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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS  

PART 1-4 - CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS  

Division 11 - Particular kinds of non-assessable income    View history reference

Subdivision 11-B - Particular kinds of non-assessable non-exempt income    View history reference

SECTION 11-55  

11-55  List of non-assessable non-exempt income provisions  

 View history reference
The provisions set out in the list make amounts non-assessable non-exempt income.

Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 .
alienated personal services income  
 associate, non-deductible payment or obligation to .......... 85-20(3)
 entitlements to a share of net income that is personal services income already assessable to an individual .......... 86-35(2)
 payments by personal services entity or associate of personal services income already assessable to an individual .......... 86-35(1)
 personal services entity, amounts of personal services income assessable to an individual .......... 86-30
bonds  
 see securities 
capital gains tax 
 small business retirement exemption, payments made directly or indirectly to CGT concession stakeholder so company or trust complies with section 152-325 .......... 152-310
demutualisation of friendly society health or life insurers 
 amounts related to issue, or transfer from lost policy holders trust, of demutualisation assets .......... 316-255
 payments received directly, or from lost policy holders trust, in exchange for cancellation or variation of interests under the demutualisation .......... 316-255
demutualisation of private health insurers 
 market value of shares and rights at time of issue .......... 315-310
 payments received in exchange for cancellation or variation of interests under the demutualisation .......... 315-310
[disasters] (Repealed by No 31 of 2011) 
dividends  
 demerger dividends .......... 44(4)
 later dividend set off against amount taken to be dividend .......... 109ZC(3) , 109ZCA(4)
employment  
 early retirement scheme payment, tax free amount of .......... 83-170
 employment termination payment .......... 82-10 , 82-65 , 82-70
 foreign termination payment .......... 83-235 , 83-240
 genuine redundancy payment, tax free amount of .......... 83-170
 unused long service leave payment, pre-16/8/78 period .......... 83-80
 see superannuation and sections 82-10A and 82-10C of the Income Tax (Transitional Provisions) Act 1997 
environment 
 water infrastructure improvement payments .......... 59-65
farm-in farm-out arrangements 
 rewards for providing exploration benefits .......... 40-1135
financial arrangements 
 gains related to non-assessable non-exempt income .......... 230-30
firearms surrender arrangements  
 compensation under .......... 59-10
[ first home saver accounts] (Repealed by No 70 of 2015) 
foreign aspects of income taxation  
 attributed controlled foreign company income, amounts paid out of .......... 23AI
 attributed foreign investment fund income, amounts paid out of .......... 23AK
 certain forex realisation gains .......... 775-25
 branch profits of Australian companies .......... 23AH
 distributions of conduit foreign income .......... 802-20
 income derived by foreign residents in exclusive economic zone or on or above continental shelf .......... 768-110
 foreign equity distributions on participation interests .......... 768-5
 income derived by temporary residents .......... 768-910
 interest paid by temporary residents .......... 768-980
 managed investment trust withholding tax, amount subject to .......... 840-815
 Seasonal Labour Mobility Program withholding tax, amount subject to .......... 840-915
 superannuation fund, foreign, interest and dividend income of .......... 128B(3)(jb)
 withholding tax, dividend royalty or interest subject to .......... 128D
GST  
 GST payable on a taxable supply .......... 17-5(a)
 increasing adjustments .......... 17-5(b) and (c)
investment manager regime 
 IMR concessions .......... 842-215
life insurance companies .......... Subdivision 320-B
mining  
 withholding tax, payments to Indigenous persons and distributing bodies subject to .......... 59-15
mutual receipts 
 amounts that would be mutual receipts but for prohibition on distributions to members .......... 59-35
National Rental Affordability Scheme 
 payments made, and non-cash benefits provided, by a State or Territory governmental body in relation to participation in the National Rental Affordability Scheme .......... 380-35
native title benefits 
 native title benefits .......... 59-50
non-cash benefits  
 fringe benefits .......... 23L(1)
notional sale and loan  
 arrangement payments a notional seller receives or is entitled to receive .......... 240-40
 luxury car leases, lease payments that the lessor receives or is entitled to receive .......... 242-40
 deemed loan treatment for financial benefits provided for tax preferred use of asset .......... 250-160
offshore banking units  
 assessable OB income other than eligible fraction .......... 121EG
related entities  
 amounts from, where deduction reduced for .......... 26-35(4)
repayable amounts  
 previously assessable amounts .......... 59-30
rights to acquire shares or units  
 market value of at time of issue .......... 59-40
[ securities] (Repealed by No 47 of 2016) 
small business assets  
 income arising from CGT event, company or trust owned asset continuously for 15 years .......... 152-110(2)
[social security or like payments] (Repealed by No 145 of 2010) 
superannuation 
 benefits generally .......... Divisions 301 to 306
 commutation of income stream, under 25 years .......... 303-5
 death benefits .......... 302-60 , 302-65 , 302-70 , 302-140
 departing Australia superannuation benefits .......... 301-175
 foreign superannuation funds, lump sum benefits .......... 305-60 , 305-65 , 305-70
 KiwiSaver schemes, contributions to complying superannuation funds from .......... 312-10
 KiwiSaver schemes, superannuation benefits paid from complying superannuation funds to .......... 312-15
 member benefits .......... 301-10 , 301-15 , 301-30 , 301-225
 release authorities, payments from .......... 303-15
303-20
 roll-over superannuation benefits .......... 306-5
 superannuation lump sum for recipient having terminal medical condition .......... 303-10
 unclaimed money payment .......... 306-20
[ tax bonus] (Repealed by No 32 of 2014) 
tax loss transfers  
 consideration received by loss company from income company, generally .......... 170-25(1)
 consideration received by loss company from income company, net capital loss .......... 170-125(1)
temporary residents  
 see foreign aspects of income taxation 
trading stock  
 disposal outside ordinary course of business, amounts received upon .......... 70-90(2)
trusts  
 attributable income, amounts representing .......... 99B(2A)
 family trust distribution tax, amounts subject to .......... 271-105(3) in Schedule 2F
windfall amounts  
 business franchise fees, refund of when invalid .......... 59-20
 State tax on Commonwealth place, refund of when invalid .......... 59-25
withholding taxes  
 see foreign aspects of income taxation and mining  

[CCH Note: Cyclone Larry and Cyclone Monica

No 80 of 2006, s 3 and Sch 2, contained the following provisions.

Schedule 2 - Non-assessable, non-exempt income relating to Cyclone Larry

1 Certain Commonwealth payments relating to Cyclone Larry are non-assessable, non-exempt income  


(1) Each of the following payments that you receive from the Commonwealth in your 2005-06 or 2006-07 income year is not assessable income and is not exempt income:


(a) a payment associated with what is known as the Cyclone Larry Business Assistance Fund and made because your business was adversely affected by Cyclone Larry;


(b) a payment known as fuel excise relief and connected with your use of fuel to generate electricity for your business while supply of electricity through the grid to your business was disrupted as a result of Cyclone Larry.


(c) a payment associated with what is known as the Cyclone Larry Business Assistance Fund, or with what is known as the Cyclones Monica and Larry Business Assistance Fund, and made because your business was adversely affected by flooding due to the combined impacts of Cyclones Monica and Larry.

Note:

This item does not deal with payments of income support to farmers and small business owners affected by Cyclone Larry or Cyclone Monica that are rebatable benefits under section 160AAA of the Income Tax Assessment Act 1936.


(2) A term used in this item and in the Income Tax Assessment Act 1997 has the same meaning in this item as it has in that Act.

]

 



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