrangements

Subdivision 137-A--Granny flat arrangements --
  • 137.10 Applicable CGT events  

Division 140--Share value shifting

Subdivision 140-A--When is there share value shifting?
  • 140.7 Pre - 1994 share value shifts irrelevant  
  • 140.15 Off - market buy backs  

Division 149--When an asset stops being a pre-CGT asset

  • 149.5 Assets that stopped being pre - CGT assets under old law  

Division 152--Small business relief

  • 152.5 Small business roll - over chosen but no capital gain returned  
  • 152.10 Small business roll - over not chosen and time remains to acquire a replacement asset  
  • 152.15 Amendment of assessments  

PART 3-5--CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS

Division 165--Income tax consequences of changing ownership or control of a company

Subdivision 165-CA--Applying net capital losses of earlier income years
  • 165.95 Application of Subdivision 165 - CA of the Income Tax Assessment Act 1997  
  • Subdivision 165-CB--Working out the net capital gain and the net capital loss for the income year of the change
  • 165.105 Application of Subdivision 165 - CB of the Income Tax Assessment Act 1997  
  • Subdivision 165-CC--Change of ownership or control of company that has an unrealised net loss
  • 165.115E Choice to use global method to work out unrealised net loss  
  • Subdivision 165-CD--Reductions after alterations in ownership or control of loss company
  • 165.115U Choice to use global method to work out adjusted unrealised loss  
  • 165.115ZC When certain notices to be given  
  • 165.115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used  
  • Subdivision 165-C--Deducting bad debts
  • 165.135 Application of Subdivision 165 - C of the Income Tax Assessment Act 1997  

Division 166--Income tax consequences of changing ownership or control of a listed public company

Subdivision 166-C--Deducting bad debts

Division 167--Companies whose shares carry unequal rights to dividends, capital distributions or voting power

  • 167.1 Application of provisions  

Division 170--Treatment of company groups for income tax purposes

Subdivision 170-A--Transfer of tax losses within certain wholly-owned groups of companies
  • 170.45 Special rules affecting utilisation of losses in a bundle do not affect the amount of a tax loss that can be transferred  
  • 170.55 Ordering rule for losses previously transferred under Subdivision 707 - A of the Income Tax Assessment Act 1997  
  • Subdivision 170-B--Transfer of net capital losses within certain wholly-owned groups of companies
  • 170.101 Application of Subdivision 170 - B of the Income Tax Assessment Act 1997  
  • 170.145 Special rules affecting utilisation of losses in a bundle do not affect the amount of a net capital loss that can be transferred  
  • 170.155 Ordering rule for losses previously transferred under Subdivision 707 - A of the Income Tax Assessment Act 1997  
  • Subdivision 170-C--Provisions applying to both transfers of tax losses and transfers of net capital losses within wholly-owned groups of companies
  • 170.220 Direct and indirect interests in the loss company  
  • 170.225 Direct and indirect interests in the gain company  
  • Subdivision 170-D--Transfer of life insurance business
  • 170.300 Transfer of life insurance business  

Division 175--Use of a company's losses, deductions or bad debts to avoid income tax

Subdivision 175-CA--Tax benefits from unused net capital losses of earlier income years

Division 197--Tainted share capital accounts

Subdivision 197-A--Definitions
  • 197.1 Definitions  
  • Subdivision 197-B--General application provision
  • 197.5 Application of new Division 197  
  • Subdivision 197-C--Special provisions about companies whose share capital accounts were tainted when old Division 7B was closed off
  • 197.10 Subdivision applies to companies whose share capital accounts were tainted when old Division 7B was closed off  
  • 197.15 Account taken to have ceased to be tainted when old Division 7B was closed off  
  • 197.20 After introduction day, account taken to have become tainted under new Division 197 to extent of previous tainting  
  • 197.25 Special provisions if company chooses to untaint after introduction day  

PART 3-6--THE IMPUTATION SYSTEM

Division 201--Object and application of Part 3-6

  • 201.1 Estimated debits  

Division 203--Benchmark rule

  • 203.1 Franking periods straddling 1 July 2002  

Division 205--Franking accounts

  • 205.1 Order of events provision  
  • 205.5 Washing estimated debits out of the franking account before conversion  
  • 205.10 Converting the franking account balance to a tax paid basis--companies whose 2001 - 02 franking year ends on 30 June 2002  
  • 205.15 Converting the franking account balance to a tax paid basis--companies whose 2001 - 02 franking year ends before 30 June 2002  
  • 205.20 A late balancing company may elect to have its FDT liability determined on 30 June  
  • 205.25 Franking deficit tax  
  • 205.30 Deferring franking deficit  
  • 205.35 No franking deficit tax if franking account in deficit at the close of the 2001 - 02 income year of a late balancing entity  
  • 205.70 Tax offset arising from franking deficit tax liabilities  
  • 205.71 Modification of franking deficit tax offset rules  
  • 205.75 Working out the tax offset for the first income year  
  • 205.80 Application of Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936  

Division 208--Exempting entities and former exempting entities

  • 208.111 Converting former exempting company's exempting account balance on 30 June 2002  

Division 210--Venture capital franking

  • 210.1 Order of events provision  
  • 210.5 Washing estimated venture capital debits out of the old sub - account before conversion  
  • 210.10 Converting the venture capital sub - account balance to a tax paid basis--PDFs whose 2001 - 02 franking year ends on 30 June 2002  
  • 210.15 Converting the venture capital sub - account balance to a tax paid basis--PDFs whose 2001 - 02 franking year ends before 30 June 2002  

Division 214--Administering the imputation system

  • 214.1 Application  
  • 214.5 Entity must give a franking return  
  • 214.10 Notice to a specific corporate tax entity  
  • 214.15 Effect of a refund on franking returns  
  • 214.20 Franking returns for the income year  
  • 214.25 Commissioner may make a franking assessment  
  • 214.30 Commissioner taken to have made a franking assessment on first return  
  • 214.35 Amendments within 3 years of the original assessment  
  • 214.40 Amended assessments are treated as franking assessments  
  • 214.45 Further return as a result of a refund affecting a franking deficit tax liability  
  • 214.50 Later amendments--on request  
  • 214.55 Later amendments--failure to make proper disclosure  
  • 214.60 Later amendments--fraud or evasion  
  • 214.65 Further amendment of an amended particular  
  • 214.70 Other later amendments  
  • 214.75 Amendment on review etc.  
  • 214.80 Notice of amendments  
  • 214.85 Validity of assessment  
  • 214.90 Objections  
  • 214.100 Due date for payment of franking tax  
  • 214.105 General interest charge  
  • 214.110 Refunds of amounts overpaid  
  • 214.120 Record keeping  
  • 214.125 Power of Commissioner to obtain information  
  • 214.135 Interpretation  

Division 219--Imputation for life insurance companies

  • 219.40 Reversing and replacing (on tax paid basis) certain franking credits that arose before 1 July 2002  
  • 219.45 Reversing (on tax paid basis) certain franking debits that arose before 1 July 2002  

Division 220--Imputation for NZ resident companies and related companies

  • 220.1 Application to things happening on or after 1 April 2003  
  • 220.5 Residency requirement for income year including 1 April 2003  
  • 220.10 NZ franking company cannot frank before 1 October 2003  
  • 220.35 Extended time to make NZ franking choice  
  • 220.501 Franking and exempting accounts of new former exempting entities  

PART 3-10----FINANCIAL TRANSACTIONS

Division 235--Particular financial transactions

Subdivision 235-I--Instalment trusts

Division 242--Leases of luxury cars

Division 245--Forgiveness of commercial debts

Subdivision 245-A--Application of Division 245 of the Income Tax Assessment Act 1997
  • 245.5 Application and saving  
  • 245.10 Pre - 28 June 1996 arrangements etc.  

Division 247--Capital protected borrowings

Subdivision 247-A--Interim apportionment methodology
  • 247.5 Interim apportionment methodology  
  • 247.10 Products listed on the Australian Stock Exchange that have explicit put options  
  • 247.15 Other capital protected products  
  • 247.20 The indicator method  
  • 247.25 The percentage method  
  • Subdivision 247-B--Other transitional provisions
  • 247.75 Post - July 2007 capital protected borrowings  
  • 247.80 Capital protected borrowings in existence on 1 July 2013  
  • 247.85 Extensions and other changes  

Division 253--Financial claims scheme for account-holders with insolvent ADIs

Subdivision 253-A--Tax treatment of entitlements under financial claims scheme

PART 3-25----PARTICULAR KINDS OF TRUSTS

Division 275--Australian managed investment trusts

Subdivision 275-A--Choice for capital treatment of MIT gains and losses
  • 275.10 Consequences of making choice--Commissioner cannot make certain amendments to previous assessments  
  • Subdivision 275-L--Modification for non-arm's length income
  • 275.605 Trustee taxed on amount of non - arm's length income of managed investment trust--not applicable for pre - introduction scheme where amount derived before start of 2018 - 19 income year  

Division 276--Attribution managed investment trusts

Subdivision 276-A--Application
  • 276.5 Application of Division 276  
  • Subdivision 276-B--Starting income year
  • 276.25 Starting income year  
  • Subdivision 276-T--Becoming an AMIT: unders and overs
  • 276.700 Application of Subdivision to MIT that becomes AMIT  
  • 276.705 Accounting for unders and overs for base years before becoming an AMIT  
  • Subdivision 276-U--Becoming an AMIT: CGT treatment of payment by trustee of AMIT
  • 276.750 Payment by trustee on or after 1 July 2011--certain CGT provisions etc. apply for the purposes of working out non - assessable part for first income year of AMIT  
  • 276.755 Payment by trustee before 1 July 2011--limit on amendment of assessment  

PART 3-30----SUPERANNUATION

Division 290--Contributions

  • 290.10 Directed termination payments not deductible etc.  
  • 290.15 Early balancers--deduction limits from end of 2006 - 2007 income year to 1 July 2007  

Division 291--Excess concessional contributions

Subdivision 291-A--Application of Division 291 of the Income Tax Assessment Act 1997

Division 292--Excess non-concessional contributions tax

  • 292.80 Application of excess non - concessional contributions tax from 10 May 2006 to 1 July 2007  
  • 292.80A Transitional release authority  
  • 292.80B Giving a transitional release authority to a superannuation provider  
  • 292.80C Superannuation provider given transitional release authority must pay amount  
  • 292.85 Non - concessional contributions cap for a financial year  
  • 292.90 Non - concessional contributions for a financial year  

Division 293--Sustaining the superannuation contribution concession

Subdivision 293-A--Application of Division 293 tax rules

Division 294--Transfer balance cap

Subdivision 294-A--Application of Division 294 of the Income Tax Assessment Act 1997
  • 294.10 Application of Division 294 of the Income Tax Assessment Act 1997  
  • 294.30 Minor excess transfer balances disregarded if remedied in first 6 months  
  • 294.55 Repayment of limited recourse borrowing arrangements  
  • 294.80 Structured settlement contributions made before 1 July 2017--debit increased to match credits  
  • Subdivision 294-B--CGT relief
  • 294.100 Object  
  • 294.105 Interpretation  
  • 294.110 Segregated current pension assets  
  • 294.115 Superannuation funds using the proportionate method--deemed sale and purchase of CGT asset  
  • 294.120 Superannuation funds using the proportionate method--disregard initial capital gain but recognise deferred notional gain  
  • 294.125 Pooled superannuation trust using proportionate or alternative exemption method--deemed sale and purchase of CGT asset  
  • 294.130 Pooled superannuation trusts using proportionate or alternative exemption method--disregard initial capital gain but recognise deferred notional gain  

Division 295--Taxation of superannuation entities

Subdivision 295-B--Modifications of the Income Tax Assessment Act 1997 for 30 June 1988 assets
  • 295.75 Application of Subdivision  
  • 295.80 Meaning of 30 June 1988 asset  
  • 295.85 Cost base of 30 June 1988 asset  
  • 295.90 Market value of stock exchange listed assets  
  • 295.95 Adjustment of cost base as at 30 June 1988--return of capital  
  • 295.100 Exercise of rights  
  • Subdivision 295-C--Notices relating to contributions
  • 295.190 Deductions for personal contributions  
  • Subdivision 295-F--Exempt income
  • 295.390 Fixed interest complying ADFs--exemption of income attributable to certain 25 May 1988 deposits  
  • Subdivision 295-G--Deductions
  • 295.465 Complying funds--deductions for insurance premiums  
  • Subdivision 295-I--No-TFN contributions income
  • 295.610 No - TFN contributions income  

Division 301--Superannuation member benefits paid from complying plans etc.

  • 301.5 Extended application to certain foreign superannuation funds  
  • 301.85 Extended meaning of disability superannuation benefit for superannuation income stream  
  • 301.90 Application of Subdivision 301 - F of the Income Tax Assessment Act 1997  
  • 301.95 Amendment of assessments to give effect to Subdivision 301 - F of the Income Tax Assessment Act 1997 etc.  
  • 301.100 Amendment of assessments--transitional rule for permanent incapacity benefits, etc.  
  • 301.105 Transitional rules for Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023  

Division 302--Superannuation death benefits paid from complying plans etc.

  • 302.5 Extended application to certain foreign superannuation funds  
  • 302.195 Extended meaning of death benefits dependant for superannuation income stream  
  • 302.195A Meaning of death benefits dependant for 2008 - 2009 income year  

Division 303--Superannuation benefits paid in special circumstances

  • 303.10 Superannuation lump sum member benefit paid to member having a terminal medical condition  
  • 303.15 Superannuation lump sum member benefit paid to member on compassionate ground relating to the coronavirus  

Division 304--Superannuation benefits in breach of legislative requirements etc.

  • 304.15 Excess payments from release authorities  

Division 305--Superannuation benefits paid from non-complying superannuation plans

Subdivision 305-B--Superannuation benefits from foreign superannuation funds
  • 305.80 Lump sums paid into complying superannuation plans post - FIF abolition  

Division 306--Roll-overs etc.

  • 306.10 Roll - over superannuation benefit--directed termination payment  

Division 307--Key concepts relating to superannuation benefits

  • 307.125 Treatment of tax free component of existing pension payments etc.  
  • 307.127 Extension--income stream replacing an earlier one because of an involuntary roll - over  
  • 307.230 Total superannuation balance--modification for transfer balance just before 1 July 2017  
  • 307.231 Total superannuation balance--limited recourse borrowing arrangements  
  • 307.290 Taxed and untaxed elements of death benefit superannuation lump sums  
  • 307.345 Low rate component--Effect of rebate under the Income Tax Assessment Act 1936  

PART 3-32----CO-OPERATIVES AND MUTUAL ENTITIES

Division 316--Demutualisation of friendly society health or life insurers

Subdivision 316-A--Application

PART 3-35----INSURANCE BUSINESS

Division 320--Life insurance companies

-- Subdivision 320-A--Preliminary
  • 320.5 Life insurance companies that are friendly societies  
  • Subdivision 320-C--Deductions and capital losses
  • 320.85 Deduction for increase in value of liabilities under risk components of life insurance policies  
  • Subdivision 320-D--Taxable income and tax loss of life insurance companies
  • 320.100 Savings--tax losses of previous income years  
  • Subdivision 320-F--Virtual PST
  • 320.170 Transfer of part of an asset to a virtual PST  
  • 320.175 Transfers of assets to virtual PST  
  • 320.180 Deferred annuities purchased before 1 July 2007  
  • Subdivision 320-H--Segregation of assets for the purpose of discharging exempt life insurance policies
  • 320.225 Transfer of part of an asset to segregated exempt assets  
  • 320.230 Transfers of assets to segregated exempt assets  

Division 322--Assistance for policyholders with insolvent general insurers

Subdivision 322-B--Tax treatment of entitlements under financial claims scheme

PART 3-45----RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS

Division 328--Small business entities

  • 328.1 Definitions  
  • 328.110 Working out whether you are a small business entity for the 2007 - 08 or 2008 - 09 income year--turnover for earlier income years  
  • 328.111 Access to certain small business concessions for former STS taxpayers that are winding up a business  
  • 328.112 Working out whether you are a small business entity for certain small business concessions--entities connected with you  
  • 328.115 When you stop using the STS accounting method  
  • 328.120 Continuing to use the STS accounting method  
  • 328.125 Meaning of STS accounting method  
  • 328.175 Choices made in relation to depreciating assets used in primary production business  
  • 328.180 Increased access to accelerated depreciation from 12 May 2015 to 30 June 2023  
  • 328.181 Full expensing--2020 budget time to 30 June 2023  
  • 328.182 Backing business investment  
  • 328.185 Depreciating assets allocated to STS pools  
  • 328.195 Opening pool balances for 2007 - 08 income year  
  • 328.200 General small business pool for the 2012 - 13 income year  
  • 328.440 Taxpayers who left the STS on or after 1 July 2005  
  • 328.445 Bonus deduction for upskilling employees of small business entities etc.  
  • 328.450 Expenditure eligible for the bonus deduction for upskilling employees of small business entities etc.  
  • 328.455 Technology investment boost deduction  
  • 328.460 What expenditure qualifies for the technology investment boost  

Division 355--Research and Development

Subdivision 355-D--Registration for activities before 2011-12 income year
  • 355.200 Registration for activities before 2011 - 12 income year  
  • Subdivision 355-E--Balancing adjustments for decline in value deductions for assets used in R&D activities
  • 355.320 Balancing adjustment--assets only used for R&D activities  
  • 355.325 Balancing adjustment--R&D partnership assets only used for R&D activities  
  • 355.340 Balancing adjustment--tax exempt entities that become taxable  
  • Subdivision 355-F--Integrity rules
  • 355.415 Expenditure reduced to reflect group mark - ups  
  • Subdivision 355-K--Modified application of the old R&D law
  • 355.550 Prepayments of R&D expenditure extending into the 2011 - 12 income year  
  • Subdivision 355-M--Undeducted core technology expenditure
  • 355.600 Scope  
  • 355.605 Core technology that is a depreciating asset  
  • 355.610 Core technology that is not a depreciating asset  

Division 375--Australian films

Subdivision 375-G--Film losses
  • 375.100 Film component of tax loss for 1997 - 98 or later income year  
  • 375.105 Film component of tax loss for 1989 - 90 to 1996 - 97 income years  
  • 375.110 Film loss for 1989 - 90 or later income year  

Division 392--Long-term averaging of primary producers' tax liability

Division 393--Farm management deposits

Subdivision 393-A--Tax consequences of farm management deposits

Division 410--Copyright collecting societies

Division 415--Designated infrastructure projects

Subdivision 415-B--Application of Subdivision 415-B of the Income Tax Assessment Act 1997

PART 3-50----CLIMATE CHANGE

Division 420--Registered emissions units

Subdivision 420-A--General application provision

PART 3-80----ROLL-OVERS APPLYING TO ASSETS GENERALLY

Division 615--Roll-overs for business restructures

Subdivision 615-A--Modifications for roll-overs between the 2011 and 2012 Budget times
  • 615.5 Roll - overs between the 2011 and 2012 Budget times  
  • 615.10 Modifications--when additional consequences can apply  
  • 615.15 Modifications--trading stock  
  • 615.20 Modifications--revenue assets  

Division 620--Assets of wound-up corporation passing to corporation with not significantly different ownership

Subdivision 620-A--Corporations covered by Subdivision 124-I

PART 3-90----CONSOLIDATED GROUPS

Division 700--Application of Part 3-90 of Income Tax Assessment Act 1997

Division 701--Modified application of provisions of Income Tax Assessment Act 1997 for certain consolidated groups formed in 2002-3 and 2003-4 financial years

Subdivision 701-A--Preliminary
  • 701.1 Transitional group and transitional entity  
  • 701.5 Chosen transitional entity  
  • 701.7 Working out the cost base or reduced cost base of a pre - CGT asset after certain roll - overs  
  • 701.10 Interpretation  
  • Subdivision 701-B--Modified application of provisions
  • 701.15 Tax cost and trading stock value not set for assets of chosen transitional entities  
  • 701.20 Working out allocable cost amount on formation for subsidiary members other than chosen transitional entities  
  • 701.25 No operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities  
  • 701.32 No adjustment of amount of liabilities required in working out allocable cost amount  
  • 701.35 Act, transaction or event giving rise to CGT event for pre - formation roll - over after 16 May 2002 to be disregarded if cost base etc. would be different  
  • 701.40 When entity leaves transitional group, head company may choose, for purposes of transitional group's allocable cost amount, to increase terminating values of over - depreciated assets  
  • 701.45 When entity leaves transitional group, head company may choose, for purposes of transitional group's allocable cost amount, to use formation time market values, instead of terminating values, for certain pre - CGT assets  
  • 701.50 Increased allocable cost amount for leaving entity if it takes privatised asset brought into group by chosen transitional entity  

Division 701A--Modified application of provisions of Income Tax Assessment Act 1997 for entities with continuing majority ownership from 27 June 2002 until joining a consolidated group

Division 701B--Modified application of provisions of Income Tax Assessment Act 1997 relating to CGT event L1

  • 701B.1 Modified application of CGT Consolidation provisions to allow immediate availability of capital loss for CGT event L1  

Division 701C--Modified application etc. of provisions of Income Tax Assessment Act 1997: transitional foreign-held membership structures

Subdivision 701C-A--Overview
  • 701C.1 Overview  
  • Subdivision 701C-B--Membership rules allowing foreign holding
  • 701C.10 Additional membership rules where entities are interposed between the head company and a subsidiary member--case where an interposed entity is a foreign resident and the subsidiary member is a company  
  • 701C.15 Additional membership rules where entities are interposed between the head company and a subsidiary member--case where an interposed entity is a foreign resident and the subsidiary member is a trust or partnership  
  • 701C.20 Transitional foreign - held subsidiaries and transitional foreign - held indirect subsidiaries  
  • Subdivision 701C-C--Modifications of tax cost setting rules --
  • 701C.25 Application and object of this Subdivision  
  • --
  • 701C.30 Transitional foreign - held subsidiary to be treated as part of head company  
  • --
  • 701C.35 Trading stock value not set for assets of transitional foreign - held subsidiaries  
  • 701C.40 Cost setting rules for exit cases--modification of core rules  
  • 701C.50 Cost setting rules for exit cases--reference to modification of core rule  

Division 701D--Transitional foreign loss makers

Subdivision 701D-A--Object of this Division
  • 701D.1 Object of this Division  
  • Subdivision 701D-B--Rules allowing transitional foreign loss makers to remain outside consolidated group
  • 701D.10 Transitional foreign loss maker not member of group if certain conditions satisfied  
  • 701D.15 Choice to apply transitional rules to entity  

Division 702--Modified application of this Act to assets that an entity brings into a consolidated group

  • 702.1 Modified application of section 40 - 77 of this Act to assets that an entity brings into a consolidated group  
  • 702.4 Extended operation of subsection 40 - 285(3)  
  • 702.5 Modified application of subsection 40 - 285(6) of this Act after entity brings assets into consolidated group  

Division 703--Consolidated groups and their members

  • 703.30 Debt interests that are not membership interests  
  • 703.35 Employee share schemes  

Division 705--Tax cost setting amount for assets where entities become members of consolidated groups

Subdivision 705-E--Expenditure relating to exploration, mining or quarrying
  • 705.300 Application and object of this Subdivision  
  • 705.305 Rules affecting depreciating assets  
  • 705.310 Adjustable value of head company's notional assets  

Division 707--Losses for head companies when entities become members etc.

Subdivision 707-A--Transfer of losses to head company
  • 707.145 Certain choices to cancel the transfer of a loss may be revoked  
  • Subdivision 707-C--Amount of transferred losses that can be utilised
  • 707.325 Increasing the available fraction for a bundle of losses by increasing the real loss - maker's modified market value  
  • 707.326 Events involving only value donor and real loss - maker not covered by rule against inflation of modified market value  
  • 707.327 Choosing available fraction to apply to value donor's loss  
  • 707.328 Income year and conditions for possible transfer under Division 170 of the Income Tax Assessment Act 1997  
  • 707.328A Some events involving only group members not covered by rule against inflation of modified market value  
  • 707.329 Modified market value at a time before 8 December 2004  
  • 707.350 Alternative loss utilisation regime to Subdivision 707 - C of the Income Tax Assessment Act 1997  
  • 707.355 Ignore certain losses in working out when a choice can be made under this Subdivision  
  • Subdivision 707-D--Special rules about losses
  • 707.405 Special rules about losses referable to part of income year  

Division 709--Other rules applying when entities become subsidiary members etc.

Subdivision 709-D--Deducting bad debts

Division 712--Certain rules for where entities cease to be subsidiary members of consolidated groups

Subdivision 712-E--Expenditure relating to exploration, mining or quarrying
  • 712.305 Reducing adjustable value of head company's notional asset  

Division 713--Rules for particular kinds of entities

Subdivision 713-L--Transitional relief for certain transactions relating to life insurance companies
  • 713.500 Object of Subdivision  
  • 713.505 When this Subdivision applies (first case)  
  • 713.510 When this Subdivision applies (second case)  
  • 713.515 Entities must choose the relief  
  • 713.520 Conditions  
  • 713.525 Time of transfer  
  • 713.530 What the relief is  
  • 713.535 Subsequent consequences  
  • 713.540 Requirement to notify happening of new event  
  • 713.545 Discount capital gain in certain cases  
  • Subdivision 713-M--General insurance companies
  • 713.700 Application  

Division 715--Interactions between the consolidation rules and other areas of the income tax law

Subdivision 715-F--Interactions with Division 230 (financial arrangements)
  • 715.380 Exit history rule not to affect certain matters related to Division 230 financial arrangements  
  • Subdivision 715-J--Entry history rule and choices
  • 715.658 Application  
  • 715.659 Extension of time for making choice if joining time was before commencement  
  • Subdivision 715-K--Exit history rule and choices
  • 715.698 Application  
  • 715.699 Extension of time for making choice if leaving time was before commencement  

Division 716--Miscellaneous special rules

Subdivision 716-G--Software development pools
  • 716.340 Expenditure incurred before 1 July 2001 and allocated to a software pool  

Division 719--MEC rules

Subdivision 719-A--Modified application of Part 3-90 to MEC groups
  • 719.2 Modified application of Part 3 - 90 to MEC groups  
  • Subdivision 719-B--MEC groups and their members
  • 719.5 Debt interests that are not membership interests  
  • 719.10 Effect of Division 701C  
  • 719.15 Modified effect of subsection 701D - 10(2)  
  • 719.30 Employee share schemes  
  • Subdivision 719-C--Cost setting
  • 719.160 Transitional cost setting rules on joining have effect with modifications  
  • 719.161 Modified effect of section 701 - 1  
  • 719.163 Modified effect of section 701 - 35  
  • 719.165 Modified effect of paragraph 701 - 45(1)(b)  
  • Subdivision 719-F--Losses
  • 719.305 Available fraction for bundle of losses not affected by concessional rules  
  • 719.310 Certain choices may be revoked  
  • Subdivision 719-I--Bad debts
  • 719.450 Application of Subdivision 719 - I of the Income Tax Assessment Act 1997  

Division 721--Liability for payment of tax where head company fails to pay on time

Subdivision 721-A--Application of Division
  • 721.25 References in tax sharing agreements to former table item 25  

PART 3-95----VALUE SHIFTING

Division 723--Direct value shifting by creating right over non-depreciating asset

  • 723.1 Application of Division 723  

Division 725--Direct value shifting affecting interests in companies and trusts

  • 725.1 Application of Division 725  

Division 727--Indirect value shifting affecting interests in companies and trusts, and arising from non-arm's length dealings

  • 727.1 Application of Division 727  
  • 727.230 Transitional exclusion for certain indirect value shifts relating mainly to services  
  • 727.470 Affected interests do not include equity or loan interests owned by entity that is eligible to be an STS taxpayer  
  •  

CHAPTER 4--International aspects of income tax

 

PART 4-5--GENERAL

Division 815--Cross-border transfer pricing

Subdivision 815-A--Cross-border transfer pricing

Division 820--Application of the thin capitalisation rules

Division 830--Application of the foreign hybrid rules

  • 830.1 Standard application  
  • 830.15 Modified version of income tax law to apply for certain past income years  
  • 830.20 Modifications of income tax law  

Division 832--Hybrid mismatch rules

Subdivision 832-A--Application of Division 832 of the Income Tax Assessment Act 1997

Division 840--Withholding taxes

Subdivision 840-M--Managed investment trust amounts

Division 842--Exempt Australian source income and gains of foreign residents

Subdivision 842-I--Investment manager regime
  • 842.207 Application of replacement version of Subdivision 842 - I  
  • 842.208 Modified meaning of IMR foreign fund for the purposes of earlier income years  
  • 842.209 Residence of corporate limited partnerships  
  • 842.210 Treatment of IMR foreign fund that is a corporate tax entity  
  • 842.215 Treatment of foreign resident beneficiary that is not a trust or partnership  
  • 842.220 Treatment of foreign resident partner that is not a trust or partnership  
  • 842.225 Treatment of trustee of an IMR foreign fund  
  • 842.230 Pre - 2012 IMR deduction  
  • 842.235 Pre - 2012 IMR capital loss  
  • 842.240 Pre - 2012 non - IMR net income , pre - 2012 non - IMR Division 6E net income and pre - 2012 non - IMR net capital gain  
  • 842.245 and  

Division 880--Sovereign entities and activities

  • 880.1 Application of Division 880 of the Income Tax Assessment Act 1997  
  • 880.5 Certain income of sovereign entity in respect of a scheme is non - assessable non - exempt income if covered by a private ruling  
  • 880.10 Certain amounts of sovereign entity in respect of a scheme are not deductible if covered by a private ruling  
  • 880.15 Sovereign entity's capital gain from membership interest etc.--gain disregarded  
  • 880.20 Sovereign entity's capital loss from membership interest etc.--loss disregarded  
  • 880.25 Asset of sovereign entity--deemed sale and purchase  
  •  

CHAPTER 5--Administration

 

PART 5-35----MISCELLANEOUS

Division 909--Regulations

  • 909.1 Regulations  
  •  

CHAPTER 6--The Dictionary

 

PART 6-1--CONCEPTS AND TOPICS

Division 960--General

Subdivision 960-B--Utilisation of tax attributes
  • 960.20 Utilisation--corporate loss carry back  
  • Subdivision 960-E--Entities
  • 960.100 Effect of this Subdivision  
  • 960.105 Entities, and members of entities, benefiting from the application of this Subdivision  
  • 960.110 No taxation consequences to result from changes to managed investment scheme  
  • 960.115 Certain entities treated as agents  
  • Subdivision 960-M--Indexation
  • 960.262 Application of Subdivision 960 - M of the Income Tax Assessment Act 1997  
  • 960.275 Indexation factor  

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