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TAX LAW IMPROVEMENT ACT (NO. 1) 1998 - SCHEDULE 10

- Amendment of Chapter 6 (the Dictionary) of the Income Tax Assessment Act 1997

1 Subsection 960-220(1)

Omit " * listed public".

2 At the end of subsection 960-220(1)

Add:

Note: A special rule applies in working out whether an asset has stopped being a pre-CGT asset: see section 149-10.

3 At the end of subsection 960-220(2)

Add:

Note: A special rule applies in working out whether an asset has stopped being a pre-CGT asset: see section 149-10.

4 Subsection 960-225(1)

Omit " * listed public".

5 Section 960-230

Omit " * listed public".

6 Subsection 960-235(1)

Omit " * listed public".

7 Section 960-240

Omit " * listed public".

8 Subsection 960-245(1)

Omit " * listed public".

9 Subsection 960-245(2) (link note)

Repeal the link note.

10 At the end of Division 960

Add:

Subdivision 960-M—Indexation
Guide to Subdivision 960-M
960-260 What this Subdivision is about

There are a number of provisions in this Act that require amounts to be indexed. This Subdivision shows you:

* how to index those amounts; and
* how to calculate the indexation factor.

Table of sections

Operative provisions

960-270 Indexing amounts
960-275 Indexation factor
960-280 Index number

[This is the end of the Guide.]

960-265 The provisions for which indexation is relevant

This table sets out the provisions for which indexation is relevant.


Provisions for which indexation is relevant


Item


Topic of provision:


See:


1


Car depreciation limit


Subdivision 42-K


2


Capital gains—cost base


Parts 3-1 and 3-3


3


Capital gains—Improvements as separate assets


Subdivision 108-D


4


Capital gains—Goodwill


Subdivision 118-C


Note: There are provisions of the Income Tax Assessment Act 1936 dealing with indexation that have not yet been rewritten.

Operative provisions
960-270 Indexing amounts

(1)
Some provisions of this Act require amounts to be indexed. You index an amount by multiplying it by its * indexation factor.

(2)
You do not index the amount if its * indexation factor is 1 or less.

960-275 Indexation factor

(1)
For indexation of amounts on an annual basis, the indexation factor is:

Example: The business exemption threshold is an amount that is indexed on an annual basis: see section 118-260.

(2)
For indexation of the * cost base of a * CGT asset (except the first element of the cost base of an asset covered by subsection (3)), the indexation factor for expenditure in an element of the cost base is:

Note 1: This rule applies even if you do not actually pay some of the expenditure until a later time (for example, under a contract to purchase an asset by instalments).

Note 2: There are rules affecting when the expenditure was incurred: see sections 114-15 and 114-20.

(3)
For indexation of the first element of the * cost base of a * CGT asset that is:

(a) a * share in a company that was issued or allotted by the company; or
(b) a unit in a unit trust that was issued by the trustee of the unit trust;

the indexation factor for an amount in the first element of the * cost base of the asset that was paid at a time after it was issued or allotted is:

The payment can include giving property: see section 103-5.

Example: A company issues shares to you. You acquire the shares in circumstances that did not involve a CGT event. If the shares are partly-paid and the company later makes a call on the shares, you use the index number for the quarter in which you paid that later payment.

Note: This subsection does not apply to shares or units you acquired before 16 August 1989: see section 960-275 of the Income Tax (Transitional Provisions) Act 1997 .

(4)
However, you cannot index expenditure in the third element of the * cost base of a CGT asset (non-capital costs of ownership).

(5)
You work out the * indexation factor to 3 decimal places (rounding up if the fourth decimal place is 5 or more).

Example: If the factor is 1.102795, it would be rounded up to 1.103.

960-280 Index number

(1)
In most cases, the index number for a quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter.

(2)
For calculating the * car depreciation limit under Subdivision 42-K, the index number for a quarter is the index number for the motor vehicle purchase sub-group of the Consumer Price Index, being the weighted average of the 8 capital cities, first published by the Australian Statistician for the quarter.

(3)
If the Australian Statistician changes the reference base for an * index number, only index numbers published in terms of the new base are to be used after the change.

[The next Division is Division 975.]

A

11 Subsection 995-1(1)

Insert:

"above-average special professional income" has the meaning given by section 405-15.

12 Subsection 995-1(1)

Insert:

"acquire":

(a) a * CGT asset: you acquire a CGT asset at the time worked out under Division 109; and

Note: A CGT asset acquired before 20 September 1985 may be treated as having been acquired on or after that day: see 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.
13 Subsection 995-1(1)

Insert:

"amount arising" from a * partial realisation of an item of * intellectual property has the meaning given by section 373-45.

14 Subsection 995-1(1)

Insert:

"annuity instrument" means an instrument that secures the grant of an annuity (whether dependent on the life of an individual or not).

15 Subsection 995-1(1)

Insert:

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 or 2 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).
16 Subsection 995-1(1)

Insert:

"arm's length": in determining whether parties deal at arm's length , consider any connection between them and any other relevant circumstance.

17 Subsection 995-1(1)

Insert:

"artistic support" has the meaning given by subsection 405-25(5).

18 Subsection 995-1(1)

Insert:

"assessable non-primary production income" has the meaning given by subsection 392-85(2).

19 Subsection 995-1(1)

Insert:

"assessable primary production income" has the meaning given by subsection 392-80(2).

20 Subsection 995-1(1)

Insert:

"assessable professional income" has the meaning given by subsection 405-20(1).

21 Subsection 995-1(1)

Insert:

"associate-inclusive control interest" in a company has the meaning given by section 140-22.

22 Subsection 995-1(1)

Insert:

"attributable income" has the meaning given by Division 7 of Part X of the Income Tax Assessment Act 1936 .

23 Subsection 995-1(1)

Insert:

"average income" has the meaning given in subsection 392-45(1).

24 Subsection 995-1(1)

Insert:

"average taxable professional income" has the meaning given by subsections 405-50(1) and (2).

25 Subsection 995-1(1)

Insert:

"averaging adjustment" has the meaning given in section 392-75.

26 Subsection 995-1(1)

Insert:

"averaging component" has the meaning given in subsection 392-90(1).

B

27 Subsection 995-1(1) (definition of balancing adjustment event )

Repeal the definition, substitute:

"balancing adjustment event": for the purposes of a particular * capital allowance, balancing adjustment event has the meaning given by the provision shown in this table:




Meaning of balancing adjustment event


Item


For this capital allowance:


See:


1


Depreciation


subsection 42-30(3)


2


Intellectual property


subsection 373-60(2)


28 Subsection 995-1(1)

Insert:

"basic assessable income" has the meaning given by subsection 392-45(2).

29 Subsection 995-1(1)

Insert:

"basic rates" has the meaning given by subsection 392-35(4).

30 Subsection 995-1(1)

Insert:

"basic taxable income" has the meaning given by section 392-15.

31 Subsection 995-1(1)

Insert:

"business exemption threshold" has the meaning given by section 118-260.

C

32 Subsection 995-1(1)

Insert:

"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 .

33 Subsection 995-1(1)

Insert:

"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 .

34 Subsection 995-1(1)

Insert:

"capital proceeds" has the meaning given by Division 116.

35 Subsection 995-1(1)

Insert:

capital unitholding of less than 1% in a unit trust has the meaning given by section 149-135.

36 Subsection 995-1(1)

Insert:

"cessation time" has the meaning given by sections 139CA and 139CB of the Income Tax Assessment Act 1936 .

37 Subsection 995-1(1)

Insert:

"CFC" has the meaning given by Part X of the Income Tax Assessment Act 1936 .

38 Subsection 995-1(1)

Insert:

"CFT" has the meaning given by section 342 of the Income Tax Assessment Act 1936 .

39 Subsection 995-1(1)

Insert:

"CGT asset" has the meaning given by section 108-5.

40 Subsection 995-1(1)

Insert:

"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.

41 Subsection 995-1(1)

Insert:

"collectable" has the meaning given by section 108-10.

42 Subsection 995-1(1)

Insert:

"commencing day" of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936.

43 Subsection 995-1(1)

Insert:

"commencing day asset" of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936 .

44 Subsection 995-1(1)

Insert:

"company law "has the meaning given by section 124-520.

45 Subsection 995-1(1)

Insert:

"commercial horticulture" has the meaning given by subsection 387-170(4).

46 Subsection 995-1(1)

Insert:

"comparison rate" has the meaning given by section 392-55.

47 Subsection 995-1(1) (definition of continuing shareholders )

Repeal the definition, substitute:

"continuing shareholders" has the meaning given by sections 175-10, 175-20, 175-25, 175-45, 175-60, 175-65 and 175-85.

48 Subsection 995-1(1)

Insert:

"controller (for CGT purposes)": an entity is a controller (for CGT purposes) of a company in the circumstances mentioned in section 140-20.

49 Subsection 995-1(1)

Insert:

"convertible note":

(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.
50 Subsection 995-1(1)

Insert:

"cost base" of a * CGT asset has the meaning given by Subdivision 110-A.

51 Subsection 995-1(1)

Insert:

"Crown lease" has the meaning given by section 124-580.

D

52 Subsection 995-1(1)

Insert:

"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.

53 Subsection 995-1(1)

Insert:

"decreased value shares "has the meaning given by section 140-15.

54 Subsection 995-1(1)

Insert:

"disallow":

(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.
55 Subsection 995-1(1)

Insert:

"discount": * shares in a company or units in a unit trust are issued at a discount if the amount of the payment the company or trustee receives for the issue is less than the market value of the shares or units at the time of issue. (The payment can include a transfer of property: see section 103-5).

56 Subsection 995-1(1)

Insert:

"dispose of" a * CGT asset has the meaning given by section 104-10.

57 Subsection 995-1(1)

Insert:

"distributable profits" of a company has the meaning given by section 317 of the Income Tax Assessment Act 1936 .

58 Subsection 995-1(1)

Insert:

"dwelling" has the meaning given by section 118-115.

E

59 Subsection 995-1(1) (definition of effective life )

Repeal the definition, substitute:

"effective life":

(a) of * plant—has the meaning given by Subdivision 42-C; and
(b) of an item of * intellectual property—has the meaning given by section 373-35; and
(c) of a * horticultural plant—has the meaning given by section 387-175.
60 Subsection 995-1(1)

Insert:

"eligible termination payment" has the meaning given by Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 .

61 Subsection 995-1(1)

Insert:

"employee share scheme": a * share or right is acquired under an employee share scheme if it is acquired (within the meaning of section 139G of the Income Tax Assessment Act 1936 ) in the way described in section 139C of that Act.

62 Subsection 995-1(1)

Insert:

"environmental protection activities" has the meaning given by subsection 400-60(1).

63 Subsection 995-1(1) (definition of excluded loss )

Repeal the definition, substitute:

"excluded loss" has the meaning given by sections 175-5 and 175-40.

64 Subsection 995-1(1)

Insert:

"exempt entity" means:

(a) an entity whose * ordinary income and * statutory income is exempt from income tax because of Division 50; or
(b) an entity whose * ordinary income and * statutory income is exempt from income tax because of any * Commonwealth law other than this Act.
65 Subsection 995-1(1)

Insert:

expenditure on an item of * intellectual property has the meaning given by section 373-30.

F

66 Subsection 995-1(1)

Insert:

"firearms surrender arrangements" means:

(a) a * Commonwealth law, a * State law or a * Territory 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.

67 Subsection 995-1(1)

Insert:

"first continuity period" has the meaning given by section 165-120.

68 Subsection 995-1(1)

Insert:

"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.

G

69 Subsection 995-1(1)

Insert:

"general company tax rate" has the meaning given by section 160APA of the Income Tax Assessment Act 1936 .

70 Subsection 995-1(1)

Insert:

"general insurance policy" means a policy of insurance that is not a * life insurance policy or an * annuity instrument.

71 Subsection 995-1(1)

Insert:

"gross averaging amount" has the meaning given by section 392-70.

H

72 Subsection 995-1(1)

Insert:

"horticultural plant" has the meaning given by subsection 387-170(1).

73 Subsection 995-1(1)

Insert:

"horticulture" has the meaning given by subsection 387-170(3).

74 Subsection 995-1(1)

Insert:

"horticulture business" has the meaning given by subsection 387-170(2).

I

75 Subsection 995-1(1)

Insert:

"improvement threshold" has the meaning given by section 108-85.

76 Subsection 995-1(1)

Insert:

"incidental costs "to acquire a * CGT asset, or that relate to a * CGT event, has the meaning given by section 110-35.

77 Subsection 995-1(1)

Insert:

income unitholding of less than 1% in a unit trust has the meaning given by section 149-135.

78 Subsection 995-1(1)

Insert:

"increased value shares "has the meaning given by section 140-15.

79 Subsection 995-1(1)

Insert:

"indexation factor" has the meaning given by section 960-275.

80 Subsection 995-1(1)

Insert:

"index number" has the meaning given by section 960-280.

81 Subsection 995-1(1) (at the end of the definition of indirectly )

Add:

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.

82 Subsection 995-1(1) (definition of injected amount )

Repeal the definition, substitute:

"injected amount" has the meaning given by sections 175-10, 175-20 and 175-85.

83 Subsection 995-1(1)

Insert:

"intellectual property "has the meaning given by section 373-15.

L

84 Subsection 995-1(1)

Insert:

"life insurance company" means a company registered under the Life Insurance Act 1995 .

85 Subsection 995-1(1)

Insert:

"life insurance entity" means:

(a) a * life insurance company; or
(b) an * SGIO.
86 Subsection 995-1(1)

Insert:

"life insurance policy" means a policy of insurance on the life of an individual.

87 Subsection 995-1(1)

Insert:

"listed country "has the meaning given by section 320 of the Income Tax Assessment Act 1936 .

M

88 Subsection 995-1(1)

Insert:

majority underlying interests in a * CGT asset has the meaning given by section 149-15.

89 Subsection 995-1(1)

Insert:

"material decrease": there is a material decrease in the market value of a * decreased value share in the way described in section 140-25.

90 Subsection 995-1(1)

Insert:

"material increase": there is a material increase in the value of an * increased value share in the way described in section 140-65.

91 Subsection 995-1(1)

Insert:

"minimum continuity period" has the meaning given by section 165-126.

92 Subsection 995-1(1)

Insert:

"mining entitlement" has the meaning given by subsection 124-710(2).

N

93 Subsection 995-1(1)

Insert:

"necessary connection with Australia": a * CGT asset has the necessary connection with Australia in the way described in section 136-25.

94 Subsection 995-1(1)

Insert:

"net asset amount" has the meaning given by section 104-95.

95 Subsection 995-1(1)

Insert:

"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 .

96 Subsection 995-1(1)

Insert:

"net capital loss" has the meaning given by sections 102-10 and 165-114.

97 Subsection 995-1(1)

Insert:

"net value" means:

(a) for an entity—the amount by which the sum of the market values of the assets of the entity exceeds the sum of its liabilities; or
(b) for a * business—the amount by which the sum of the market values of the assets of the business (including goodwill) exceeds the sum of its liabilities.
98 Subsection 995-1(1)

Insert:

"non-primary production deductions" has the meaning given by subsection 392-85(3).

99 Subsection 995-1(1)

Insert:

"non-primary production shade-out amount" has the meaning given by subsections 392-90(2) and (3).

100 Subsection 995-1(1)

Insert:

"notional net capital gain" has the meaning given by section 165-108.

101 Subsection 995-1(1)

Insert:

"notional net capital loss" has the meaning given by section 165-108.

O

102 Subsection 995-1(1)

Insert:

ownership interest in land or a * dwelling has the meaning given by section 118-130.

103 Subsection 995-1(1)

Insert:

"ownership period" of a * dwelling has the meaning given by section 118-125.

104 Subsection 995-1(1) (definition of ownership test period )

Repeal the definition, substitute:

"ownership test period" has the meaning given by sections 165-12, 165-37 and 165-123.

P

105 Subsection 995-1(1)

Insert:

"partial realisation "of an item of * intellectual property has the meaning given by section 373-45.

106 Subsection 995-1(1)

Insert:

"passes": a * CGT asset passes to a beneficiary in an individual's estate in the way described in section 128-20.

107 Subsection 995-1(1)

Insert:

"performing artist" has the meaning given by subsections 405-25(2) and (3).

108 Subsection 995-1(1)

Insert:

"permanent establishment "has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .

109 Subsection 995-1(1)

Insert:

"personal use asset" has the meaning given by section 108-20.

110 Subsection 995-1(1)

Insert:

"pooled superannuation trust "means a pooled superannuation trust within the meaning of section 48 of the Superannuation Industry
(Supervision)
Act 1993 .

111 Subsection 995-1(1)

Insert:

"primary production deductions" has the meaning given by subsection 392-80(3).

112 Subsection 995-1(1)

Insert:

"precluded asset" has the meaning given by subsection 122-25(2).

113 Subsection 995-1(1)

Insert:

"pre-CGT asset" has the meaning given by section 149-10.

114 Subsection 995-1(1)

Insert:

"production associate" has the meaning given by subsection 405-25(4).

115 Subsection 995-1(1)

Insert:

professional year 1 has the meaning given by subsection 405-50(3).

116 Subsection 995-1(1)

Insert:

professional year 2 has the meaning given by subsection 405-50(4).

117 Subsection 995-1(1)

Insert:

professional year 3 has the meaning given by subsection 405-50(4).

118 Subsection 995-1(1)

Insert:

professional year 4 has the meaning given by subsection 405-50(4).

119 Subsection 995-1(1)

Insert:

"prospecting entitlement" has the meaning given by subsection 124-710(1).

120 Subsection 995-1(1)

Insert:

"publicly traded unit trust" has the meaning given by section 149-50.

121 Subsection 995-1(1) (at the end of note 1 to the definition of purpose of producing assessable income )

Add:

* section 400-100 (about using property for environmental impact assessment of your project or for environmental protection activities).

Q

122 Subsection 995-1(1)

Insert:

"qualifying right" has the meaning given by section 139CD of the Income Tax Assessment Act 1936 .

123 Subsection 995-1(1)

Insert:

"qualifying share "has the meaning given by section 139CD of the Income Tax Assessment Act 1936 .

R

124 Subsection 995-1(1)

Insert:

"reduced cost base" of a * CGT asset has the meaning given by Subdivision 110-B.

125 Subsection 995-1(1)

Insert:

"reduced net asset amount" has the meaning given by section 104-100.

126 Subsection 995-1(1)

Insert:

"registered organisation" has the meaning given by subsection 116E(1) of the Income Tax Assessment Act 1936 .

127 Subsection 995-1(1)

Insert:

"related business" has the meaning given by subsections 118-250(3) and (4).

128 Subsection 995-1(1)

Insert:

"replacement-asset roll-over": a replacement-asset roll-over allows you to defer the making of a * capital gain or a * capital loss from one * CGT event until a later CGT event happens where your ownership of one CGT asset ends and you * acquire another one. The replacement-asset roll-overs are listed in section 112-115.

129 Subsection 995-1(1)

Insert:

"resident trust for CGT purposes": a trust is a resident trust for CGT purposes for an income year if, at any time during the income year:

(a) for a trust that is not a unit trust, the trustee is an Australian resident or the central management and control of the trust is in Australia; or
(b) for a unit trust, one of the requirements in column 2 and one of the requirements in column 3 of this table are satisfied.


Requirements for unit trust



Item


One of these requirements is satisfied



And also one of these


1


Any property of the trust is situated in Australia


The central management and control of the trust is in Australia


2


The trust carries on a * business in Australia


Australian residents held more than 50% of the beneficial interests in the income or property of the trust


130 Subsection 995-1(1)

Insert:

"RSA" has the meaning given by the Retirement Savings Accounts Act 1997 .

S

131 Subsection 995-1(1) (definition of same business test period )

Repeal the definition, substitute:

"same business test period" has the meaning given by sections 165-13, 165-15, 165-35, 165-40, 165-45, 165-126, 165-129, 165-132, 166-5, 166-20 and 166-40.

132 Subsection 995-1(1)

Insert:

"second continuity period" has the meaning given by section 165-110.

133 Subsection 995-1(1)

Insert:

"same-asset roll-over": a same asset roll-over allows you to disregard a * capital gain or * capital loss you make from:

(a) * disposing of a * CGT asset to another entity; or
(b) entering into an agreement with another entity that constitutes CGT event B1; or
(c) creating a CGT asset in another entity.

The same-asset roll-overs are listed in section 112-150.

134 Subsection 995-1(1)

Insert:

"SGIO" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .

135 Subsection 995-1(1)

Insert:

"share value shift "has the meaning given by section 140-15.

136 Subsection 995-1(1)

Insert:

"shift proceeds "has the meaning given by sections 140-55 and 140-90.

137 Subsection 995-1(1)

Insert:

"special professional" has the meaning given by subsection 405-25(1).

138 Subsection 995-1(1)

Insert:

"sporting competition" has the meaning given by subsection 405-25(7).

139 Subsection 995-1(1)

Insert:

"sportsperson" has the meaning given by subsection 405-25(6).

140 Subsection 995-1(1)

Insert:

"starting day" has the meaning given by section 149-60.

141 Subsection 995-1(1)

Insert:

"statutory licence" has the meaning given by section 124-140.

142 Subsection 995-1(1)

Insert:

"stratum unit" has the meaning given by section 124-190.

143 Subsection 995-1(1)

Insert:

"subsidiary": the expression 100% subsidiary has the meaning given by section 975-505.

T

144 Subsection 995-1(1)

Insert:

"taxable non-primary production income" has the meaning given by subsection 392-85(1).

145 Subsection 995-1(1)

Insert:

"taxable primary production income" has the meaning given by subsection 392-80(1).

146 Subsection 995-1(1)

Insert:

"taxable professional income" has the meaning given by subsection 405-45(1).

147 Subsection 995-1(1)

Insert:

"tax advantaged business" of a * registered organisation has the meaning given by subsection 116GC(2) of the Income Tax Assessment Act 1936 .

148 Subsection 995-1(1)

Insert:

"tax advantaged insurance fund" of a * life insurance entity has the meaning given by subsection 111B(2) of the Income Tax Assessment Act 1936 .

149 Subsection 995-1(1) (after table item 1A in the definition of termination value )

Insert:

1B


Intellectual property


section 373-70


150 Subsection 995-1(1)

Insert:

"test day" has the meaning given by section 149-55.

151 Subsection 995-1(1) (definition of test period )

Repeal the definition, substitute:

"test period" has the meaning given by sections 166-5, 166-20 and 166-40.

152 Subsection 995-1(1) (definition of test time )

Repeal the definition, substitute:

"test time" has the meaning given by sections 165-13, 165-15, 165-35, 165-40, 165-45, 165-126, 165-129, 165-132, 166-5, 166-20 and 166-40.

153 Subsection 995-1(1)

Insert:

total share value increase of a * share value shift has the meaning given by section 140-25.

154 Subsection 995-1(1)

Insert:

"traditional security "has the meaning given by section 26BB of the Income Tax Assessment Act 1936 .

U

155 Subsection 995-1(1)

Insert:

"ultimate owner" has the meaning given by section 149-15.

156 Subsection 995-1(1)

Insert:

"unlisted country" has the meaning given by section 320 of the Income Tax Assessment Act 1936 .

157 Subsection 995-1(1) (definition of unrecouped expenditure )

Repeal the definition, substitute:

"unrecouped expenditure": for the purposes of a particular * capital allowance, unrecouped expenditure has the meaning given by the provision shown in this table:




Meaning of unrecouped expenditure


Item


For this capital allowance:


See:


1


Intellectual property


section 373-25


2


Mining and quarrying: development and operation of a mine or quarry


section 330-105


W

158 Subsection 995-1(1) (after table item 1A in the definition of written down value )

Insert:

1B


Intellectual property


section 373-75


Y

159 Subsection 995-1(1)

Insert:

"your earning activity" has the meaning given by subsection 400-60(3).



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