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INCOME TAX ASSESSMENT ACT 1997
CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS
PART 1-1 - PRELIMINARY
Division 1 - Preliminary
SECTION 1-1 Short title
SECTION 1-2 Commencement
SECTION 1-3 Differences in style not to affect meaning
SECTION 1-4 Application
SECTION 1-7 Administration of this Act
PART 1-2 - A GUIDE TO THIS ACT
Division 2 - How to use this Act
Subdivision 2-A - How to find your way around
SECTION 2-1 The design
Subdivision 2-B - How the Act is arranged
SECTION 2-5 The pyramid
Subdivision 2-C - How to identify defined terms and find the definitions
SECTION 2-10 When defined terms are identified
SECTION 2-15 When terms are not identified
SECTION 2-20 Identifying the defined term in a definition
Subdivision 2-D - The numbering system
SECTION 2-25 Purposes
SECTION 2-30 Gaps in the numbering
Subdivision 2-E - Status of Guides and other non-operative material
SECTION 2-35 Non-operative material
SECTION 2-40 Guides
SECTION 2-45 Other material
Division 3 - What this Act is about
SECTION 3-1 What this Act is about
SECTION 3-5 Annual income tax
SECTION 3-10 Your other obligations as a taxpayer
SECTION 3-15 Your obligations other than as a taxpayer
PART 1-3 - CORE PROVISIONS
Division 4 - How to work out the income tax payable on your taxable income
SECTION 4-1 Who must pay income tax
SECTION 4-5 Meaning of you
SECTION 4-10 How to work out how much income tax you must pay
SECTION 4-15 How to work out your taxable income
SECTION 4-25 Special provisions for working out your basic income tax liability
Division 5 - How to work out when to pay your income tax
Guide to Division 5
SECTION 5-1 What this Division is about
Subdivision 5-A - How to work out when to pay your income tax
SECTION 5-5 When income tax is payable
SECTION 5-10 When shortfall interest charge is payable
SECTION 5-15 General interest charge payable on unpaid income tax or shortfall interest charge
Division 6 - Assessable income and exempt income
Guide to Division 6
SECTION 6-1 Diagram showing relationships among concepts in this Division
SECTION 6-5 Income according to ordinary concepts (ordinary income )
SECTION 6-10 Other assessable income (statutory income )
SECTION 6-15 What is not assessable income
SECTION 6-20 Exempt income
SECTION 6-23 Non-assessable non-exempt income
SECTION 6-25 Relationships among various rules about ordinary income
Division 8 - Deductions
SECTION 8-1 General deductions
SECTION 8-5 Specific deductions
SECTION 8-10 No double deductions
PART 1-4 - CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS
Division 9 - Entities that must pay income tax
SECTION 9-1A Effect of this Division
SECTION 9-1 List of entities
SECTION 9-5 Entities that work out their income tax by reference to something other than taxable income
Division 10 - Particular kinds of assessable income
SECTION 10-1 Effect of this Division
SECTION 10-5 List of provisions about assessable income
Division 11 - Particular kinds of non-assessable income
Subdivision 11-A - Lists of classes of exempt income
SECTION 11-1A Effect of this Subdivision
SECTION 11-1 Overview
SECTION 11-5 Entities that are exempt, no matter what kind of ordinary or statutory income they have
SECTION 11-10 Ordinary or statutory income which is exempt, no matter whose it is
SECTION 11-15 Ordinary or statutory income which is exempt
Subdivision 11-B - Particular kinds of non-assessable non-exempt income
SECTION 11-50 Effect of this Subdivision
SECTION 11-55 List of non-assessable non-exempt income provisions
Division 12 - Particular kinds of deductions
SECTION 12-1 Effect of this Division
SECTION 12-5 List of provisions about deductions
Division 13 - Tax offsets
SECTION 13-1A Effect of this Division
SECTION 13-1 List of tax offsets
CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION
PART 2-1 - ASSESSABLE INCOME
Division 15 - Some items of assessable income
SECTION 15-1 What this Division is about
Operative provisions
SECTION 15-2 Allowances and other things provided in respect of employment or services
SECTION 15-3 Return to work payments
SECTION 15-5 Accrued leave transfer payments
SECTION 15-10 Bounties and subsidies
SECTION 15-15 Profit-making undertaking or plan
SECTION 15-20 Royalties
SECTION 15-22 Payments made to members of a copyright collecting society
SECTION 15-23 Payments of resale royalties by resale royalty collecting society
SECTION 15-25 Amount received for lease obligation to repair
SECTION 15-30 Insurance or indemnity for loss of assessable income
SECTION 15-35 Interest on overpayments and early payments of tax
SECTION 15-40 Providing mining, quarrying or prospecting information or geothermal exploration information
SECTION 15-45 Amounts paid under forestry agreements
SECTION 15-46 Amounts paid under forestry managed investment schemes
SECTION 15-50 Work in progress amounts
SECTION 15-55 Certain amounts paid under funeral policy
SECTION 15-60 Certain amounts paid under scholarship plan
SECTION 15-65 Sugar industry exit grants
SECTION 15-70 Reimbursed car expenses
SECTION 15-75 Bonuses
SECTION 15-80 Employer FHSA contributions etc.
SECTION 15-85 Refunded excess rehabilitation tax offset
Division 17 - Effect of GST etc. on assessable income
SECTION 17-1 What this Division is about
SECTION 17-5 GST and increasing adjustments
SECTION 17-10 Certain decreasing adjustments
SECTION 17-15 Elements in calculation of amounts
SECTION 17-20 GST groups and GST joint ventures
SECTION 17-30 Special credits because of indirect tax transition
SECTION 17-35 Certain sections not to apply to certain assets or expenditure
Division 20 - Amounts included to reverse the effect of past deductions
SECTION 20-1 What this Division is about
SECTION 20-5 Other provisions that reverse the effect of deductions
Subdivision 20-A - Insurance, indemnity or other recoupment for deductible expenses
SECTION 20-10 What this Subdivision is about
SECTION 20-15 How to use this Subdivision
SECTION 20-20 Assessable recoupments
SECTION 20-25 What is recoupment ?
SECTION 20-30 Tables of deductions for which recoupments are assessable
SECTION 20-35 If the expense is deductible in a single income year
SECTION 20-40 If the expense is deductible over 2 or more income years
SECTION 20-45 Effect of balancing charge
SECTION 20-50 If the expense is only partially deductible
SECTION 20-55 Meaning of previous recoupment law
SECTION 20-60 If you are the only entity that can deduct an amount for the loss or outgoing
SECTION 20-65 If 2 or more entities can deduct amounts for the loss or outgoing
Subdivision 20-B - Disposal of a car for which lease payments have been deducted
SECTION 20-100 What this Subdivision is about
SECTION 20-105 Map of this Subdivision
SECTION 20-110 Disposal of a leased car for profit
SECTION 20-115 Working out the profit on the disposal
SECTION 20-120 Meaning of notional depreciation
SECTION 20-125 Disposal of a leased car for profit
SECTION 20-130 Successive leases
SECTION 20-135 No amount included if earlier disposal for market value
SECTION 20-140 Reducing the amount to be included if there has been an earlier disposal
SECTION 20-145 No amount included if you inherited the car
SECTION 20-150 Reducing the amount to be included if another provision requires you to include an amount for the disposal
SECTION 20-155 Exception for particular cars taken on hire
SECTION 20-157 Exception for small business entities
SECTION 20-160 Disposal of an interest in a car
[Division 22 - Amounts you must repay are not assessable income]
PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
Division 25 - Some amounts you can deduct
SECTION 25-1 What this Division is about
Operative provisions
SECTION 25-5 Tax-related expenses
SECTION 25-7 Advice about family tax benefit
SECTION 25-10 Repairs
SECTION 25-15 Amount paid for lease obligation to repair
SECTION 25-20 Lease document expenses
SECTION 25-25 Borrowing expenses
SECTION 25-30 Expenses of discharging a mortgage
SECTION 25-35 Bad debts
SECTION 25-40 Loss from profit-making undertaking or plan
SECTION 25-45 Loss by theft etc.
SECTION 25-47 Misappropriation where a balancing adjustment event occurs
SECTION 25-50 Payments of pensions, gratuities or retiring allowances
SECTION 25-55 Payments to associations
SECTION 25-60 Parliament election expenses
SECTION 25-65 Local government election expenses
SECTION 25-70 Deduction for election expenses does not extend to entertainment
SECTION 25-75 Rates and land taxes on premises used to produce mutual receipts
SECTION 25-85 Certain returns in respect of debt interests
SECTION 25-90 Deduction relating to foreign non-assessable non-exempt income
SECTION 25-95 Deduction for work in progress amounts
SECTION 25-100 Travel between workplaces
SECTION 25-105 Deductions for United Medical Protection Limited support payments
SECTION 25-110 Capital expenditure to terminate lease etc.
Division 26 - Some amounts you cannot deduct, or cannot deduct in full
Guide to Division 26
SECTION 26-1 What this Division is about
Operative provisions
SECTION 26-5 Penalties
SECTION 26-10 Leave payments
SECTION 26-15 Franchise fees windfall tax
SECTION 26-17 Commonwealth places windfall tax
SECTION 26-18 Unit shortfall charge - clean energy
SECTION 26-19 Rebatable benefits
SECTION 26-20 Assistance to students
SECTION 26-22 Political contributions and gifts
SECTION 26-25 Interest or royalty
SECTION 26-25A Seasonal Labour Mobility Program
SECTION 26-26 Non-share distributions and dividends
SECTION 26-30 Relative's travel expenses
SECTION 26-35 Reducing deductions for amounts paid to related entities
SECTION 26-40 Maintaining your family
SECTION 26-45 Recreational club expenses
SECTION 26-47 Non-business boating activities
SECTION 26-50 Expenses for a leisure facility
SECTION 26-52 Bribes to foreign public officials
SECTION 26-53 Bribes to public officials
SECTION 26-54 Expenditure relating to illegal activities
SECTION 26-55 Limit on deductions
SECTION 26-60 Superannuation contributions surcharge
SECTION 26-65 Termination payments surcharge
SECTION 26-68 Loss from disposal of eligible venture capital investments
SECTION 26-70 Loss from disposal of venture capital equity
SECTION 26-74 Excess concessional contributions charge cannot be deducted
SECTION 26-75 Excess non-concessional contributions tax cannot be deducted
SECTION 26-80 Financing costs on loans to pay superannuation contribution
SECTION 26-85 Borrowing costs on loans to pay life insurance premiums
SECTION 26-90 Superannuation supervisory levy
SECTION 26-95 Superannuation guarantee charge
SECTION 26-97 National Disability Insurance Scheme expenditure
SECTION 26-98 Division 293 tax cannot be deducted
SECTION 26-99 Excess transfer balance tax cannot be deducted
SECTION 26-100 Expenditure attributable to water infrastructure improvement payments
Division 27 - Effect of input tax credits etc. on deductions
SECTION 27-1 What this Division is about
Subdivision 27-A - General
SECTION 27-5 Input tax credits and decreasing adjustments
SECTION 27-10 Certain increasing adjustments
SECTION 27-15 GST payments
SECTION 27-20 Elements in calculation of amounts
SECTION 27-25 GST groups and GST joint ventures
SECTION 27-35 Certain sections not to apply to certain assets or expenditure
Subdivision 27-B - Effect of input tax credits etc. on capital allowances
SECTION 27-80 Cost or opening adjustable value of depreciating assets reduced for input tax credits
SECTION 27-85 Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments
SECTION 27-87 Certain decreasing adjustments included in assessable income
SECTION 27-90 Cost or opening adjustable value of depreciating assets increased: increasing adjustments
SECTION 27-92 Certain increasing adjustments can be deducted
SECTION 27-95 Balancing adjustment events
SECTION 27-100 Pooling
SECTION 27-105 Other Division 40 expenditure
SECTION 27-110 Input tax credit etc. relating to 2 or more things
Division 28 - Car expenses
SECTION 28-1 What this Division is about
SECTION 28-5 Map of this Division
Subdivision 28-A - Deductions for car expenses
SECTION 28-10 Application of Division 28
SECTION 28-12 Car expenses
SECTION 28-13 Meaning of car expense
Subdivision 28-B - Choosing which method to use
SECTION 28-14 What this Subdivision is about
SECTION 28-15 Choosing between the 2 methods
SECTION 28-20 Rules governing choice of method
Subdivision 28-C - The 'cents per kilometre' method
SECTION 28-25 How to calculate your deduction
SECTION 28-30 Capital allowances
SECTION 28-35 Substantiation
Subdivision 28-D - The '12% of original value' method
SECTION 28-45 How to calculate your deduction
SECTION 28-50 Eligibility
SECTION 28-55 Capital allowances
SECTION 28-60 Substantiation
Subdivision 28-E - The 'one-third of actual expenses' method
SECTION 28-70 How to calculate your deduction
SECTION 28-75 Eligibility
SECTION 28-80 Substantiation
Subdivision 28-F - The 'log book' method
SECTION 28-90 How to calculate your deduction
SECTION 28-95 Eligibility
SECTION 28-100 Substantiation
Subdivision 28-G - Keeping a log book
SECTION 28-105 What this Subdivision is about
SECTION 28-110 Steps for keeping a log book
SECTION 28-115 Income years for which you need to keep a log book
SECTION 28-120 Choosing the 12 week period for a log book
SECTION 28-125 How to keep a log book
SECTION 28-130 Replacing one car with another
Subdivision 28-H - Odometer records for a period
SECTION 28-135 What this Subdivision is about
SECTION 28-140 How to keep odometer records for a car for a period
Subdivision 28-I - Retaining the log book and odometer records
SECTION 28-150 Retaining the log book for the retention period
SECTION 28-155 Retaining odometer records
Subdivision 28-J - Situations where you cannot use, or do not need to use, one of the 2 methods
SECTION 28-160 What this Subdivision is about
SECTION 28-165 Exception for particular cars taken on hire
SECTION 28-170 Exception for particular cars used in particular ways
SECTION 28-175 Further miscellaneous exceptions
SECTION 28-180 Car expenses related to award transport payments
SECTION 28-185 Application of Subdivision 28-J to recipients and payers of certain withholding payments
Division 30 - Gifts or contributions
SECTION 30-1 What this Division is about
SECTION 30-5 How to find your way around this Division
SECTION 30-10 Index
Subdivision 30-A - Deductions for gifts or contributions
SECTION 30-15 Table of gifts or contributions that you can deduct
SECTION 30-17 Requirements for certain recipients
Subdivision 30-B - Tables of recipients for deductible gifts
SECTION 30-20 Health
SECTION 30-25 Education
SECTION 30-30 Gifts that must be for certain purposes
SECTION 30-35 Rural schools hostel buildings
SECTION 30-37 Scholarship etc. funds
SECTION 30-40 Research
SECTION 30-45 Welfare and rights
SECTION 30-45A Australian disaster relief funds - declarations by Minister
SECTION 30-46 Australian disaster relief funds - declarations under State and Territory law
SECTION 30-50 Defence
SECTION 30-55 The environment
SECTION 30-60 Gifts to a National Parks body or conservation body must satisfy certain requirements
SECTION 30-65 Industry, trade and design
SECTION 30-70 The family
SECTION 30-75 Marriage education organisations must be approved
SECTION 30-80 International affairs
SECTION 30-85 Developing country relief funds
SECTION 30-86 Developed country disaster relief funds
SECTION 30-90 Sports and recreation
SECTION 30-95 Philanthropic trusts
SECTION 30-100 Cultural organisations
SECTION 30-102 Fire and emergency services
SECTION 30-105 Other recipients
Subdivision 30-BA - Endorsement of deductible gift recipients
SECTION 30-115 What this Subdivision is about
SECTION 30-120 Endorsement by Commissioner
SECTION 30-125 Entitlement to endorsement
SECTION 30-130 Maintaining a gift fund
SECTION 30-135 Dealing with an application for endorsement
SECTION 30-140 Notifying outcome of application for endorsement
SECTION 30-145 Date of effect of endorsement
SECTION 30-150 Review of refusal of endorsement
SECTION 30-155 Checking entitlement to endorsement
SECTION 30-160 Telling Commissioner of loss of entitlement to endorsement
SECTION 30-165 Partnerships and unincorporated bodies
SECTION 30-170 Revoking endorsement
SECTION 30-175 Review of revocation of endorsement
SECTION 30-180 How this Subdivision applies to government entities
Subdivision 30-C - Rules applying to particular gifts of property
SECTION 30-200 Getting written valuations
SECTION 30-205 Proceeds of the sale would have been assessable
SECTION 30-210 Approved valuers
SECTION 30-212 Valuations by the Commissioner
SECTION 30-215 How much you can deduct
SECTION 30-220 Reducing the amount you can deduct
SECTION 30-225 Gift of property by joint owners
Subdivision 30-CA - Administrative requirements relating to ABNs
SECTION 30-226 What this Subdivision is about
SECTION 30-227 Entities to which this Subdivision applies
SECTION 30-228 Content of receipt for gift or contribution
SECTION 30-229 Australian Business Register must show deductibility of gifts to deductible gift recipient
Subdivision 30-D - Testamentary gifts under the Cultural Bequests Program
Subdivision 30-DA - Donations to political parties and independent candidates and members
SECTION 30-241 What this Subdivision is about
SECTION 30-242 Deduction for political contributions and gifts
SECTION 30-243 Amount of the deduction
SECTION 30-244 When an individual is an independent candidate
SECTION 30-245 When an individual is an independent member
Subdivision 30-DB - Spreading certain gift and covenant deductions over up to 5 income years
SECTION 30-246 What this Subdivision is about
SECTION 30-247 Gifts and covenants for which elections can be made
SECTION 30-248 Making an election
SECTION 30-249 Effect of election
SECTION 30-249A Requirements - environmental property gifts
SECTION 30-249B Requirements - heritage property gifts
SECTION 30-249C Requirements - certain cultural property gifts
SECTION 30-249D Requirements - conservation covenants
Subdivision 30-E - Register of environmental organisations
SECTION 30-250 What this Subdivision is about
SECTION 30-255 Establishing the register
SECTION 30-260 Meaning of environmental organisation
SECTION 30-265 Its principal purpose must be protecting the environment
SECTION 30-270 Other requirements it must satisfy
SECTION 30-275 Further requirement for a body corporate or a co-operative society
SECTION 30-280 What must be on the register
SECTION 30-285 Removal from the register
Subdivision 30-EA - Register of harm prevention charities
SECTION 30-286 What this Subdivision is about
SECTION 30-287 Establishing the register
SECTION 30-288 Meaning of harm prevention charity
SECTION 30-289 Principal activity - promoting the prevention or control of harm or abuse
SECTION 30-289A Other requirements
SECTION 30-289B What must be on the register
SECTION 30-289C Removal from the register
Subdivision 30-F - Register of cultural organisations
SECTION 30-290 What this Subdivision is about
SECTION 30-295 Establishing the register
SECTION 30-300 Meaning of cultural organisation
SECTION 30-305 What must be on the register
SECTION 30-310 Removal from the register
Subdivision 30-G - Index to this Division
SECTION 30-315 Index
SECTION 30-320 Effect of this Subdivision
Division 31 - Conservation covenants
SECTION 31-1 What this Division is about
Operative provisions
SECTION 31-5 Deduction for entering into conservation covenant
SECTION 31-10 Requirements for fund, authority or institution
SECTION 31-15 Valuations by the Commissioner
Division 32 - Entertainment expenses
SECTION 32-1 What this Division is about
Subdivision 32-A - No deduction for entertainment expenses
SECTION 32-5 No deduction for entertainment expenses
SECTION 32-10 Meaning of entertainment
SECTION 32-15 No deduction for property used for providing entertainment
Subdivision 32-B - Exceptions
SECTION 32-20 The main exception - fringe benefits
SECTION 32-25 The tables set out the other exceptions
SECTION 32-30 Employer expenses
SECTION 32-35 Seminar expenses
SECTION 32-40 Entertainment industry expenses
SECTION 32-45 Promotion and advertising expenses
SECTION 32-50 Other expenses
Subdivision 32-C - Definitions relevant to the exceptions
SECTION 32-55 In-house dining facility (employer expenses table items 1.1 and 1.2)
SECTION 32-60 Dining facility (employer expenses table item 1.3)
SECTION 32-65 Seminars (seminar expenses table item 2.1)
Subdivision 32-D - In-house dining facilities (employer expenses table item 1.2)
SECTION 32-70 $30 is assessable for each meal provided to non-employee in an in-house dining facility
Subdivision 32-E - Anti-avoidance
SECTION 32-75 Commissioner may treat you as having incurred entertainment expense
Subdivision 32-F - Special rules for companies and partnerships
SECTION 32-80 Company directors
SECTION 32-85 Directors, employees and property of wholly-owned group company
SECTION 32-90 Partnerships
Division 34 - Non-compulsory uniforms
SECTION 34-1 What this Division is about
SECTION 34-3 What you need to read
Subdivision 34-A - Application of Division 34
SECTION 34-5 This Division applies to employees and others
SECTION 34-7 This Division applies to employers and others
Subdivision 34-B - Deduction for your non-compulsory uniform
SECTION 34-10 What you can deduct
SECTION 34-15 What is a non-compulsory uniform ?
SECTION 34-20 What are occupation specific clothing and protective clothing ?
Subdivision 34-C - Registering the design of a non-compulsory uniform
SECTION 34-25 Application to register the design
SECTION 34-30 Industry Secretary's decision on application
SECTION 34-33 Written notice of decision
SECTION 34-35 When uniform becomes registered
Subdivision 34-D - Appeals from Industry Secretary's decision
SECTION 34-40 Review of decisions by the Administrative Appeals Tribunal
Subdivision 34-E - The Register of Approved Occupational Clothing
SECTION 34-45 Keeping of the Register
SECTION 34-50 Changes to the Register
Subdivision 34-F - Approved occupational clothing guidelines
SECTION 34-55 Approved occupational clothing guidelines
Subdivision 34-G - The Industry Secretary
SECTION 34-60 Industry Secretary to give Commissioner information about entries
SECTION 34-65 Delegation of powers by Industry Secretary
Division 35 - Deferral of losses from non-commercial business activities
SECTION 35-1 What this Division is about
Operative provisions
SECTION 35-5 Object
SECTION 35-10 Deferral of deductions from non-commercial business activities
SECTION 35-15 Modification if you have exempt income
SECTION 35-20 Modification if you become bankrupt
SECTION 35-25 Application of Division to certain partnerships
SECTION 35-30 Assessable income test
SECTION 35-35 Profits test
SECTION 35-40 Real property test
SECTION 35-45 Other assets test
SECTION 35-50 Apportionment
SECTION 35-55 Commissioner's discretion
Division 36 - Tax losses of earlier income years
SECTION 36-1 What this Division is about
Subdivision 36-A - Deductions for tax losses of earlier income years
SECTION 36-10 How to calculate a tax loss for an income year
SECTION 36-15 How to deduct tax losses of entities other than corporate tax entities
SECTION 36-17 How to deduct tax losses of corporate tax entities
SECTION 36-20 Net exempt income
SECTION 36-25 Special rules about tax losses
Subdivision 36-B - Effect of you becoming bankrupt
SECTION 36-30 What this Subdivision is about
SECTION 36-35 No deduction for tax loss incurred before bankruptcy
SECTION 36-40 Deduction for amounts paid for debts incurred before bankruptcy
SECTION 36-45 Limit on deductions for amounts paid
Subdivision 36-C - Excess franking offsets
SECTION 36-50 What this Subdivision is about
SECTION 36-55 Converting excess franking offsets into tax loss
PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
Division 40 - Capital allowances
SECTION 40-1 What this Division is about
SECTION 40-10 Simplified outline of this Division
Subdivision 40-A - Objects of Division
SECTION 40-15 Objects of Division
Subdivision 40-B - Core provisions
SECTION 40-20 What this Subdivision is about
SECTION 40-25 Deducting amounts for depreciating assets
SECTION 40-30 What a depreciating asset is
SECTION 40-35 Jointly held depreciating assets
SECTION 40-40 Meaning of hold a depreciating asset
SECTION 40-45 Assets to which this Division does not apply
SECTION 40-50 Assets for which you deduct under another Subdivision
SECTION 40-53 Alterations etc. to certain depreciating assets
SECTION 40-55 Use of the 'cents per kilometre' car expense deduction method
SECTION 40-60 When a depreciating asset starts to decline in value
SECTION 40-65 Choice of methods to work out the decline in value
SECTION 40-70 Diminishing value method
SECTION 40-72 Diminishing value method for post-9 May 2006 assets
SECTION 40-75 Prime cost method
SECTION 40-80 When you can deduct the asset's cost
SECTION 40-85 Meaning of adjustable value and opening adjustable value of a depreciating asset
SECTION 40-90 Debt forgiveness
SECTION 40-95 Choice of determining effective life
SECTION 40-100 Commissioner's determination of effective life
SECTION 40-102 Capped life of certain depreciating assets
SECTION 40-103 Effective life and remaining effective life of certain vessels
SECTION 40-105 Self-assessing effective life
SECTION 40-110 Recalculating effective life
SECTION 40-115 Splitting a depreciating asset
SECTION 40-120 Replacement spectrum licences
SECTION 40-125 Merging depreciating assets
SECTION 40-130 Choices
SECTION 40-135 Certain anti-avoidance provisions
SECTION 40-140 Getting tax information from associates
SECTION 40-145 Application of Criminal Code
Subdivision 40-C - Cost
SECTION 40-170 What this Subdivision is about
SECTION 40-175 Cost
SECTION 40-180 First element of cost
SECTION 40-185 Amount you are taken to have paid to hold a depreciating asset or to receive a benefit
SECTION 40-190 Second element of cost
SECTION 40-195 Apportionment of cost
SECTION 40-200 Exclusion from cost
SECTION 40-205 Cost of a split depreciating asset
SECTION 40-210 Cost of merged depreciating assets
SECTION 40-215 Adjustment: double deduction
SECTION 40-220 Cost reduced by amounts not of a capital nature
SECTION 40-222 Cost reduced by water infrastructure improvement expenditure
SECTION 40-225 Adjustment: acquiring a car at a discount
SECTION 40-230 Adjustment: car limit
SECTION 40-235 Adjustment: National Disability Insurance Scheme costs
Subdivision 40-D - Balancing adjustments
SECTION 40-280 What this Subdivision is about
SECTION 40-285 Balancing adjustments
SECTION 40-290 Reduction for non-taxable use
SECTION 40-292 Adjustments - assets used for both general tax purposes and R&D activities
SECTION 40-293 Adjustments - partnership assets used for both general tax purposes and R&D activities
SECTION 40-295 Meaning of balancing adjustment event
SECTION 40-300 Meaning of termination value
SECTION 40-305 Amount you are taken to have received under a balancing adjustment event
SECTION 40-310 Apportionment of termination value
SECTION 40-315 Expenses of balancing adjustment event
SECTION 40-320 Car to which section 40-225 applies
SECTION 40-325 Adjustment: car limit
SECTION 40-335 Deduction for in-house software where you will never use it
SECTION 40-340 Roll-over relief
SECTION 40-345 What the roll-over relief is
SECTION 40-350 Additional consequences
SECTION 40-360 Notice to allow transferee to work out how this Division applies
SECTION 40-362 Roll-over relief for holders of vessels covered by certificates under the Shipping Reform (Tax Incentives) Act 2012
SECTION 40-363 Roll-over relief for interest realignment arrangements
SECTION 40-364 Interest realignment adjustments
SECTION 40-365 Involuntary disposals
SECTION 40-370 Balancing adjustments where there has been use of different car expense methods
Subdivision 40-E - Low-value and software development pools
SECTION 40-420 What this Subdivision is about
SECTION 40-425 Allocating assets to a low-value pool
SECTION 40-430 Rules for assets in low-value pools
SECTION 40-435 Private or exempt use of assets
SECTION 40-440 How you work out the decline in value of assets in low-value pools
SECTION 40-445 Balancing adjustment events
SECTION 40-450 Software development pools
SECTION 40-455 How to work out your deduction
SECTION 40-460 Your assessable income includes consideration for pooled software
Subdivision 40-F - Primary production depreciating assets
SECTION 40-510 What this Subdivision is about
SECTION 40-515 Water facilities, horticultural plants, fodder storage assets and fencing assets
SECTION 40-520 Meaning of water facility , horticultural plant , fodder storage asset and fencing asset
SECTION 40-525 Conditions
SECTION 40-530 When declines in value start
SECTION 40-535 Meaning of horticulture and commercial horticulture
SECTION 40-540 How you work out the decline in value for water facilities
SECTION 40-545 How you work out the decline in value for horticultural plants
SECTION 40-548 How you work out the decline in value for fodder storage assets
SECTION 40-550 How you work out the decline in value for grapevines
SECTION 40-551 How you work out the decline in value for fencing assets
SECTION 40-555 Amounts you cannot deduct
SECTION 40-560 Non-arm's length transactions
SECTION 40-565 Extra deduction for destruction of a horticultural plant
SECTION 40-570 How this Subdivision applies to partners and partnerships
SECTION 40-575 Getting tax information if you acquire a horticultural plant
Subdivision 40-G - Capital expenditure of primary producers and other landholders
SECTION 40-625 What this Subdivision is about
SECTION 40-630 Landcare operations
SECTION 40-635 Meaning of landcare operation
SECTION 40-640 Meaning of approved management plan
SECTION 40-645 Electricity and telephone lines
SECTION 40-650 Amounts you cannot deduct under this Subdivision
SECTION 40-655 Meaning of connecting power to land or upgrading the connection and metering point
SECTION 40-660 Non-arm's length transactions
SECTION 40-665 How this Subdivision applies to partners and partnerships
SECTION 40-670 Approval of persons as farm consultants
SECTION 40-675 Review of decisions relating to approvals
Subdivision 40-H - Capital expenditure that is immediately deductible
SECTION 40-725 What this Subdivision is about
SECTION 40-730 Deduction for expenditure on exploration or prospecting
SECTION 40-735 Deduction for expenditure on mining site rehabilitation
SECTION 40-740 Meaning of ancillary mining activities and mining building site
SECTION 40-745 No deduction for certain expenditure
SECTION 40-750 Deduction for payments of petroleum resource rent tax
SECTION 40-751 Deduction for payments of minerals resource rent tax
SECTION 40-755 Environmental protection activities
SECTION 40-760 Limits on deductions from environmental protection activities
SECTION 40-765 Non-arm's length transactions
Subdivision 40-I - Capital expenditure that is deductible over time
SECTION 40-825 What this Subdivision is about
SECTION 40-830 Project pools
SECTION 40-832 Project pools for post-9 May 2006 projects
SECTION 40-835 Reduction of deduction
SECTION 40-840 Meaning of project amount
SECTION 40-845 Project life
SECTION 40-855 When you start to deduct amounts for a project pool
SECTION 40-860 Meaning of mining capital expenditure
SECTION 40-865 Meaning of transport capital expenditure
SECTION 40-870 Meaning of transport facility
SECTION 40-875 Meaning of processed minerals and minerals treatment
SECTION 40-880 Business related costs
SECTION 40-885 Non-arm's length transactions
Subdivision 40-J - Capital expenditure for the establishment of trees in carbon sink forests
SECTION 40-1000 What this Subdivision is about
SECTION 40-1005 Deduction for expenditure for establishing trees in carbon sink forests
SECTION 40-1010 Expenditure for establishing trees in carbon sink forests
SECTION 40-1015 Carbon sequestration by trees
SECTION 40-1020 Certain expenditure disregarded
SECTION 40-1025 Non-arm's length transactions
SECTION 40-1030 Extra deduction for destruction of trees in carbon sink forest
SECTION 40-1035 Getting information if you acquire a carbon sink forest
Subdivision 40-K - Farm-in farm-out arrangements
SECTION 40-1095 What this Subdivision is about
SECTION 40-1100 Meaning of farm-in farm-out arrangement and exploration benefit
SECTION 40-1105 Treatment of certain exploration benefits received under farm-in farm-out arrangements
SECTION 40-1110 Cost of split interests resulting from farm-in farm-out arrangements
SECTION 40-1115 Deductions relating to receipt of exploration benefits
SECTION 40-1120 Cost base and reduced cost base of exploration benefits etc.
SECTION 40-1125 Effect of exploration benefits on the cost of mining, quarrying or prospecting information
SECTION 40-1130 Consequences of certain exploration benefits provided under farm-in farm-out arrangements
[Former Division 41 - Common rules for capital allowances]
Division 41 - Additional deduction for certain new business investment
Guide to Division 41
SECTION 41-1 What this Division is about
Operative provisions
SECTION 41-5 Object of Division
SECTION 41-10 Entitlement to deduction for investment
SECTION 41-15 Amount of deduction
SECTION 41-20 Recognised new investment amount
SECTION 41-25 Investment commitment time
SECTION 41-30 First use time
SECTION 41-35 New investment threshold
[Division 42 - Depreciation of plant]
Division 43 - Deductions for capital works
SECTION 43-1 What this Division is about
SECTION 43-2 Key concepts used in this Division
Subdivision 43-A - Key operative provisions
SECTION 43-5 What this Subdivision is about
SECTION 43-10 Deductions for capital works
SECTION 43-15 Amount you can deduct
SECTION 43-20 Capital works to which this Division applies
SECTION 43-25 Rate of deduction
SECTION 43-30 No deduction until construction is complete
SECTION 43-35 Requirement for registration under the Industry Research and Development Act
SECTION 43-40 Deduction for destruction of capital works
SECTION 43-45 Certain anti-avoidance provisions
SECTION 43-50 Links and signposts to other parts of the Act
SECTION 43-55 Anti-avoidance - arrangement etc with tax-exempt entity
Subdivision 43-B - Establishing the deduction base
SECTION 43-60 What this Subdivision is about
SECTION 43-65 Explanatory material
SECTION 43-70 What is construction expenditure?
SECTION 43-72 Meaning of forestry road, timber operation and timber mill building
SECTION 43-75 Construction expenditure area
SECTION 43-80 When capital works begin
SECTION 43-85 Pools of construction expenditure
SECTION 43-90 Table of intended use at time of completion of construction
SECTION 43-95 Meaning of hotel building and apartment building
SECTION 43-100 Certificates by Innovation and Science Australia
Subdivision 43-C - Your area and your construction expenditure
SECTION 43-105 What this Subdivision is about
SECTION 43-110 Explanatory material
SECTION 43-115 Your area and your construction expenditure - owners
SECTION 43-120 Your area and your construction expenditure - lessees and quasi-ownership right holders
SECTION 43-125 Lessees' or right holders' pools can revert to owner
SECTION 43-130 Identifying your area on acquisition or disposal
Subdivision 43-D - Deductible uses of capital works
SECTION 43-135 What this Subdivision is about
SECTION 43-140 Using your area in a deductible way
SECTION 43-145 Using your area in the 4% manner
SECTION 43-150 Meaning of industrial activities
Subdivision 43-E - Special rules about uses
SECTION 43-155 What this Subdivision is about
SECTION 43-160 Your area is used for a purpose if it is maintained ready for use for the purpose
SECTION 43-165 Temporary cessation of use
SECTION 43-170 Own use - capital works other than hotel and apartment buildings
SECTION 43-175 Own use - hotel and apartment buildings
SECTION 43-180 Special rules for hotel and apartment buildings
SECTION 43-185 Residential or display use
SECTION 43-190 Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house
SECTION 43-195 Use for R&D activities must be in connection with a business
Subdivision 43-F - Calculation of deduction
SECTION 43-200 What this Subdivision is about
SECTION 43-205 Explanatory material
SECTION 43-210 Deduction for capital works begun after 26 February 1992
SECTION 43-215 Deduction for capital works begun before 27 February 1992
SECTION 43-220 Capital works taken to have begun earlier for certain purposes
Subdivision 43-G - Undeducted construction expenditure
SECTION 43-225 What this Subdivision is about
SECTION 43-230 Calculating undeducted construction expenditure - common step
SECTION 43-235 Post-26 February 1992 undeducted construction expenditure
SECTION 43-240 Pre-27 February 1992 undeducted construction expenditure
Subdivision 43-H - Balancing deduction on destruction of capital works
SECTION 43-245 What this Subdivision is about
SECTION 43-250 The amount of the balancing deduction
SECTION 43-255 Amounts received or receivable
SECTION 43-260 Apportioning amounts received for destruction
[Division 44 - IRUs and submarine cable systems]
Division 45 - Disposal of leases and leased plant
SECTION 45-1 What this Division is about
Operative provisions
SECTION 45-5 Disposal of leased plant or lease
SECTION 45-10 Disposal of interest in partnership
SECTION 45-15 Disposal of shares in 100% subsidiary that leases plant
SECTION 45-20 Disposal of shares in 100% subsidiary that leases plant in partnership
SECTION 45-25 Group members liable to pay outstanding tax
SECTION 45-30 Reduction for certain plant acquired before 21.9.99
SECTION 45-35 Limit on amount included for plant for which there is a CGT exemption
SECTION 45-40 Meaning of plant and written down value
[Division 46 - Software]
PART 2-15 - NON-ASSESSABLE INCOME
Division 50 - Exempt entities
Subdivision 50-A - Various exempt entities
SECTION 50-1 Entities whose ordinary income and statutory income is exempt
SECTION 50-5 Charity, education and science
SECTION 50-10 Community service
SECTION 50-15 Employees and employers
SECTION 50-20 Funds contributing to other funds
SECTION 50-25 Government
SECTION 50-30 Health
SECTION 50-35 Mining
SECTION 50-40 Primary and secondary resources, and tourism
SECTION 50-45 Sports, culture and recreation
SECTION 50-47 Special condition for all items
SECTION 50-50 Special conditions for item 1.1
SECTION 50-52 Special condition for item 1.1
SECTION 50-55 Special conditions for items 1.3, 1.4, 6.1 and 6.2
SECTION 50-57 Special condition for item 1.5
SECTION 50-60 Special conditions for items 1.5A and 1.5B
SECTION 50-65 Special conditions for item 1.6
SECTION 50-70 Special conditions for items 1.7, 2.1, 9.1 and 9.2
SECTION 50-72 Special condition for item 4.1
SECTION 50-75 Certain distributions may be made overseas
SECTION 50-80 Testamentary trusts may be treated as 2 trusts
Subdivision 50-B - Endorsing charitable entities as exempt from income tax
SECTION 50-100 What this Subdivision is about
SECTION 50-105 Endorsement by Commissioner
SECTION 50-110 Entitlement to endorsement
SECTION 50-115 Applying for endorsement
SECTION 50-120 Dealing with an application for endorsement
SECTION 50-125 Notifying outcome of application for endorsement
SECTION 50-130 Date of effect of endorsement
SECTION 50-135 Review of refusal of endorsement
SECTION 50-140 Checking entitlement to endorsement
SECTION 50-145 Telling Commissioner of loss of entitlement to endorsement
SECTION 50-150 Partnerships and unincorporated bodies
SECTION 50-155 Revoking endorsement
SECTION 50-160 Review of revocation of endorsement
Division 51 - Exempt amounts
SECTION 51-1 Amounts of ordinary income and statutory income that are exempt
SECTION 51-5 Defence
SECTION 51-10 Education and training
SECTION 51-15 Vice-regal representatives
SECTION 51-25 Mining
SECTION 51-30 Welfare
SECTION 51-32 Compensation payments for loss of tax exempt payments
SECTION 51-33 Compensation payments for loss of pay and/or allowances as a Defence reservist
SECTION 51-35 Payments to a full-time student at a school, college or university
SECTION 51-40 Payments to a secondary student
SECTION 51-42 Bonuses for early completion of an apprenticeship
SECTION 51-43 Income collected or derived by copyright collecting society
SECTION 51-45 Income collected or derived by resale royalty collecting society
SECTION 51-48 Taxable amounts relating to franchise fees windfall tax
SECTION 51-49 Taxable amounts relating to Commonwealth places windfall tax
SECTION 51-50 Maintenance payments to a spouse or child
SECTION 51-52 Income derived from eligible venture capital investments by ESVCLPs
SECTION 51-54 Gain or profit from disposal of eligible venture capital investments
SECTION 51-55 Gain or profit from disposal of venture capital equity
SECTION 51-57 Interest on judgment debt relating to personal injury
SECTION 51-60 Prime Minister's Prizes
SECTION 51-65 Government co-contribution towards low income earner's superannuation
SECTION 51-100 Shipping
SECTION 51-105 Shipping activities
SECTION 51-110 Core shipping activities
SECTION 51-115 Incidental shipping activities
SECTION 51-120 Interest on unclaimed money and property
Division 52 - Certain pensions, benefits and allowances are exempt from income tax
SECTION 52-1 What this Division is about
Subdivision 52-A - Exempt payments under the Social Security Act 1991
SECTION 52-5 What this Subdivision is about
SECTION 52-10 How much of a social security payment is exempt?
SECTION 52-15 Supplementary amounts of payments
SECTION 52-20 Tax-free amount of an ordinary payment after the death of your partner
SECTION 52-25 Tax-free amount of certain bereavement lump sum payments
SECTION 52-30 Tax-free amount of certain other bereavement lump sum payments
SECTION 52-35 Tax-free amount of a lump sum payment made because of the death of a person you are caring for
SECTION 52-40 Provisions of the Social Security Act 1991 under which payments are made
Subdivision 52-B - Exempt payments under the Veterans' Entitlements Act 1986
SECTION 52-60 What this Subdivision is about
SECTION 52-65 How much of a veterans' affairs payment is exempt?
SECTION 52-70 Supplementary amounts of payments
SECTION 52-75 Provisions of the Veterans' Entitlements Act 1986 under which payments are made
Subdivision 52-C - Exempt payments made because of the Veterans' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986
SECTION 52-100 What this Subdivision is about
SECTION 52-105 Supplementary amount of a payment made under the Repatriation Act 1920 is exempt
SECTION 52-110 Other exempt payments
Subdivision 52-CA - Exempt payments under the Military Rehabilitation and Compensation Act 2004
SECTION 52-112 What this Subdivision is about
SECTION 52-114 How much of a payment under the Military Rehabilitation and Compensation Act is exempt?
Subdivision 52-CB - Exempt payments under the Australian Participants in British Nuclear Tests (Treatment) Act 2006
SECTION 52-117 Payments of travelling expenses are exempt
Subdivision 52-D - Exempt payments made by the Commonwealth to reimburse certain expenditure
SECTION 52-120 Child care assistance and child care rebate are exempt
SECTION 52-125 Private health insurance incentive payments are exempt
Subdivision 52-E - Exempt payments under the ABSTUDY scheme
SECTION 52-130 What this Subdivision is about
SECTION 52-131 Payments under ABSTUDY scheme
SECTION 52-132 Supplementary amount of payment
SECTION 52-133 Tax-free amount of ordinary payment on death of partner if no bereavement payment payable
SECTION 52-134 Tax-free amount if you receive a bereavement lump sum payment
Subdivision 52-F - Exemption of Commonwealth education or training payments
SECTION 52-140 Supplementary amount of a Commonwealth education or training payment is exempt
SECTION 52-145 Meaning of Commonwealth education or training payment
Subdivision 52-G - Exempt payments under the A New Tax System (Family Assistance) (Administration) Act 1999
SECTION 52-150 Family assistance payments are exempt
Subdivision 52-H - Other exempt payments
SECTION 52-160 Economic security strategy payments are exempt
SECTION 52-162 ETR payments are exempt
SECTION 52-165 Household stimulus payments are exempt
SECTION 52-170 Outer Regional and Remote payments under the Helping Children with Autism package are exempt
SECTION 52-172 Outer Regional and Remote payments under the Better Start for Children with Disability initiative are exempt
SECTION 52-175 Continence aids payments are exempt
SECTION 52-180 National Disability Insurance Scheme amounts are exempt
Division 53 - Various exempt payments
Guide to Division 53
SECTION 53-1 What this Division is about
Operative provisions
SECTION 53-10 Exemption of various types of payments
SECTION 53-15 Supplementary amount of exceptional circumstances relief payment or farm help income support
SECTION 53-20 Exemption of similar Australian and United Kingdom veterans' payments
SECTION 53-25 Amounts of farm household support converted into grants
Division 54 - Exemption for certain payments made under structured settlements and structured orders
SECTION 54-1 What this Division is about
Subdivision 54-A - Definitions
SECTION 54-5 Definitions
SECTION 54-10 Meaning of structured settlement and structured order
Subdivision 54-B - Tax exemption for personal injury annuities
SECTION 54-15 Personal injury annuity exemption for injured person
SECTION 54-20 Lump sum compensation etc. would not have been assessable
SECTION 54-25 Requirements of the annuity instrument
SECTION 54-30 Requirements for payments of the annuity
SECTION 54-35 Payments during the guarantee period on the death of the injured person
SECTION 54-40 Requirement for minimum monthly level of support
Subdivision 54-C - Tax exemption for personal injury lump sums
SECTION 54-45 Personal injury lump sum exemption for injured person
SECTION 54-50 Lump sum compensation would not have been assessable
SECTION 54-55 Requirements of the instrument under which the lump sum is paid
SECTION 54-60 Requirements for payments of the lump sum
Subdivision 54-D - Miscellaneous
SECTION 54-65 Exemption for certain payments to reversionary beneficiaries
SECTION 54-70 Special provisions about trusts
SECTION 54-75 Minister to arrange for review and report
Division 55 - Payments that are not exempt from income tax
SECTION 55-1 What this Division is about
Operative provisions
SECTION 55-5 Occupational superannuation payments
SECTION 55-10 Education entry payments
Division 58 - Capital allowances for depreciating assets previously owned by an exempt entity
SECTION 58-1 What this Division is about
Subdivision 58-A - Application
SECTION 58-5 Application of Division
SECTION 58-10 When an asset is acquired in connection with the acquisition of a business
Subdivision 58-B - Calculating decline in value of privatised assets under Division 40
SECTION 58-60 Purpose of rules in this Subdivision
SECTION 58-65 Choice of method to work out cost of privatised asset
SECTION 58-70 Application of Division 40
SECTION 58-75 Meaning of notional written down value
SECTION 58-80 Meaning of undeducted pre-existing audited book value
SECTION 58-85 Pre-existing audited book value of depreciating asset
SECTION 58-90 Method and effective life for transition entity
Division 59 - Particular amounts of non-assessable non-exempt income
SECTION 59-1 What this Division is about
Operative provisions
SECTION 59-5 Bonus payments made to certain older Australians
SECTION 59-10 Compensation under firearms surrender arrangements
SECTION 59-15 Mining payments
SECTION 59-20 Taxable amounts relating to franchise fees windfall tax
SECTION 59-25 Taxable amounts relating to Commonwealth places windfall tax
SECTION 59-30 Amounts you must repay
SECTION 59-35 Amounts that would be mutual receipts but for prohibition on distributions to members
SECTION 59-40 Issue of rights
SECTION 59-45 Tax bonus for the 2007-08 income year
SECTION 59-50 Native title benefits
SECTION 59-55 2010-11 floods - recovery grants for small businesses and primary producers
SECTION 59-60 Cyclone Yasi - recovery grants for small businesses and primary producers
SECTION 59-65 Water infrastructure improvement payments
SECTION 59-67 Meaning of SRWUIP program, SRWUIP payment, direct SRWUIP payment and indirect SRWUIP payment
SECTION 59-70 List of SRWUIP programs
SECTION 59-75 Commissioner to be kept informed
SECTION 59-80 Amending assessments
PART 2-20 - TAX OFFSETS
Division 61 - Generally applicable tax offsets
Subdivision 61-A - Dependant (invalid and carer) tax offset
SECTION 61-1 What this Subdivision is about
SECTION 61-5 Object of this Subdivision
SECTION 61-10 Who is entitled to the tax offset
SECTION 61-15 Cases involving more than one spouse
SECTION 61-20 Exceeding the income limit for family tax benefit (Part B)
SECTION 61-25 Eligibility for family tax benefit (Part B) without shared care
SECTION 61-30 Amount of the dependant (invalid and carer) tax offset
SECTION 61-35 Families with shared care percentages
SECTION 61-40 Reduced amounts of dependant (invalid and carer) tax offset
SECTION 61-45 Reductions to take account of the other individual's income
Subdivision 61-G - Private health insurance offset complementary to Part 2-2 of the Private Health Insurance Act 2007
SECTION 61-200 What this Subdivision is about
SECTION 61-205 Entitlement to the private health insurance tax offset
SECTION 61-210 Amount of the private health insurance tax offset
SECTION 61-215 Reallocation of the private health insurance tax offset between spouses
SECTION 61-220 How to work out the incentive amount
Subdivision 61-H - Private health insurance offset complementary to Private Health Insurance Incentives Act 1998
SECTION 61-330 What this Subdivision is about
SECTION 61-335 Entitlement to the private health insurance tax offset
SECTION 61-340 Amount of the private health insurance tax offset
SECTION 61-342 Saving provision where a person 65 years or over ceases to be covered by policy
SECTION 61-345 How to work out the incentive amount
Subdivision 61-I - First child tax offset (baby bonus)
SECTION 61-350 What this Subdivision is about
SECTION 61-355 Who is entitled to a tax offset under this section
SECTION 61-360 What is a child event?
SECTION 61-365 First child only
SECTION 61-370 Another carer with entitlement for another child
SECTION 61-375 Selection rules
SECTION 61-380 Special rules for death of first child
SECTION 61-385 You may transfer your entitlement to a tax offset
SECTION 61-390 Transfer is irrevocable
SECTION 61-395 Transferor is not entitled to tax offset
SECTION 61-400 Transferee is entitled to tax offset
SECTION 61-405 How to claim a tax offset for a child
SECTION 61-410 Claim is irrevocable
SECTION 61-415 Formula for working out amount of tax offset
SECTION 61-420 Component of formula - entitlement amount
SECTION 61-425 Component of formula - total of the entitlement days
SECTION 61-430 What is your base year?
SECTION 61-440 Additional tax offset if a child is in your care before you legally adopt the child
SECTION 61-445 When a child is first in your care
SECTION 61-450 What is your base year if a child is in your care before you legally adopt the child?
SECTION 61-455 Old Subdivision applies if you would be worse off
Subdivision 61-IA - Child care tax offset
SECTION 61-460 What this Subdivision is about
SECTION 61-465 Object of this Subdivision
SECTION 61-470 Who is entitled to the tax offset
SECTION 61-475 Meaning of approved child care
SECTION 61-480 Meaning of entitled to child care benefit and entitlement to child care benefit
SECTION 61-485 Amount of the child care tax offset
SECTION 61-490 Component of formula - approved child care fees
SECTION 61-495 Component of formula - child care offset limit
SECTION 61-496 Entitlement to transfer
SECTION 61-497 Form of transfer
Subdivision 61-J - 25% entrepreneurs' tax offset
Subdivision 61-K - Mature age worker tax offset
SECTION 61-550 What this Subdivision is about
SECTION 61-555 Object of this Subdivision
SECTION 61-560 Entitlement to the mature age worker tax offset
SECTION 61-565 The amount of the tax offset
SECTION 61-570 Definition of net income from working
Subdivision 61-L - Tax offset for Medicare levy surcharge (lump sum payments in arrears)
SECTION 61-575 What this Subdivision is about
SECTION 61-580 Entitlement to a tax offset
SECTION 61-585 The amount of a tax offset
SECTION 61-590 Definition of MLS lump sums
Subdivision 61-M - Education expenses tax offset
SECTION 61-600 What this Subdivision is about
SECTION 61-610 Entitlement to education expenses tax offset
SECTION 61-620 Eligibility in respect of another individual
SECTION 61-630 Schooling requirement
SECTION 61-640 Education expenses
SECTION 61-650 Amount of education expenses tax offset
SECTION 61-660 Education expenses tax offset limit
SECTION 61-670 Shared care
SECTION 61-680 Excess education expenses
Subdivision 61-N - Seafarer tax offset
SECTION 61-695 What this Subdivision is about
SECTION 61-700 Object of this Subdivision
SECTION 61-705 Who is entitled to the seafarer tax offset
SECTION 61-710 Amount of the seafarer tax offset
Subdivision 61-P - ESVCLP tax offset
SECTION 61-750 What this Subdivision is about
SECTION 61-755 Object of this Subdivision
SECTION 61-760 Who is entitled to the ESVCLP tax offset
SECTION 61-765 Amount of the ESVCLP tax offset - general case
SECTION 61-770 Amount of the ESVCLP tax offset - members of trusts or partnerships
SECTION 61-775 Amount of the ESVCLP tax offset - trustees
Division 63 - Common rules for tax offsets
Guide to Division 63
SECTION 63-1 What this Division is about
SECTION 63-10 Priority rules
Division 65 - Tax offset carry forward rules
SECTION 65-10 What this Division is about
Operative provisions
SECTION 65-20 Which tax offsets this Division applies to
SECTION 65-25 When you can carry forward a tax offset
SECTION 65-30 Amount carried forward
SECTION 65-35 How to apply carried forward tax offsets
SECTION 65-40 When a company cannot apply a tax offset
SECTION 65-50 Effect of bankruptcy
SECTION 65-55 Deduction for amounts paid for debts incurred before bankruptcy
Division 67 - Refundable tax offset rules
SECTION 67-10 What this Division is about
Operative provisions
SECTION 67-20 Which tax offsets this Division applies to
SECTION 67-23 Refundable tax offsets
SECTION 67-25 Refundable tax offsets - franked distributions
SECTION 67-30 Refundable tax offsets - R&D
SECTION 67-35 Amount of refund
PART 2-25 - TRADING STOCK
Division 70 - Trading stock
SECTION 70-1 What this Division is about
SECTION 70-5 The 3 key features of tax accounting for trading stock
Subdivision 70-A - What is trading stock
SECTION 70-10 Meaning of trading stock
SECTION 70-12 Registered emissions units
Subdivision 70-B - Acquiring trading stock
SECTION 70-15 In which income year do you deduct an outgoing for trading stock?
SECTION 70-20 Non-arm's length transactions
SECTION 70-25 Cost of trading stock is not a capital outgoing
SECTION 70-30 Starting to hold as trading stock an item you already own
Subdivision 70-C - Accounting for trading stock you hold at the start or end of the income year
SECTION 70-35 You include the value of your trading stock in working out your assessable income and deductions
SECTION 70-40 Value of trading stock at start of income year
SECTION 70-45 Value of trading stock at end of income year
SECTION 70-50 Valuation if trading stock obsolete etc.
SECTION 70-55 Working out the cost of natural increase of live stock
SECTION 70-60 Valuation of horse breeding stock
SECTION 70-65 Working out the horse opening value and the horse reduction amount
SECTION 70-70 Valuing interests in FIFs
Subdivision 70-D - Assessable income arising from disposals of trading stock and certain other assets
SECTION 70-75 What this Subdivision is about
SECTION 70-80 Why the rules in this Subdivision are necessary
SECTION 70-85 Application of this Subdivision to certain other assets
SECTION 70-90 Assessable income on disposal of trading stock outside the ordinary course of business
SECTION 70-95 Purchase price is taken to be market value
SECTION 70-100 Notional disposal when you stop holding an item as trading stock
SECTION 70-105 Death of owner
SECTION 70-110 You stop holding an item as trading stock but still own it
SECTION 70-115 Compensation for lost trading stock
Subdivision 70-E - Miscellaneous
SECTION 70-120 Deducting capital costs of acquiring trees
PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS
Division 80 - General rules
Guide to Division 80
SECTION 80-1 What this Division is about
Operative provisions
SECTION 80-5 Holding of an office
SECTION 80-10 Application to the termination of employment
SECTION 80-15 Transfer of property
SECTION 80-20 Payments for your benefit or at your direction or request
Division 82 - Employment termination payments
Guide to Division 82
SECTION 82-1 What this Division is about
Subdivision 82-A - Employment termination payments: life benefits
SECTION 82-5 What this Subdivision is about
SECTION 82-10 Taxation of life benefit termination payments
Subdivision 82-B - Employment termination payments: death benefits
SECTION 82-60 What this Subdivision is about
SECTION 82-65 Death benefits for dependants
SECTION 82-70 Death benefits for non-dependants
SECTION 82-75 Death benefits paid to trustee of deceased estate
Subdivision 82-C - Key concepts
SECTION 82-125 What this Subdivision is about
SECTION 82-130 What is an employment termination payment ?
SECTION 82-135 Payments that are not employment termination payments
SECTION 82-140 Tax free component of an employment termination payment
SECTION 82-145 Taxable component of an employment termination payment
SECTION 82-150 What is an invalidity segment of an employment termination payment?
SECTION 82-155 What is a pre-July 83 segment of an employment termination payment?
SECTION 82-160 What is the ETP cap amount ?
Division 83 - Other payments on termination of employment
Guide to Division 83
SECTION 83-1 What this Division is about
Subdivision 83-A - Unused annual leave payments
SECTION 83-5 What this Subdivision is about
SECTION 83-10 Unused annual leave payment is assessable
SECTION 83-15 Entitlement to tax offset
Subdivision 83-B - Unused long service leave payments
SECTION 83-65 What this Subdivision is about
SECTION 83-70 Application - long service leave
SECTION 83-75 Meaning of unused long service leave payment
SECTION 83-80 Taxation of unused long service leave payments
SECTION 83-85 Entitlement to tax offset
SECTION 83-90 Meaning of pre-16/8/78 period, pre-18/8/93 period, post-17/8/93 period and long service leave employment period
SECTION 83-95 How to work out amount of payment attributable to each period
SECTION 83-100 How to work out unused days of long service leave for each period
SECTION 83-105 How to work out long service leave accrued in each period
SECTION 83-110 Leave accrued in pre-16/8/78, pre-18/8/93 and post-17/8/93 periods - employment full-time and part-time
SECTION 83-115 Working out used days of long service leave if leave taken at less than full pay
Subdivision 83-C - Genuine redundancy payments and early retirement scheme payments
SECTION 83-165 What this Subdivision is about
SECTION 83-170 Tax-free treatment of genuine redundancy payments and early retirement scheme payments
SECTION 83-175 What is a genuine redundancy payment ?
SECTION 83-180 What is an early retirement scheme payment ?
Subdivision 83-D - Foreign termination payments
SECTION 83-230 What this Subdivision is about
SECTION 83-235 Termination payments tax free - foreign resident period
SECTION 83-240 Termination payments tax free - Australian resident period
Subdivision 83-E - Other payments
SECTION 83-290 What this Subdivision is about
SECTION 83-295 Termination payments made more than 12 months after termination etc.
Division 83A - Employee share schemes
Guide to Division 83A
SECTION 83A-1 What this Division is about
Subdivision 83A-A - Objects of Division and key concepts
SECTION 83A-5 Objects of Division
SECTION 83A-10 Meaning of ESS interest and employee share scheme
Subdivision 83A-B - Immediate inclusion of discount in assessable income
SECTION 83A-15 What this Subdivision is about
SECTION 83A-20 Application of Subdivision
SECTION 83A-25 Discount to be included in assessable income
SECTION 83A-30 Amount for which discounted ESS interest acquired
SECTION 83A-33 Reducing amounts included in assessable income - start ups
SECTION 83A-35 Reducing amounts included in assessable income - other cases
SECTION 83A-45 Further conditions for reducing amounts included in assessable income
Subdivision 83A-C - Deferred inclusion of gain in assessable income
SECTION 83A-100 What this Subdivision is about
SECTION 83A-105 Application of Subdivision
SECTION 83A-110 Amount to be included in assessable income
SECTION 83A-115 ESS deferred taxing point - shares
SECTION 83A-120 ESS deferred taxing point - rights to acquire shares
SECTION 83A-125 Tax treatment of ESS interests held after ESS deferred taxing points
SECTION 83A-130 Takeovers and restructures
Subdivision 83A-D - Deduction for employer
SECTION 83A-200 What this Subdivision is about
SECTION 83A-205 Deduction for employer
SECTION 83A-210 Timing of general deductions
Subdivision 83A-E - Miscellaneous
SECTION 83A-305 Acquisition by associates
SECTION 83A-310 Forfeiture etc. of ESS interest
SECTION 83A-315 Market value of ESS interest
SECTION 83A-320 Interests in a trust
SECTION 83A-325 Application of Division to relationships similar to employment
SECTION 83A-330 Application of Division to ceasing employment
SECTION 83A-335 Application of Division to stapled securities
SECTION 83A-340 Application of Division to indeterminate rights
PART 2-42 - PERSONAL SERVICES INCOME
Division 84 - Introduction
SECTION 84-1 What this Part is about
Operative provisions
SECTION 84-5 Meaning of personal services income
SECTION 84-10 This Part does not imply that individuals are employees
Division 85 - Deductions relating to personal services income
SECTION 85-1 What this Division is about
Operative provisions
SECTION 85-5 Object of this Division
SECTION 85-10 Deductions for non-employees relating to personal services income
SECTION 85-15 Deductions for rent, mortgage interest, rates and land tax
SECTION 85-20 Deductions for payments to associates etc.
SECTION 85-25 Deductions for superannuation for associates
SECTION 85-30 Exception: personal services businesses
SECTION 85-35 Exception: employees, office holders and religious practitioners
SECTION 85-40 Application of Subdivision 900-B to individuals who are not employees
Division 86 - Alienation of personal services income
SECTION 86-1 What this Division is about
SECTION 86-5 A simple description of what this Division does
Subdivision 86-A - General
SECTION 86-10 Object of this Division
SECTION 86-15 Effect of obtaining personal services income through a personal services entity
SECTION 86-20 Offsetting the personal services entity's deductions against personal services income
SECTION 86-25 Apportionment of entity maintenance deductions among several individuals
SECTION 86-27 Deduction for net personal services income loss
SECTION 86-30 Assessable income etc. of the personal services entity
SECTION 86-35 Later payments of, or entitlements to, personal services income to be disregarded for income tax purposes
SECTION 86-40 Salary payments shortly after an income year
Subdivision 86-B - Entitlement to deductions
SECTION 86-60 General rule for deduction entitlements of personal services entities
SECTION 86-65 Entity maintenance deductions
SECTION 86-70 Car expenses
SECTION 86-75 Superannuation
SECTION 86-80 Salary or wages promptly paid
SECTION 86-85 Deduction entitlements of personal services entities for amounts included in an individual's assessable income
SECTION 86-87 Personal services entity cannot deduct net personal services income loss
SECTION 86-90 Application of Divisions 28 and 900 to personal services entities
Division 87 - Personal services businesses
SECTION 87-1 What this Division is about
SECTION 87-5 Diagram showing the operation of this Division
Subdivision 87-A - General
SECTION 87-10 Object of this Division
SECTION 87-15 What is a personal services business?
SECTION 87-18 The results test for a personal services business
SECTION 87-20 The unrelated clients test for a personal services business
SECTION 87-25 The employment test for a personal services business
SECTION 87-30 The business premises test for a personal services business
SECTION 87-35 Personal services income from Australian government agencies
SECTION 87-40 Application of this Division to certain agents
Subdivision 87-B - Personal services business determinations
SECTION 87-55 Effect of personal services business determinations
SECTION 87-60 Personal services business determinations for individuals
SECTION 87-65 Personal services business determinations for personal services entities
SECTION 87-70 Applying etc. for personal services business determinations
SECTION 87-75 When personal services business determinations have effect
SECTION 87-80 Revoking personal services business determinations
SECTION 87-85 Review of decisions
CHAPTER 3 - SPECIALIST LIABILITY RULES
PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Division 100 - A Guide to capital gains and losses
SECTION 100-1 What this Division is about
SECTION 100-5 Effect of this Division
SECTION 100-10 Fundamentals of CGT
SECTION 100-15 Overview of Steps 1 and 2
Step 1 - Have you made a capital gain or a capital loss?
SECTION 100-20 What events attract CGT?
SECTION 100-25 What are CGT assets?
SECTION 100-30 Does an exception or exemption apply?
SECTION 100-33 Can there be a roll-over?
SECTION 100-35 What is a capital gain or loss?
SECTION 100-40 What factors come into calculating a capital gain or loss?
SECTION 100-45 How to calculate the capital gain or loss for most CGT events
SECTION 100-50 How to work out your net capital gain or loss
SECTION 100-55 How do you comply with CGT?
SECTION 100-60 Why keep records?
SECTION 100-65 What records?
SECTION 100-70 How long you need to keep records
Division 102 - Assessable income includes net capital gain
Guide to Division 102
SECTION 102-1 What this Division is about
SECTION 102-3 Concessions in working out your net capital gain
Operative provisions
SECTION 102-5 Assessable income includes net capital gain
SECTION 102-10 How to work out your net capital loss
SECTION 102-15 How to apply net capital losses
SECTION 102-20 Ways you can make a capital gain or a capital loss
SECTION 102-22 Amounts of capital gains and losses
SECTION 102-23 CGT event still happens even if gain or loss disregarded
SECTION 102-25 Order of application of CGT events
SECTION 102-30 Exceptions and modifications
Division 103 - General rules
SECTION 103-1 What this Division is about
Operative provisions
SECTION 103-5 Giving property as part of a transaction
SECTION 103-10 Entitlement to receive money or property
SECTION 103-15 Requirement to pay money or give property
SECTION 103-20 Amounts to be expressed in Australian currency
SECTION 103-25 Choices
SECTION 103-30 Reduction of cost base etc. by net input tax credits
Division 104 - CGT events
SECTION 104-1 What this Division is about
SECTION 104-5 Summary of the CGT events
Subdivision 104-A - Disposals
SECTION 104-10 Disposal of a CGT asset: CGT event A1
Subdivision 104-B - Use and enjoyment before title passes
SECTION 104-15 Use and enjoyment before title passes: CGT event B1
Subdivision 104-C - End of a CGT asset
SECTION 104-20 Loss or destruction of a CGT asset: CGT event C1
SECTION 104-25 Cancellation, surrender and similar endings: CGT event C2
SECTION 104-30 End of option to acquire shares etc.: CGT event C3
Subdivision 104-D - Bringing into existence a CGT asset
SECTION 104-35 Creating contractual or other rights: CGT event D1
SECTION 104-40 Granting an option: CGT event D2
SECTION 104-45 Granting a right to income from mining: CGT event D3
SECTION 104-47 Conservation covenants: CGT event D4
Subdivision 104-E - Trusts
SECTION 104-55 Creating a trust over a CGT asset: CGT event E1
SECTION 104-60 Transferring a CGT asset to a trust: CGT event E2
SECTION 104-65 Converting a trust to a unit trust: CGT event E3
SECTION 104-70 Capital payment for trust interest: CGT event E4
SECTION 104-71 Adjustment of non-assessable part
SECTION 104-72 Reducing your capital gain under CGT event E4 if you are a trustee
SECTION 104-75 Beneficiary becoming entitled to a trust asset: CGT event E5
SECTION 104-80 Disposal to beneficiary to end income right: CGT event E6
SECTION 104-85 Disposal to beneficiary to end capital interest: CGT event E7
SECTION 104-90 Disposal by beneficiary of capital interest: CGT event E8
SECTION 104-95 Making a capital gain
SECTION 104-100 Making a capital loss
SECTION 104-105 Creating a trust over future property: CGT event E9
SECTION 104-107A AMIT - cost base reduction exceeds cost base: CGT event E10
SECTION 104-107B Annual cost base adjustment for member's unit or interest in AMIT
SECTION 104-107C AMIT cost base net amount
SECTION 104-107D AMIT cost base reduction amount
SECTION 104-107E AMIT cost base increase amount
SECTION 104-107F Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income
SECTION 104-107G Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset - adjustment of cost of asset
SECTION 104-107H Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset - amount included in assessable income
Subdivision 104-F - Leases
SECTION 104-110 Granting a lease: CGT event F1
SECTION 104-115 Granting a long-term lease: CGT event F2
SECTION 104-120 Lessor pays lessee to get lease changed: CGT event F3
SECTION 104-125 Lessee receives payment for changing lease: CGT event F4
SECTION 104-130 Lessor receives payment for changing lease: CGT event F5
Subdivision 104-G - Shares
SECTION 104-135 Capital payment for shares: CGT event G1
SECTION 104-140 Shifts in share values: CGT event G2
SECTION 104-145 Liquidator or administrator declares shares or financial instruments worthless: CGT event G3
Subdivision 104-H - Special capital receipts
SECTION 104-150 Forfeiture of deposit: CGT event H1
SECTION 104-155 Receipt for event relating to a CGT asset: CGT event H2
Subdivision 104-I - Australian residency ends
SECTION 104-160 Individual or company stops being an Australian resident: CGT event I1
SECTION 104-165 Exception for individuals
SECTION 104-166 Subsection 104-165(1) still applies if you continue to be a short term Australian resident
SECTION 104-170 Trust stops being a resident trust: CGT event I2
Subdivision 104-J - CGT events relating to roll-overs
SECTION 104-175 Company ceasing to be member of wholly-owned group after roll-over: CGT event J1
SECTION 104-180 Sub-group break-up
SECTION 104-182 Consolidated group break-up
SECTION 104-185 Change in relation to replacement asset or improved asset after a roll-over under Subdivision 152-E: CGT event J2
SECTION 104-190 Replacement asset period
SECTION 104-195 Trust failing to cease to exist after roll-over under Subdivision 124-N: CGT event J4
SECTION 104-197 Failure to acquire replacement asset and to incur fourth element expenditure after a roll-over under Subdivision 152-E: CGT event J5
SECTION 104-198 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain: CGT event J6
Subdivision 104-K - Other CGT events
SECTION 104-205 Incoming international transfer of emissions unit: CGT event K1
SECTION 104-210 Bankrupt pays amount in relation to debt: CGT event K2
SECTION 104-215 Asset passing to tax-advantaged entity: CGT event K3
SECTION 104-220 CGT asset starts being trading stock: CGT event K4
SECTION 104-225 Special collectable losses: CGT event K5
SECTION 104-230 Pre-CGT shares or trust interest: CGT event K6
SECTION 104-235 Balancing adjustment events for depreciating assets and certain assets used for R&D: CGT event K7
SECTION 104-240 Working out capital gain or loss for CGT event K7: general case
SECTION 104-245 Working out capital gain or loss for CGT event K7: pooled assets
SECTION 104-250 Direct value shifts: CGT event K8
SECTION 104-255 Carried interests: CGT event K9
SECTION 104-260 Certain short-term forex realisation gains: CGT event K10
SECTION 104-265 Certain short-term forex realisation losses: CGT event K11
SECTION 104-270 Foreign hybrids: CGT event K12
Subdivision 104-L - Consolidated groups and MEC groups
SECTION 104-500 Loss of pre-CGT status of membership interests in entity becoming subsidiary member: CGT event L1
SECTION 104-505 Where pre-formation intra-group roll-over reduction results in negative allocable cost amount: CGT event L2
SECTION 104-510 Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3
SECTION 104-515 Where no reset cost base assets and excess of net allocable cost amount on joining: CGT event L4
SECTION 104-520 Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5
SECTION 104-525 Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6
SECTION 104-530 Discharged amount of liability differs from amount for allocable cost amount purposes: CGT event L7
SECTION 104-535 Where reduction in tax cost setting amounts for reset cost base assets cannot be allocated: CGT event L8
Division 106 - Entity making the gain or loss
SECTION 106-1 What this Division is about
Subdivision 106-A - Partnerships
SECTION 106-5 Partnerships
Subdivision 106-B - Bankruptcy and liquidation
SECTION 106-30 Effect of bankruptcy
SECTION 106-35 Effect of liquidation
Subdivision 106-C - Absolutely entitled beneficiaries
SECTION 106-50 Absolutely entitled beneficiaries
Subdivision 106-D - Securities, charges and encumbrances
SECTION 106-60 Securities, charges and encumbrances
Division 108 - CGT assets
Guide to Division 108
SECTION 108-1 What this Division is about
Subdivision 108-A - What a CGT asset is
SECTION 108-5 CGT assets
SECTION 108-7 Interest in CGT assets as joint tenants
Subdivision 108-B - Collectables
SECTION 108-10 Losses from collectables to be offset only against gains from collectables
SECTION 108-15 Sets of collectables
SECTION 108-17 Cost base of a collectable
Subdivision 108-C - Personal use assets
SECTION 108-20 Losses from personal use assets must be disregarded
SECTION 108-25 Sets of personal use assets
SECTION 108-30 Cost base of a personal use asset
Subdivision 108-D - Separate CGT assets
SECTION 108-50 What this Subdivision is about
SECTION 108-55 When is a building a separate asset from land?
SECTION 108-60 Depreciating asset that is part of a building is a separate asset
SECTION 108-65 Land adjacent to land acquired before 20 September 1985
SECTION 108-70 When is a capital improvement a separate asset?
SECTION 108-75 Capital improvements to CGT assets for which a roll-over may be available
SECTION 108-80 Deciding if capital improvements are related to each other
SECTION 108-85 Meaning of improvement threshold
Division 109 - Acquisition of CGT assets
SECTION 109-1 What this Division is about
Subdivision 109-A - Operative rules
SECTION 109-5 General acquisition rules
SECTION 109-10 When you acquire a CGT asset without a CGT event
SECTION 109-15 Exceptions
Subdivision 109-B - Signposts to other acquisition rules
SECTION 109-50 Effect of this Subdivision
SECTION 109-55 Other acquisition rules
SECTION 109-60 Acquisition rules outside this Part and Part 3-3
Division 110 - Cost base and reduced cost base
SECTION 110-1 What this Division is about
SECTION 110-5 Modifications to general rules
SECTION 110-10 Rules about cost base not relevant for some CGT events
Subdivision 110-A - Cost base
SECTION 110-25 General rules about cost base
SECTION 110-30 Cost base of partnership assets
SECTION 110-35 Incidental costs
SECTION 110-36 Indexation
SECTION 110-37 Expenditure forming part of cost base or element
SECTION 110-38 Exclusions
SECTION 110-40 Assets acquired before 7.30 pm on 13 May 1997
SECTION 110-43 Partnership interests acquired before 7.30 pm on 13 May 1997
SECTION 110-45 Assets acquired after 7.30 pm on 13 May 1997
SECTION 110-50 Partnership interests acquired after 7.30 pm on 13 May 1997
SECTION 110-53 Exceptions to application of sections 110-45 and 110-50
SECTION 110-54 Debt deductions disallowed by thin capitalisation rules
Subdivision 110-B - Reduced cost base
SECTION 110-55 General rules about reduced cost base
SECTION 110-60 Reduced cost base for partnership assets
Division 112 - Modifications to cost base and reduced cost base
SECTION 112-1 What this Division is about
SECTION 112-5 Discussion of modifications
Subdivision 112-A - General modifications
SECTION 112-15 General rule for replacement modifications
SECTION 112-20 Market value substitution rule
SECTION 112-25 Split, changed or merged assets
SECTION 112-30 Apportionment rules
SECTION 112-35 Assumption of liability rule
SECTION 112-36 Acquisitions of assets involving look-through earnout rights
SECTION 112-37 Put options
SECTION 112-38 Geothermal extraction rights
Subdivision 112-B - Finding tables for special rules
SECTION 112-40 Effect of this Subdivision
SECTION 112-45 CGT events
SECTION 112-46 Annual cost base adjustment for member's unit or interest in AMIT
SECTION 112-48 Gifts acquired by associates
SECTION 112-50 Main residence
SECTION 112-53 Scrip for scrip roll-over
SECTION 112-53AA Statutory licences
SECTION 112-53AB Change of incorporation
SECTION 112-53A MDO roll-over
SECTION 112-53B Exchange of stapled ownership interests for units in a unit trust
SECTION 112-53C Water entitlement roll-overs
SECTION 112-54 Demergers
SECTION 112-54A Transfer of assets between certain trusts
SECTION 112-55 Effect of you dying
SECTION 112-60 Bonus shares or units
SECTION 112-65 Rights
SECTION 112-70 Convertible interests
SECTION 112-75 Employee share schemes
SECTION 112-77 Exchangeable interests
SECTION 112-80 Leases
SECTION 112-85 Options
SECTION 112-87 Residency
SECTION 112-90 An asset stops being a pre-CGT asset
SECTION 112-92 Demutualisation of certain entities
SECTION 112-95 Transfer of tax losses and net capital losses within wholly-owned groups of companies
SECTION 112-97 Modifications outside this Part and Part 3-3
Subdivision 112-C - Replacement-asset roll-overs
SECTION 112-100 Effect of this Subdivision
SECTION 112-105 What is a replacement-asset roll-over?
SECTION 112-110 How is the cost base of the replacement asset modified?
SECTION 112-115 Table of replacement-asset roll-overs
Subdivision 112-D - Same-asset roll-overs
SECTION 112-135 Effect of this Subdivision
SECTION 112-140 What is a same-asset roll-over?
SECTION 112-145 How is the cost base of the asset modified?
SECTION 112-150 Table of same-asset roll-overs
Division 114 - Indexation of cost base
SECTION 114-1 Indexing elements of cost base
SECTION 114-5 When indexation relevant
SECTION 114-10 Requirement for 12 months ownership
SECTION 114-15 Cost base modifications
SECTION 114-20 When expenditure is incurred for roll-overs
Division 115 - Discount capital gains and trusts' net capital gains
SECTION 115-1 What this Division is about
Subdivision 115-A - Discount capital gains
SECTION 115-5 What is a discount capital gain ?
SECTION 115-10 Who can make a discount capital gain?
SECTION 115-15 Discount capital gain must be made after 21 September 1999
SECTION 115-20 Discount capital gain must not have indexed cost base
SECTION 115-25 Discount capital gain must be on asset acquired at least 12 months before
SECTION 115-30 Special rules about time of acquisition
SECTION 115-32 Special rule about time of acquisition for certain replacement-asset roll-overs
SECTION 115-34 Further special rule about time of acquisition for certain replacement-asset roll-overs
SECTION 115-40 Capital gain resulting from agreement made within a year of acquisition
SECTION 115-45 Capital gain from equity in an entity with newly acquired assets
SECTION 115-50 Discount capital gain from equity in certain entities
SECTION 115-55 Capital gains involving money received from demutualisation of friendly society health or life insurer
SECTION 115-60 Discount capital gain from CGT event E4
Subdivision 115-B - Discount percentage
SECTION 115-100 What is the discount percentage for a discount capital gain
SECTION 115-105 Foreign or temporary residents - individuals with direct gains
SECTION 115-110 Foreign or temporary residents - individuals with trust gains
SECTION 115-115 Foreign or temporary residents - percentage for individuals
SECTION 115-120 Foreign or temporary residents - trusts with certain gains
Subdivision 115-C - Rules about trusts with net capital gains
SECTION 115-200 What this Division is about
SECTION 115-210 When this Subdivision applies
SECTION 115-215 Assessing presently entitled beneficiaries
SECTION 115-220 Assessing trustees under section 98 of the Income Tax Assessment Act 1936
SECTION 115-222 Assessing trustees under section 99 or 99A of the Income Tax Assessment Act 1936
SECTION 115-225 Attributable gain
SECTION 115-227 Share of a capital gain
SECTION 115-228 Specifically entitled to an amount of a capital gain
SECTION 115-230 Choice for resident trustee to be specifically entitled to capital gain
Subdivision 115-D - Tax relief for shareholders in listed investment companies
SECTION 115-275 What this Subdivision is about
SECTION 115-280 Deduction for certain dividends
SECTION 115-285 Meaning of LIC capital gain
SECTION 115-290 Meaning of listed investment company
SECTION 115-295 Maintaining records
Division 116 - Capital proceeds
SECTION 116-1 What this Division is about
SECTION 116-5 General rules
SECTION 116-10 Modifications to general rules
General rules
SECTION 116-20 General rules about capital proceeds
Modifications to general rules
SECTION 116-25 Table of modifications to the general rules
SECTION 116-30 Market value substitution rule: modification 1
SECTION 116-35 Companies and trusts that are not widely held
SECTION 116-40 Apportionment rule: modification 2
SECTION 116-45 Non-receipt rule: modification 3
SECTION 116-50 Repaid rule: modification 4
SECTION 116-55 Assumption of liability rule: modification 5
SECTION 116-60 Misappropriation rule: modification 6
Special rules
SECTION 116-65 Disposal etc. of a CGT asset the subject of an option
SECTION 116-70 Option requiring both acquisition and disposal etc.
SECTION 116-75 Special rule for CGT event happening to a lease
SECTION 116-80 Special rule if CGT asset is shares or an interest in a trust
SECTION 116-85 Section 47A of 1936 Act applying to rolled-over asset
SECTION 116-95 Company changes residence from an unlisted country
SECTION 116-100 Gifts of property
SECTION 116-105 Conservation covenants
SECTION 116-110 Roll-overs for merging superannuation funds
SECTION 116-115 Farm-in farm-out arrangements
SECTION 116-120 Disposals of assets involving look-through earnout rights
Division 118 - Exemptions
SECTION 118-1 What this Division is about
Subdivision 118-A - General exemptions
SECTION 118-5 Cars, motor cycles and valour decorations
SECTION 118-10 Collectables and personal use assets
SECTION 118-12 Assets used to produce exempt income etc.
SECTION 118-13 Shares in a PDF
SECTION 118-15 Registered emissions units
SECTION 118-20 Reducing capital gains if amount otherwise assessable
SECTION 118-21 Carried interests
SECTION 118-22 Superannuation lump sums and employment termination payments
SECTION 118-24 Depreciating assets
SECTION 118-25 Trading stock
SECTION 118-27 Division 230 financial arrangements and financial arrangements to which Subdivision 250-E applies
SECTION 118-30 Film copyright
SECTION 118-35 R&D
SECTION 118-37 Compensation, damages etc.
SECTION 118-40 Expiry of a lease
SECTION 118-42 Transfer of stratum units
SECTION 118-45 Sale of rights to mine
SECTION 118-55 Foreign currency hedging gains and losses
SECTION 118-60 Certain gifts
SECTION 118-65 Later distributions of personal services income
SECTION 118-70 Transactions by exempt entities
SECTION 118-75 Marriage or relationship breakdown settlements
SECTION 118-77 Native title and rights to native title benefits
SECTION 118-80 Reduction of boat capital gain
SECTION 118-85 Special disability trusts
Subdivision 118-B - Main residence
SECTION 118-100 What this Subdivision is about
SECTION 118-105 Map of this Subdivision
SECTION 118-110 Basic case
SECTION 118-115 Meaning of dwelling
SECTION 118-120 Extension to adjacent land etc.
SECTION 118-125 Meaning of ownership period
SECTION 118-130 Meaning of ownership interest in land or a dwelling
SECTION 118-135 Moving into a dwelling
SECTION 118-140 Changing main residences
SECTION 118-145 Absences
SECTION 118-147 Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc.
SECTION 118-150 If you build, repair or renovate a dwelling
SECTION 118-155 Where individual referred to in section 118-150 dies
SECTION 118-160 Destruction of dwelling and sale of land
SECTION 118-165 Separate CGT event for adjacent land or other structures
SECTION 118-170 Spouse having different main residence
SECTION 118-175 Dependent child having different main residence
SECTION 118-178 Previous roll-over under Subdivision 126-A
SECTION 118-180 Acquisition of dwelling from company or trust on marriage or relationship breakdown - roll-over provision applying
SECTION 118-185 Partial exemption where dwelling was your main residence during part only of ownership period
SECTION 118-190 Use of dwelling for producing assessable income
SECTION 118-192 Special rule for first use to produce income
SECTION 118-195 Dwelling acquired from a deceased estate
SECTION 118-197 Special rule for surviving joint tenant
SECTION 118-200 Partial exemption for deceased estate dwellings
SECTION 118-205 Adjustment if dwelling inherited from deceased individual
SECTION 118-210 Trustee acquiring dwelling under will
SECTION 118-215 What the following provisions are about
SECTION 118-218 Exemption available to trustee - main case
SECTION 118-220 Exemption available to trustee - after the principal beneficiary's death
SECTION 118-222 Exemption available to other beneficiary who acquires the CGT asset after the principal beneficiary's death
SECTION 118-225 Amount of exemption available after the principal beneficiary's death - general
SECTION 118-227 Amount of exemption available after the principal beneficiary's death - cost base and reduced cost base
SECTION 118-230 Application of CGT events E5 and E7 in relation to main residence exemption and special disability trusts
SECTION 118-240 What the following provisions are about
SECTION 118-245 CGT events happening only to adjacent land
SECTION 118-250 Compulsory acquisitions of adjacent land
SECTION 118-255 Maximum exempt area
SECTION 118-260 Partial exemption rules
SECTION 118-265 Extension to adjacent structures
[Subdivision 118-C - Goodwill]
Subdivision 118-D - Insurance and superannuation
SECTION 118-300 Insurance policies
SECTION 118-305 Superannuation
SECTION 118-310 RSA's
SECTION 118-313 Superannuation agreements under the Family Law Act
SECTION 118-315 Segregated exempt assets of life insurance companies
SECTION 118-320 Segregated current pension assets of a complying superannuation entity
Subdivision 118-E - Units in pooled superannuation trusts
SECTION 118-350 Units in pooled superannuation trusts
SECTION 118-355 Segregated exempt superannuation assets of pooled superannuation trust
Subdivision 118-F - Venture capital investment
SECTION 118-400 What this Subdivision is about
SECTION 118-405 Exemption for certain foreign venture capital investments through venture capital limited partnerships
SECTION 118-407 Exemption for certain venture capital investments through early stage venture capital limited partnerships
SECTION 118-408 Partial exemption for some capital gains otherwise fully exempt under section 118-407
SECTION 118-410 Exemption for certain foreign venture capital investments through Australian venture capital funds of funds
SECTION 118-415 Exemption for certain venture capital investments by foreign residents
SECTION 118-420 Meaning of eligible venture capital partner etc.
SECTION 118-425 Meaning of eligible venture capital investment - investments in companies
SECTION 118-427 Meaning of eligible venture capital investment - investments in unit trusts
SECTION 118-428 Additional investment requirements for ESVCLPs
SECTION 118-430 Meaning of at risk
SECTION 118-435 Special rule relating to investment in foreign resident holding companies
SECTION 118-440 Meaning of permitted entity value
SECTION 118-445 Meaning of committed capital
SECTION 118-450 Values of assets and investments of entities without auditors
Subdivision 118-G - Venture capital: investment by superannuation funds for foreign residents
SECTION 118-500 What this Subdivision is about
SECTION 118-505 Exemption for certain foreign venture capital
SECTION 118-510 Meaning of resident investment vehicle
SECTION 118-515 Meaning of venture capital entity
SECTION 118-520 Meaning of superannuation fund for foreign residents
SECTION 118-525 Meaning of venture capital equity
Subdivision 118-H - Demutualisation of Tower Corporation
SECTION 118-550 Demutualisation of Tower Corporation
Subdivision 118-I - Look-through earnout rights
SECTION 118-560 Object
SECTION 118-565 Look-through earnout rights
SECTION 118-570 Extra ways a CGT asset can be an active asset
SECTION 118-575 Creating and ending look-through earnout rights
SECTION 118-580 Temporarily disregard capital losses affected by look-through earnout rights
Division 121 - Record keeping
SECTION 121-10 What this Division is about
Operative provisions
SECTION 121-20 What records you must keep
SECTION 121-25 How long you must retain the records
SECTION 121-30 Exceptions
SECTION 121-35 Asset register entries
PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS
Division 122 - Roll-over for the disposal of assets to, or the creation of assets in, a wholly-owned company
SECTION 122-1 What this Division is about
Subdivision 122-A - Disposal or creation of assets by an individual or trustee to a wholly-owned company
SECTION 122-5 What this Subdivision is about
SECTION 122-15 Disposal or creation of assets - wholly-owned company
SECTION 122-20 What you receive for the trigger event
SECTION 122-25 Other requirements to be satisfied
SECTION 122-35 What if the company undertakes to discharge a liability (disposal case)
SECTION 122-37 Rules for working out what a liability in respect of an asset is
SECTION 122-40 Disposal of a CGT asset
SECTION 122-45 Disposal of all the assets of a business
SECTION 122-50 All assets acquired on or after 20 September 1985
SECTION 122-55 All assets acquired before 20 September 1985
SECTION 122-60 Assets acquired before and after 20 September 1985
SECTION 122-65 Creation of asset
SECTION 122-70 Consequences for the company (disposal case)
SECTION 122-75 Consequences for the company (creation case)
Subdivision 122-B - Disposal or creation of assets by partners to a wholly-owned company
SECTION 122-120 What this Subdivision is about
SECTION 122-125 Disposal or creation of assets - wholly-owned company
SECTION 122-130 What the partners receive for the trigger event
SECTION 122-135 Other requirements to be satisfied
SECTION 122-140 What if the company undertakes to discharge a liability (disposal case)
SECTION 122-145 Rules for working out what a liability in respect of an interest in an asset is
SECTION 122-150 Capital gain or loss disregarded
SECTION 122-155 Disposal of post-CGT or pre-CGT interests
SECTION 122-160 Disposal of both post-CGT and pre-CGT interests
SECTION 122-170 Capital gain or loss disregarded
SECTION 122-175 Other consequences
SECTION 122-180 All interests acquired on or after 20 September 1985
SECTION 122-185 All interests acquired before 20 September 1985
SECTION 122-190 Interests acquired before and after 20 September 1985
SECTION 122-195 Creation of asset
SECTION 122-200 Consequences for the company (disposal case)
SECTION 122-205 Consequences for the company (creation case)
[Division 123 - Small business roll-over]
Division 124 - Replacement-asset roll-overs
SECTION 124-1 What this Division is about
SECTION 124-5 How to find your way around this Division
Subdivision 124-A - General rules
SECTION 124-10 Your ownership of one CGT asset ends
SECTION 124-15 Your ownership of more than one CGT asset ends
SECTION 124-20 Share and interest sale facilities
Subdivision 124-B - Asset compulsorily acquired, lost or destroyed
SECTION 124-70 Events giving rise to a roll-over
SECTION 124-75 Other requirements if you receive money
SECTION 124-80 Other requirements if you receive an asset
SECTION 124-85 Consequences for receiving money
SECTION 124-90 Consequences for receiving an asset
SECTION 124-95 You receive both money and an asset
Subdivision 124-C - Statutory licences
SECTION 124-140 New statutory licences
SECTION 124-145 Rollover consequences - capital gain or loss disregarded
SECTION 124-150 Rollover consequences - partial roll-over
SECTION 124-155 Roll-over consequences - all original licences were post-CGT
SECTION 124-160 Roll-over consequences - all original licences were pre-CGT
SECTION 124-165 Roll-over consequences - some original licences were pre-CGT, others were post-CGT
Subdivision 124-D - Strata title conversion
SECTION 124-190 Strata title conversion
Subdivision 124-E - Exchange of shares or units
SECTION 124-240 Exchange of shares in the same company
SECTION 124-245 Exchange of units in the same unit trust
Subdivision 124-F - Exchange of rights or options
SECTION 124-295 Exchange of rights or option to acquire shares in a company
SECTION 124-300 Exchange of rights or option to acquire units in a unit trust
Subdivision 124-G - Exchange of shares in one company for shares in another company
SECTION 124-350 What this Subdivision is about
SECTION 124-355 Summary of rules
SECTION 124-360 Disposal of shares in one company for shares in another one
SECTION 124-365 Other requirements to be satisfied
SECTION 124-370 Redemption or cancellation of shares in one company for shares in another one
SECTION 124-375 Other requirements to be satisfied
SECTION 124-380 Requirements to be satisfied in both cases
SECTION 124-382 Special rules for ADI restructures
SECTION 124-385 Consequences for the interposed company
SECTION 124-390 Deferral of profit or loss on shares
Subdivision 124-H - Exchange of units in a unit trust for shares in a company
SECTION 124-435 What this Subdivision is about
SECTION 124-440 Summary of rules
SECTION 124-445 Disposal of units in a unit trust for shares in a company
SECTION 124-450 Other requirements to be satisfied
SECTION 124-455 Redemption or cancellation of units in a unit trust for shares in a company
SECTION 124-460 Other requirements to be satisfied
SECTION 124-465 Requirements to be satisfied in both cases
SECTION 124-470 Consequences for the company
Subdivision 124-I - Change of incorporation
SECTION 124-510 What this Subdivision is about
SECTION 124-515 Object of this Subdivision
SECTION 124-520 Change of incorporation without change of entity
SECTION 124-525 Old corporation wound up
SECTION 124-530 Shares in company replacing pre-CGT and post-CGT mix of interest and rights in body
SECTION 124-535 Rights as member of Indigenous corporation replacing pre-CGT and post-CGT mix of interest and rights in body
Subdivision 124-J - Crown leases
SECTION 124-570 What this Subdivision is about
SECTION 124-575 Extension or renewal of Crown lease
SECTION 124-580 Meaning of Crown lease
SECTION 124-585 Original right differs in area from new right
SECTION 124-590 Part of original right excised
SECTION 124-595 Treating parts of new right as separate assets
SECTION 124-600 What is the roll-over?
SECTION 124-605 Change of lessor
Subdivision 124-K - Depreciating assets
SECTION 124-655 Roll-over for depreciating assets
SECTION 124-660 Right granted to associate
Subdivision 124-L - Prospecting and mining entitlements
SECTION 124-700 What this Subdivision is about
SECTION 124-705 Extension or renewal of prospecting or mining entitlement
SECTION 124-710 Meaning of prospecting entitlement and mining entitlement
SECTION 124-715 Original entitlement differs in area from new entitlement
SECTION 124-720 Part of original entitlement excised
SECTION 124-725 Treating parts of new entitlement as separate assets
SECTION 124-730 What is the roll-over?
Subdivision 124-M - Scrip for scrip roll-over
SECTION 124-775 What this Subdivision is about
SECTION 124-780 Replacement of shares
SECTION 124-781 Replacement of trust interests
SECTION 124-782 Transfer or allocation of cost base of shares acquired by acquiring entity etc.
SECTION 124-783 Meaning of significant stakeholder , common stakeholder , significant stake and common stake
SECTION 124-783A Rights that affect stakes
SECTION 124-784 Cost base of equity or debt given within acquiring group
SECTION 124-784A When arrangement is a restructure
SECTION 124-784B What is the cost base and reduced cost base when arrangement is a restructure?
SECTION 124-784C Cost base of equity or debt given within acquiring group
SECTION 124-785 What is the roll-over?
SECTION 124-790 Partial roll-over
SECTION 124-795 Exceptions
SECTION 124-800 Interest received for pre-CGT interest
SECTION 124-805 Meaning of trust voting interest
SECTION 124-810 Certain companies and trusts not regarded as having 300 members or beneficiaries
Subdivision 124-N - Disposal of assets by a trust to a company
SECTION 124-850 What this Subdivision is about
SECTION 124-855 What this Subdivision deals with
SECTION 124-860 Requirements for roll-over
SECTION 124-865 Entities both choose the roll-over
SECTION 124-870 Roll-over for owner of units or interests in a trust
SECTION 124-875 Effect on the transferor and transferee
Subdivision 124-O - FSR (financial services reform) transitions
SECTION 124-880 Old licence roll-over (same owner)
SECTION 124-885 Qualified licence roll-over (same owner)
SECTION 124-890 Rights roll-over (same owner)
SECTION 124-895 Consequences of a same owner roll-over
SECTION 124-900 Old licence roll-over (new owner)
SECTION 124-905 Qualified licence roll-over (new owner)
SECTION 124-910 Rights roll-over (new owner)
SECTION 124-915 Consequences of a new owner roll-over (where one CGT asset comes to an end)
SECTION 124-920 Consequences of a new owner roll-over (where more than one CGT asset comes to an end)
SECTION 124-925 Special extension of the 10 March 2004 cut-off date (same owner roll-overs)
SECTION 124-930 Special extension of the 10 March 2004 cut-off date (new owner roll-overs)
Subdivision 124-P - Exchange of a membership interest in an MDO for a membership interest in another MDO
SECTION 124-975 What this Subdivision is about
SECTION 124-980 Exchange of membership interests in an MDO
SECTION 124-985 What the roll-over is for post-CGT interests
SECTION 124-990 Partial roll-over
SECTION 124-995 Pre-CGT interests
Subdivision 124-Q - Exchange of stapled ownership interests for ownership interests in a unit trust
SECTION 124-1040 What this Subdivision is about
SECTION 124-1045 Exchange of stapled securities
SECTION 124-1050 Conditions
SECTION 124-1055 Consequences of the roll-over for exchanging members
SECTION 124-1060 Consequences of the roll-over for interposed trust
SECTION 124-1065 Certain foreign holders disregarded
Subdivision 124-R - Water entitlements
SECTION 124-1100 What this Subdivision is about
SECTION 124-1105 Replacement water entitlements roll-over
SECTION 124-1110 Roll-over consequences - capital gain or loss disregarded
SECTION 124-1115 Roll-over consequences - partial roll-over
SECTION 124-1120 Roll-over consequences - all original entitlements post-CGT
SECTION 124-1125 Roll-over consequences - all original entitlements pre-CGT
SECTION 124-1130 Roll-over consequences - some original entitlements pre-CGT, others post-CGT
SECTION 124-1135 Reduction in water entitlements roll-over
SECTION 124-1140 Roll-over consequences - capital gain or loss disregarded
SECTION 124-1145 Roll-over consequences - all original entitlements post-CGT
SECTION 124-1150 Roll-over consequences - some original entitlements pre-CGT, others post-CGT
SECTION 124-1155 Roll-over for variation to CGT asset
SECTION 124-1160 Roll-over consequences
SECTION 124-1165 Roll-over consequences - partial roll-over
Subdivision 124-S - Interest realignment arrangements
SECTION 124-1220 What this Subdivision is about
SECTION 124-1225 Disposals of interests under interest realignment arrangements
SECTION 124-1230 Roll-over consequences - partial roll-over
SECTION 124-1235 Roll-over consequences - all original interests were post-CGT and pre-UCA
SECTION 124-1240 Roll-over consequences - all original interests were pre-CGT
SECTION 124-1245 Roll-over consequences - original interests were of mixed CGT status, all were pre-UCA
SECTION 124-1250 Roll-over consequences - some original interests were pre-UCA
Division 125 - Demerger relief
SECTION 125-1 What this Division is about
Subdivision 125-A - Object of this Division
SECTION 125-5 Object of this Division
Subdivision 125-B - Consequences for owners of interests
SECTION 125-50 Guide to Subdivision 125-B
SECTION 125-55 When a roll-over is available for a demerger
SECTION 125-60 Meaning of ownership interest and related terms
SECTION 125-65 Meanings of demerger group , head entity and demerger subsidiary
SECTION 125-70 Meanings of demerger , demerged entity and demerging entity
SECTION 125-75 Exceptions to subsection 125-70(2)
SECTION 125-80 What is the roll-over?
SECTION 125-85 Cost base adjustments where CGT event happens but no roll-over chosen
SECTION 125-90 Cost base adjustments where no CGT event
SECTION 125-95 No other cost base adjustment after demerger
SECTION 125-100 No further demerger relief in some cases
Subdivision 125-C - Consequences for members of demerger group
SECTION 125-150 Guide to Subdivision 125-C
SECTION 125-155 Certain capital gains or losses disregarded for demerging entity
SECTION 125-160 No CGT event J1
SECTION 125-165 Adjusted capital loss for value shift under a demerger
SECTION 125-170 Reduced cost base reduction if demerger asset subject to roll-over
Subdivision 125-D - Public trading trusts
SECTION 125-225 Guide to Subdivision 125-D
SECTION 125-230 Application of Division to public trading trusts
Subdivision 125-E - Miscellaneous
SECTION 125-235 Share and interest sale facilities
Division 126 - Same-asset roll-overs
SECTION 126-1 What this Division is about
Subdivision 126-A - Marriage or relationship breakdowns
SECTION 126-5 CGT event involving spouses
SECTION 126-15 CGT event involving company or trustee
SECTION 126-20 Subsequent CGT event happening to roll-over asset where transferor was a CFC or a non-resident trust
SECTION 126-25 Conditions for the purposes of subsections 126-5(3A) and 126-15(5)
Subdivision 126-B - Companies in the same wholly-owned group
SECTION 126-40 What this Subdivision is about
SECTION 126-45 Roll-over for members of wholly-owned group
SECTION 126-50 Requirements for roll-over
SECTION 126-55 When there is a roll-over
SECTION 126-60 Consequences of roll-over
SECTION 126-65 Choosing for no roll-over in loss situation
SECTION 126-70 Loss disregarded if intention not realised
SECTION 126-75 Originating company is a CFC
SECTION 126-80 Roll-over asset is an interest in a CFC or FIF
SECTION 126-85 Effect of roll-over on certain liquidations
Subdivision 126-C - Changes to trust deeds
SECTION 126-125 What this Subdivision is about
SECTION 126-130 Changes to trust deeds
SECTION 126-135 Consequences of roll-over
Subdivision 126-D - Small superannuation funds
SECTION 126-140 CGT event involving small superannuation funds
Subdivision 126-E - Entitlement to shares after demutualisation and scrip for scrip roll-over
SECTION 126-185 What this Subdivision is about
SECTION 126-190 When there is a roll-over
SECTION 126-195 Consequences of roll-over
Subdivision 126-F - Transfer of assets of superannuation funds to meet licensing requirements
SECTION 126-200 What this Subdivision is about
SECTION 126-205 Object of this Subdivision
SECTION 126-210 When there is a roll-over and what its effects are
Subdivision 126-G - Transfer of assets between certain trusts
SECTION 126-215 What this Subdivision is about
SECTION 126-220 Object of this Subdivision
SECTION 126-225 When a roll-over may be chosen
SECTION 126-230 Beneficiaries' entitlements not be discretionary etc.
SECTION 126-235 Exceptions for roll-over
SECTION 126-240 Consequences for the trusts
SECTION 126-245 Consequences for beneficiaries - general approach for working out cost base etc.
SECTION 126-250 Consequences for beneficiaries - other approach for working out cost base etc.
SECTION 126-255 No other cost base etc. adjustment for beneficiaries
SECTION 126-260 Giving information to beneficiaries
SECTION 126-265 Interest sale facilities
Division 128 - Effect of death
SECTION 128-1 What this Division is about
General rules
SECTION 128-10 Capital gain or loss when you die is disregarded
SECTION 128-15 Effect on the legal personal representative or beneficiary
SECTION 128-20 When does an asset pass to a beneficiary?
SECTION 128-25 The beneficiary is a trustee of a superannuation fund etc.
Special rules for joint tenants
SECTION 128-50 Joint tenants
Division 130 - Investments
SECTION 130-1 What this Division is about
Subdivision 130-A - Bonus shares and units
SECTION 130-15 Acquisition time and cost base of bonus equities
SECTION 130-20 Issue of bonus shares or units
Subdivision 130-B - Rights
SECTION 130-40 Exercise of rights
SECTION 130-45 Timing rules
SECTION 130-50 Application to options
Subdivision 130-C - Convertible interests
SECTION 130-60 Shares or units acquired by converting a convertible interest
Subdivision 130-D - Employee share schemes
SECTION 130-75 Objects of Subdivision
SECTION 130-80 ESS interests acquired under employee share schemes
SECTION 130-85 Interests in employee share trusts
SECTION 130-90 Shares held by employee share trusts
SECTION 130-95 Shares and rights in relation to ESS interests
SECTION 130-97 Application of certain provisions of Division 83A
Subdivision 130-E - Exchangeable interests
SECTION 130-100 Exchangeable interest
SECTION 130-105 Shares acquired in exchange for the disposal or redemption of an exchangeable interest
Division 132 - Leases
SECTION 132-1 Lessee incurs expenditure to get lease term varied or waived
SECTION 132-5 Lessor pays lessee for improvements
SECTION 132-10 Grant of a long-term lease
SECTION 132-15 Lessee of land acquires reversionary interest of lessor
Division 134 - Options
SECTION 134-1 Exercise of options
[Division 136 - Foreign residents]
[Division 138 - Value shifts between companies under common ownership]
[Division 139 - Value shifting through debt forgiveness]
[Division 140 - Share value shifting]
Division 149 - When an asset stops being a pre-CGT asset
Subdivision 149-A - Key concepts
SECTION 149-10 What is a pre-CGT asset?
SECTION 149-15 Majority underlying interests in a CGT asset
Subdivision 149-B - When asset of non-public entity stops being a pre-CGT asset
SECTION 149-25 Which entities are affected
SECTION 149-30 Effects if asset no longer has same majority underlying ownership
SECTION 149-35 Cost base elements of asset that stops being a pre-CGT asset
Subdivision 149-C - When asset of public entity stops being a pre-CGT asset
SECTION 149-50 Which entities are affected
SECTION 149-55 Entity to give the Commissioner evidence periodically as to whether asset still has same majority underlying ownership
SECTION 149-60 What the evidence must show
SECTION 149-65 Effects of not making the determination
SECTION 149-70 Effects if asset no longer has same majority underlying ownership
SECTION 149-75 Cost base elements of asset that stops being a pre-CGT asset
SECTION 149-80 No more evidence needed after asset stops being a pre-CGT asset
[Subdivision 149-D - How to treat holdings of less than 1% in certain entities]
[Subdivision 149-E - How to treat certain interposed funds, companies and government bodies]
Subdivision 149-F - How to treat a ``demutualised'' public entity
SECTION 149-162 Subdivision applies only if entity gives sufficient evidence
SECTION 149-165 Members treated as having underlying interests in assets until demutualisation
SECTION 149-170 Effect of demutualisation of interposed company
Division 152 - Small business relief
SECTION 152-1 What this Division is about
Subdivision 152-A - Basic conditions for relief under this Division
SECTION 152-5 What this Subdivision is about
SECTION 152-10 Basic conditions for relief
SECTION 152-12 Special conditions for CGT event D1
SECTION 152-15 Maximum net asset value test
SECTION 152-20 Meaning of net value of the CGT assets
SECTION 152-25 Meaning of small business CGT affiliate
SECTION 152-30 Meaning of connected with the entity
SECTION 152-35 Active asset test
SECTION 152-40 Meaning of active asset
SECTION 152-42 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust
SECTION 152-45 Continuing time periods for involuntary disposals
SECTION 152-47 Spouses or children taken to be affiliates for certain passively held CGT assets
SECTION 152-48 Working out an entity's aggregated turnover for passively held CGT assets
SECTION 152-49 Businesses that are winding up
SECTION 152-50 Significant individual test
SECTION 152-55 Meaning of significant individual
SECTION 152-60 Meaning of CGT concession stakeholder
SECTION 152-65 Small business participation percentage
SECTION 152-70 Direct small business participation percentage
SECTION 152-75 Indirect small business participation percentage
SECTION 152-78 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust
SECTION 152-80 CGT event happens to an asset or interest within 2 years of individual's death
Subdivision 152-B - Small business 15-year exemption
SECTION 152-100 What this Subdivision is about
SECTION 152-105 15-year exemption for individuals
SECTION 152-110 15-year exemption for companies and trusts
SECTION 152-115 Continuing time periods for involuntary disposals
SECTION 152-120 Discretionary trusts need not have a significant individual in a loss year or nil income year
SECTION 152-125 Payments to company's or trust's CGT concession stakeholders are exempt
Subdivision 152-C - Small business 50% reduction
SECTION 152-200 What this Subdivision is about
SECTION 152-205 You get the small business 50% reduction
SECTION 152-210 You may also get the small business retirement exemption and small business roll-over relief
SECTION 152-215 15-year rule has priority
SECTION 152-220 You may choose not to apply this Subdivision
Subdivision 152-D - Small business retirement exemption
SECTION 152-300 What this Subdivision is about
SECTION 152-305 Choosing the exemption
SECTION 152-310 Consequences of choice
SECTION 152-315 Choosing the amount to disregard
SECTION 152-320 Meaning of CGT retirement exemption limit
SECTION 152-325 Company or trust conditions
SECTION 152-330 15-year rule has priority
Subdivision 152-E - Small business roll-over
SECTION 152-400 What this Subdivision is about
SECTION 152-405 Basic principles for the small business roll-over
SECTION 152-410 When you can obtain the roll-over
SECTION 152-415 What the roll-over consists of
SECTION 152-420 Rules where an individual who has obtained a roll-over dies
SECTION 152-425 Rules where an individual who has obtained a roll-over dies
SECTION 152-430 15-year rule has priority
PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
Division 160 - Corporate loss carry back tax offset
Guide to Division 160
SECTION 160-1 What this Division is about
Subdivision 160-A - Object of this Division
SECTION 160-5 Object of this Division
Subdivision 160-B - Entitlement to and amount of loss carry back tax offset
SECTION 160-10 Entitlement to loss carry back tax offset
SECTION 160-15 Amount of loss carry back tax offset
Subdivision 160-C - Loss carry back choice
SECTION 160-20 Loss carry back choice
SECTION 160-25 Entity must have been a corporate tax entity during relevant years
SECTION 160-30 Transferred tax losses etc. not included
SECTION 160-35 Integrity rule - no loss carry back tax offset if scheme entered into
Division 164 - Non-share capital accounts for companies
SECTION 164-1 What this Division is about
Operative provisions
SECTION 164-5 Object
SECTION 164-10 Non-share capital account
SECTION 164-15 Credits to non-share capital account
SECTION 164-20 Debits to non-share capital account
Division 165 - Income tax consequences of changing ownership or control of a company
SECTION 165-1 What this Division is about
Subdivision 165-A - Deducting tax losses of earlier income years
SECTION 165-5 What this Subdivision is about
SECTION 165-10 To deduct a tax loss
SECTION 165-12 Company must maintain the same owners
SECTION 165-13 Alternatively, the company must satisfy the same business test
SECTION 165-15 The same people must control the voting power, or the company must satisfy the same business test
SECTION 165-20 When company can deduct part of a tax loss
Subdivision 165-B - Working out the taxable income and tax loss for the income year of the change
SECTION 165-23 What this Subdivision is about
SECTION 165-25 Summary of this Subdivision
SECTION 165-30 Flow chart showing the application of this Subdivision
SECTION 165-35 On a change of ownership, unless the company satisfies the same business test
SECTION 165-37 Who has more than a 50% stake in the company during a period
SECTION 165-40 On a change of control of the voting power in the company, unless the company satisfies the same business test
SECTION 165-45 First, divide the income year into periods
SECTION 165-50 Next, calculate the notional loss or notional taxable income for each period
SECTION 165-55 How to attribute deductions to periods
SECTION 165-60 How to attribute assessable income to periods
SECTION 165-65 How to calculate the company's taxable income for the income year
SECTION 165-70 How to calculate the company's tax loss for the income year
SECTION 165-75 How to calculate the company's notional loss or notional taxable income for a period when the company was a partner
SECTION 165-80 How to calculate the company's share of a partnership's notional loss or notional net income for a period if both entities have the same income year
SECTION 165-85 How to calculate the company's share of a partnership's notional loss or notional net income for a period if the entities have different income years
SECTION 165-90 Company's full year deductions include a share of partnership's full year deductions
Subdivision 165-CA - Applying net capital losses of earlier income years
SECTION 165-93 What this Subdivision is about
SECTION 165-96 When a company cannot apply a net capital loss
Subdivision 165-CB - Working out the net capital gain and the net capital loss for the income year of the change
SECTION 165-99 What this Subdivision is about
SECTION 165-102 On a change of ownership, or of control of voting power, unless the company satisfies the same business test
SECTION 165-105 First, divide the income year into periods
SECTION 165-108 Next, calculate the notional net capital gain or notional net capital loss for each period
SECTION 165-111 How to work out the company's net capital gain
SECTION 165-114 How to work out the company's net capital loss
Subdivision 165-CC - Change of ownership or control of company that has an unrealised net loss
SECTION 165-115 What this Subdivision is about
SECTION 165-115AA Special rules to save compliance costs
SECTION 165-115A Application of Subdivision
SECTION 165-115B What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time
SECTION 165-115BA What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock
SECTION 165-115BB Order of application of assets: residual unrealised net loss
SECTION 165-115C Changeover time - change in ownership of company
SECTION 165-115D Changeover time - change in control of company
SECTION 165-115E What is an unrealised net loss
SECTION 165-115F Notional gains and losses
Subdivision 165-CD - Reductions after alterations in ownership or control of loss company
SECTION 165-115G What this Subdivision is about
SECTION 165-115GA What this Subdivision is about
SECTION 165-115GB When adjustments must be made
SECTION 165-115GC How adjustments are calculated
SECTION 165-115H How this Subdivision applies
SECTION 165-115J Object of Subdivision
SECTION 165-115K Application and interpretation
SECTION 165-115L Alteration time - alteration in ownership of company
SECTION 165-115M Alteration time - alteration in control of company
SECTION 165-115N Alteration time - declaration by liquidator or administrator
SECTION 165-115P Notional alteration time - disposal of interests in company within 12 months before alteration time
SECTION 165-115Q Notional alteration time - disposal of interests in company earlier than 12 months before alteration time
SECTION 165-115R When company is a loss company at first or only alteration time in income year
SECTION 165-115S When company is a loss company at second or later alteration time in income year
SECTION 165-115T Reduction of certain amounts included in company's overall loss at alteration time
SECTION 165-115U Adjusted unrealised loss
SECTION 165-115V Notional losses
SECTION 165-115W Calculation of trading stock decrease
SECTION 165-115X Relevant equity interest
SECTION 165-115Y Relevant debt interest
SECTION 165-115Z What constitutes a controlling stake in a company
SECTION 165-115ZA Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time
SECTION 165-115ZB Adjustment amounts for the purposes of section 165-115ZA
SECTION 165-115ZC Notices to be given
SECTION 165-115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used
Subdivision 165-C - Deducting bad debts
SECTION 165-117 What this Subdivision is about
SECTION 165-119 Application of Subdivision
SECTION 165-120 To deduct a bad debt
SECTION 165-123 Company must maintain the same owners
SECTION 165-126 Alternatively, the company must satisfy the same business test
SECTION 165-129 Same people must control the voting power, or the company must satisfy the same business test
SECTION 165-132 When tax losses resulting from bad debts cannot be deducted
Subdivision 165-D - Tests for finding out whether the company has maintained the same owners
SECTION 165-150 Who has more than 50% of the voting power in the company
SECTION 165-155 Who has rights to more than 50% of the company's dividends
SECTION 165-160 Who has rights to more than 50% of the company's capital distributions
SECTION 165-165 Rules about tests for a condition or occurrence of a circumstance
SECTION 165-175 Tests can be satisfied by a single person
SECTION 165-180 Arrangements affecting beneficial ownership of shares
SECTION 165-185 Shares treated as not having carried rights
SECTION 165-190 Shares treated as always having carried rights
SECTION 165-195 Disregard redeemable shares
SECTION 165-200 Rules do not affect totals of shares, units in unit trusts or rights carried by shares and units
SECTION 165-202 Shares held by government entities and charities etc.
SECTION 165-203 Companies where no shares have been issued
SECTION 165-205 Death of share owner
SECTION 165-207 Trustees of family trusts
SECTION 165-208 Companies in liquidation etc.
SECTION 165-209 Dual listed companies
Subdivision 165-E - The same business test
SECTION 165-210 The test
SECTION 165-212A Some companies cannot satisfy the same business test
SECTION 165-212B Definition of total income
SECTION 165-212C Total income of companies who cannot work out their total income for a 12 month period
SECTION 165-212D Restructure of MDOs etc.
SECTION 165-212E Entry history rule does not apply for the purposes of section 165-210
Subdivision 165-F - Special provisions relating to ownership by non-fixed trusts
SECTION 165-215 Special alternative to change of ownership test for Subdivision 165-A
SECTION 165-220 Special alternative to change of ownership test for Subdivision 165-B
SECTION 165-225 Special way of dividing the income year under Subdivision 165-B
SECTION 165-230 Special alternative to change of ownership test for Subdivision 165-C
SECTION 165-235 Information about non-fixed trusts with interests in company
SECTION 165-240 Notices where requirements of section 165-235 are met
SECTION 165-245 When an entity has a fixed entitlement to income or capital of a company
Subdivision 165-G - Other special provisions
SECTION 165-250 Control of companies in liquidation etc.
SECTION 165-255 Incomplete periods
Division 166 - Income tax consequences of changing ownership or control of a widely held or eligible Division 166 company
SECTION 166-1 What this Division is about
Subdivision 166-AA - The object of this Division
SECTION 166-3 The object of this Division
Subdivision 166-A - Deducting tax losses of earlier income years
SECTION 166-5 How Subdivision 165-A applies to a widely held or eligible Division 166 company
SECTION 166-15 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-B - Working out the taxable income, tax loss, net capital gain and net capital loss for the income year of the change
SECTION 166-20 How Subdivisions 165-B and 165-CB apply to a widely held or eligible Division 166 company
SECTION 166-25 How to work out the taxable income, tax loss, net capital gain and net capital loss
SECTION 166-35 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-C - Deducting bad debts
SECTION 166-40 How Subdivision 165-C applies to a widely held or eligible Division 166 company
SECTION 166-50 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-CA - Changeover times and alteration times
SECTION 166-80 How Subdivision 165-CC or 165-CD applies to a widely held or eligible Division 166 company
SECTION 166-90 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-D - Tests for finding out whether the widely held or eligible Division 166 company has maintained the same owners
SECTION 166-135 What this Subdivision is about
SECTION 166-145 The ownership tests: substantial continuity of ownership
SECTION 166-165 Relationship with rules in Division 165
SECTION 166-175 Corporate change in a company
Subdivision 166-E - Concessional tracing rules
SECTION 166-215 What this Subdivision is about
SECTION 166-220 Application of this Subdivision
SECTION 166-225 Direct stakes of less than 10% in the tested company
SECTION 166-230 Indirect stakes of less than 10% in the tested company
SECTION 166-235 Voting, dividend and capital stakes
SECTION 166-240 Stakes held directly and/or indirectly by widely held companies
SECTION 166-245 Stakes held by other entities
SECTION 166-255 Bearer shares in foreign listed companies
SECTION 166-260 Depository entities holding stakes in foreign listed companies
SECTION 166-265 Persons who actually control voting power or have rights are taken not to control power or have rights
SECTION 166-270 Single notional entity stakeholders taken to have minimum voting control, dividend rights and capital rights
SECTION 166-272 Same shares or interests to be held
SECTION 166-275 Rules in this Subdivision intended to be concessional
SECTION 166-280 Controlled test companies
Division 167 - Companies whose shares carry unequal rights to dividends, capital distributions or voting power
Guide to Division 167
SECTION 167-1 What this Division is about
Subdivision 167-A - Rights to dividends or capital distributions
SECTION 167-5 What this Subdivision is about
SECTION 167-7 Simplified outline of this Subdivision
SECTION 167-10 When this Subdivision applies
SECTION 167-15 First way - disregard debt interests
SECTION 167-20 Second way - also disregard secondary share classes
SECTION 167-25 Third way - treat remaining shares as having fixed rights to dividends and capital distributions
SECTION 167-30 Fixing rights if practicable to work out market values
SECTION 167-35 Fixing rights if impracticable to work out market values etc.
SECTION 167-40 The valuing times for conditions listed in subsection 167-10(1)
Subdivision 167-B - Voting power
SECTION 167-75 What this Subdivision is about
SECTION 167-80 When this Subdivision applies
SECTION 167-85 Different method for working out voting power
SECTION 167-90 Dual listed companies
Division 170 - Treatment of certain company groups for income tax purposes
Subdivision 170-A - Transfer of tax losses within certain wholly-owned groups of companies
SECTION 170-1 What this Subdivision is about
SECTION 170-5 Basic principles for transferring tax losses
SECTION 170-10 When a company can transfer a tax loss
SECTION 170-15 Income company is taken to have incurred transferred loss
SECTION 170-20 Who can deduct transferred loss
SECTION 170-25 Tax treatment of consideration for transferred tax loss
SECTION 170-30 Companies must be in existence and members of the same wholly-owned group etc.
SECTION 170-32 Tax loss incurred by the loss company because of a transfer under Subdivision 707-A
SECTION 170-33 Alternative test of relations between the loss company and other companies
SECTION 170-35 The loss company
SECTION 170-40 The income company
SECTION 170-42 If the income company has become the head company of a consolidated group or MEC group
SECTION 170-45 Maximum amount that can be transferred
SECTION 170-50 Transfer by written agreement
SECTION 170-55 Losses must be transferred in order they are incurred
SECTION 170-60 Income company cannot transfer transferred tax loss
SECTION 170-65 Agreement transfers as much as can be transferred
SECTION 170-70 Amendment of assessments
SECTION 170-75 Treatment like Australian branches of foreign banks
Subdivision 170-B - Transfer of net capital losses within certain wholly-owned groups of companies
SECTION 170-101 What this Subdivision is about
SECTION 170-105 Basic principles for transferring a net capital loss
SECTION 170-110 When a company can transfer a net capital loss
SECTION 170-115 Who can apply transferred loss
SECTION 170-120 Gain company is taken to have made transferred loss
SECTION 170-125 Tax treatment of consideration for transferred tax loss
SECTION 170-130 Companies must be in existence and members of the same wholly-owned group etc.
SECTION 170-132 Net capital loss made by the loss company because of a transfer under Subdivision 707-A
SECTION 170-133 Alternative test of relations between the loss company and other companies
SECTION 170-135 The loss company
SECTION 170-140 The gain company
SECTION 170-142 If the gain company has become the head company of a consolidated group or MEC group
SECTION 170-145 Maximum amount that can be transferred
SECTION 170-150 Transfer by written agreement
SECTION 170-155 Losses must be transferred in order they are made
SECTION 170-160 Gain company cannot transfer transferred net capital loss
SECTION 170-165 Agreement transfers as much as can be transferred
SECTION 170-170 Amendment of assessments
SECTION 170-174 Treatment like Australian branches of foreign banks
SECTION 170-175 Direct and indirect interests in the loss company
SECTION 170-180 Direct and indirect interests in the gain company
Subdivision 170-C - Provisions applying to both transfers of tax losses and transfers of net capital losses within wholly-owned groups of companies
SECTION 170-201 What this Subdivision is about
SECTION 170-205 Object of Subdivision
SECTION 170-210 Transfer of tax loss: direct and indirect interests in the loss company
SECTION 170-215 Transfer of tax loss: direct and indirect interests in the income company
SECTION 170-220 Transfer of net capital loss: direct and indirect interests in the loss company
SECTION 170-225 Transfer of net capital loss: direct and indirect interests in the gain company
Subdivision 170-D - Transactions by a company that is a member of a linked group
SECTION 170-250 What this Subdivision is about
SECTION 170-255 Application of Subdivision
SECTION 170-260 Linked group
SECTION 170-265 Connected entity
SECTION 170-270 Immediate consequences for originating company
SECTION 170-275 Subsequent consequences for originating company
SECTION 170-280 What happens if certain events happen in respect of the asset
Division 175 - Use of a company's tax losses or deductions to avoid income tax
SECTION 175-1 What this Division is about
Subdivision 175-A - Tax benefits from unused tax losses
SECTION 175-5 When Commissioner can disallow deduction for tax loss
SECTION 175-10 First case: income or capital gain injected into company because of available tax loss
SECTION 175-15 Second case: someone else obtains a tax benefit because of tax loss available to company
Subdivision 175-B - Tax benefits from unused deductions
SECTION 175-20 Income or capital gain injected into company because of available deductions
SECTION 175-25 Deduction injected into company because of available income or capital gain
SECTION 175-30 Someone else obtains a tax benefit because of a deduction, income or capital gain available to company
SECTION 175-35 Tax loss resulting from disallowed deductions
Subdivision 175-CA - Tax benefits from unused net capital losses of earlier income years
SECTION 175-40 When Commissioner can disallow net capital loss of earlier income year
SECTION 175-45 First case: capital gain injected into company because of available net capital loss
SECTION 175-50 Second case: someone else obtains a tax benefit because of net capital loss available to company
Subdivision 175-CB - Tax benefits from unused capital losses of the current year
SECTION 175-55 When Commissioner can disallow capital loss of current year
SECTION 175-60 Capital gain injected into company because of available capital loss
SECTION 175-65 Capital loss injected into company because of available capital gain
SECTION 175-70 Someone else obtains a tax benefit because of capital loss or gain available to company
SECTION 175-75 Net capital loss resulting from disallowed capital losses
Subdivision 175-C - Tax benefits from unused bad debt deductions
SECTION 175-80 When Commissioner can disallow deduction for bad debt
SECTION 175-85 First case: income or capital gain injected into company because of available bad debt
SECTION 175-90 Second case: someone else obtains a tax benefit because of bad debt deduction available to company
Subdivision 175-D - Common rules
SECTION 175-95 When a person has a shareholding interest in the company
SECTION 175-100 Commissioner may disallow excluded losses etc of insolvent companies
Division 180 - Information about family trusts with interests in companies
SECTION 180-1 What this Division is about
Subdivision 180-A - Information relevant to Division 165
SECTION 180-5 Information about family trusts with interests in companies
SECTION 180-10 Notice where requirements of section 180-5 are met
Subdivision 180-B - Information relevant to Division 175
SECTION 180-15 Information about family trusts with interests in companies
SECTION 180-20 Notice where requirements of section 180-15 are met
Division 195 - Special types of company
Subdivision 195-A - Pooled development funds (PDFs)
SECTION 195-1 What this Subdivision is about
SECTION 195-5 Deductibility of PDF tax losses
SECTION 195-10 PDF cannot transfer tax loss
SECTION 195-15 Tax loss for year in which company becomes a PDF
SECTION 195-25 Applying a PDF's net capital losses
SECTION 195-30 PDF cannot transfer net capital loss
SECTION 195-35 Net capital loss for year in which company becomes a PDF
SECTION 195-37 PDF cannot carry back tax loss
Subdivision 195-B - Limited partnerships
SECTION 195-60 What this Subdivision is about
SECTION 195-65 Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP
SECTION 195-70 Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
SECTION 195-72 Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
SECTION 195-75 Determinations to take account of income years of less than 12 months
Division 197 - Tainted share capital accounts
Guide to Division 197
SECTION 197-1 What this Division is about
Subdivision 197-A - What transfers into a company's share capital account does this Division apply to?
SECTION 197-5 Division generally applies to an amount transferred to share capital account from another account
SECTION 197-10 Exclusion for amounts that could be identified as share capital
SECTION 197-15 Exclusion for amounts transferred under debt/equity swaps
SECTION 197-20 Exclusion for amounts transferred leading to there being no shares with a par value - non-Corporations Act companies
SECTION 197-25 Exclusion for transfers from option premium reserves
SECTION 197-30 Exclusion for transfers made in connection with demutualisations of non-insurance etc. companies
SECTION 197-35 Exclusion for transfers made in connection with demutualisations of insurance etc. companies
SECTION 197-37 Exclusion for transfers made in connection with demutualisations of private health insurers
SECTION 197-38 Exclusion for transfers connected with demutualisations of friendly society health or life insurers
SECTION 197-40 Exclusion for post-demutualisation transfers relating to life insurance companies
SECTION 197-42 Exclusion for exploration credits
Subdivision 197-B - Consequence of transfer: franking debit arises
SECTION 197-45 A franking debit arises in relation to the transfer
Subdivision 197-C - Consequence of transfer: tainting of share capital account
SECTION 197-50 The share capital account becomes tainted (if it is not already tainted)
SECTION 197-55 Choosing to untaint a tainted share capital account
SECTION 197-60 Choosing to untaint - liability to untainting tax
SECTION 197-65 Choosing to untaint - further franking debits may arise
SECTION 197-70 Due date for payment of untainting tax
SECTION 197-75 General interest charge for late payment of untainting tax
SECTION 197-80 Notice of liability to pay untainting tax
SECTION 197-85 Evidentiary effect of notice of liability to pay untainting tax
PART 3-6 - THE IMPUTATION SYSTEM
Division 200 - Guide to Part 3-6
SECTION 200-1 What this Division is about
SECTION 200-5 The imputation system
SECTION 200-10 Franking a distribution
SECTION 200-15 The franking account
SECTION 200-20 How a distribution is franked
SECTION 200-25 A corporate tax entity must not give its members credit for more tax than the entity has paid
SECTION 200-30 Benchmark rule
SECTION 200-35 Effect of receiving a franked distribution
SECTION 200-40 An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members
SECTION 200-45 Special rules for franking by some entities
Division 201 - Objects and application of Part 3-6
SECTION 201-1 Objects
SECTION 201-5 Application of this Part
Division 202 - Franking a distribution
Subdivision 202-A - Franking a distribution
SECTION 202-1 What this Subdivision is about
SECTION 202-5 Franking a distribution
Subdivision 202-B - Who can frank a distribution?
SECTION 202-10 What this Subdivision is about
SECTION 202-15 Franking entities
SECTION 202-20 Residency requirement when making a distribution
Subdivision 202-C - Which distributions can be franked?
SECTION 202-25 What this Subdivision is about
SECTION 202-30 Frankable distributions
SECTION 202-35 Object
SECTION 202-40 Frankable distributions
SECTION 202-45 Unfrankable distributions
SECTION 202-47 Distributions of certain ADI profits following restructure
Subdivision 202-D - Amount of the franking credit on a distribution
SECTION 202-50 What this Subdivision is about
SECTION 202-55 What is the maximum franking credit for a frankable distribution?
SECTION 202-60 Amount of the franking credit on a distribution
SECTION 202-65 Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution
Subdivision 202-E - Distribution statements
SECTION 202-70 What this Subdivision is about
SECTION 202-75 Obligation to give a distribution statement
SECTION 202-80 Distribution statement
SECTION 202-85 Changing the franking credit on a distribution by amending the distribution statement
Division 203 - Benchmark rule
SECTION 203-1 What this Division is about
SECTION 203-5 Benchmark rule
SECTION 203-10 Benchmark franking percentage
Operative provisions
SECTION 203-15 Object
SECTION 203-20 Application of the benchmark rule
SECTION 203-25 Benchmark rule
SECTION 203-30 Setting a benchmark franking percentage
SECTION 203-35 Franking percentage
SECTION 203-40 Franking periods - where the entity is not a private company
SECTION 203-45 Franking period - private companies
SECTION 203-50 Consequences of breaching the benchmark rule
SECTION 203-55 Commissioner's powers to permit a departure from the benchmark rule
Division 204 - Anti-streaming rules
Subdivision 204-A - Objects and application
SECTION 204-1 Objects
SECTION 204-5 Application
Subdivision 204-B - Linked distributions
SECTION 204-10 What this Subdivision is about
SECTION 204-15 Linked distributions
Subdivision 204-C - Substituting tax-exempt bonus share for franked distributions
SECTION 204-20 What this Subdivision is about
SECTION 204-25 Substituting tax-exempt bonus shares for franked distributions
Subdivision 204-D - Streaming distributions
SECTION 204-26 What this Subdivision is about
SECTION 204-30 Streaming distributions
SECTION 204-35 When does a franking debit arise if the Commissioner makes a determination under paragraph 204-30(3)(a)
SECTION 204-40 Amount of the franking debit
SECTION 204-41 Amount of the exempting debit
SECTION 204-45 Effect of a determination about distributions to favoured members
SECTION 204-50 Assessment and notice of determination
SECTION 204-55 Right to review where a determination made
Subdivision 204-E - Disclosure requirements
SECTION 204-65 What this Subdivision is about
SECTION 204-70 Application of this Subdivision
SECTION 204-75 Notice to the Commissioner
SECTION 204-80 Commissioner may require information where the Commissioner suspects streaming
Division 205 - Franking accounts, franking deficit tax liabilities and the related tax offset
SECTION 205-1 What this Division is about
SECTION 205-5 Franking accounts, franking deficit tax liabilities and the related tax offset
Operative provisions
SECTION 205-10 Each entity that is or has been a corporate tax entity has a franking account
SECTION 205-15 Franking credits
SECTION 205-20 Paying a PAYG instalment or income tax
SECTION 205-25 Residency requirement for an event giving rise to a franking credit or franking debit
SECTION 205-30 Franking debits
SECTION 205-35 Refund of income tax
SECTION 205-40 Franking surplus and deficit
SECTION 205-45 Franking deficit tax
SECTION 205-50 Deferring franking deficit
SECTION 205-70 Tax offset arising from franking deficit tax liabilities
Division 207 - Effect of receiving a franked distribution
SECTION 207-5 Overview
Subdivision 207-A - Effect of receiving a franked distribution generally
SECTION 207-10 What this Subdivision is about
SECTION 207-15 Applying the general rule
SECTION 207-20 General rule - gross-up and tax offset
Subdivision 207-B - Franked distribution received through certain partnerships and trustees
SECTION 207-25 What this Subdivision is about
SECTION 207-30 Applying this Subdivision
SECTION 207-35 Gross-up - distribution made to, or flows indirectly through, a partnership or trustee
SECTION 207-37 Attributable franked distribution - trusts
SECTION 207-45 Tax offset - distribution flows indirectly to an entity
SECTION 207-50 When a franked distribution flows indirectly to or through an entity
SECTION 207-55 Share of a franked distribution
SECTION 207-57 Share of the franking credit on a franked distribution
SECTION 207-58 Specifically entitled to an amount of a franked distribution
SECTION 207-59 Franked distributions within class treated as single franked distribution
Subdivision 207-C - Residency requirements for the general rule
SECTION 207-60 What this Subdivision is about
SECTION 207-65 Satisfying the residency requirement
SECTION 207-70 Gross-up and tax offset under section 207-20
SECTION 207-75 Residency requirement
Subdivision 207-D - No gross-up or tax offset where distribution would not be taxed
SECTION 207-80 What this Subdivision is about
SECTION 207-85 Applying this Subdivision
SECTION 207-90 Distribution that is made to an entity
SECTION 207-95 Distribution that flows indirectly to an entity
Subdivision 207-E - Exceptions to the rules in Subdivision 207-D
SECTION 207-105 What this Subdivision is about
SECTION 207-110 Effect of non-assessable income on gross up and tax offset
SECTION 207-115 Which exempt institutions are eligible for a refund?
SECTION 207-117 Residency requirement
SECTION 207-119 Entity not treated as exempt institution eligible for refund in certain circumstances
SECTION 207-120 Entity may be ineligible because of a distribution event
SECTION 207-122 Entity may be ineligible if distribution is in the form of property other than money
SECTION 207-124 Entity may be ineligible if other money or property also acquired
SECTION 207-125 Gross-up and tax offset allowed because entity is an exempt institution that is entitled to a refund
SECTION 207-126 Entity may be ineligible if distributions do not match trust share amounts
SECTION 207-128 Reinvestment choice
SECTION 207-130 Controller's liability
SECTION 207-132 Treatment of benefits provided by an entity to a controller
SECTION 207-134 Entity's present entitlement disregarded in certain circumstances
SECTION 207-136 Review of certain decisions
Subdivision 207-F - No gross-up or tax offset where the imputation system has been manipulated
SECTION 207-140 What this Subdivision is about
SECTION 207-145 Distribution that is made to an entity
SECTION 207-150 Distribution that flows indirectly to an entity
SECTION 207-155 When is a distribution made as part of a dividend stripping operation?
SECTION 207-157 Distribution washing
SECTION 207-160 Distribution that is treated as an interest payment
SECTION 207-165 Interest payments - distributions that flow indirectly to the trustee of a trust
SECTION 207-170 Interest payments - distributions that flow indirectly to a partner in a partnership
Division 208 - Exempting entities and former exempting entities
SECTION 208-5 What is an exempting entity?
SECTION 208-10 Former exempting entities
SECTION 208-15 Distributions by exempting entities and former exempting entities
Subdivision 208-A - What are exempting entities and former exempting entities?
SECTION 208-20 Exempting entities
SECTION 208-25 Effective ownership of entity by prescribed persons
SECTION 208-30 Accountable membership interests
SECTION 208-35 Accountable partial interests
SECTION 208-40 Prescribed persons
SECTION 208-45 Persons who are taken to be prescribed persons
SECTION 208-50 Former exempting companies
Subdivision 208-B - Franking with an exempting credit
SECTION 208-55 What this Subdivision is about
SECTION 208-60 Franking with an exempting credit
Subdivision 208-C - Amount of the exempting credit on a distribution
SECTION 208-65 What this Subdivision is about
SECTION 208-70 Amount of the exempting credit on a distribution
Subdivision 208-D - Distribution statements
SECTION 208-75 Guide to Subdivision 208-D
SECTION 208-80 Additional information to be included by a former exempting entity or exempting entity
Subdivision 208-E - Distributions to be franked with exempting credits to the same extent
SECTION 208-85 What this Subdivision is about
SECTION 208-90 All frankable distributions made within a franking period must be franked to the same extent with an exempting credit
SECTION 208-95 Exempting percentage
SECTION 208-100 Consequences of breaching the rule in section 208-90
Subdivision 208-F - Exempting accounts and franking accounts of exempting entities and former exempting entities
SECTION 208-105 What this Subdivision is about
SECTION 208-110 Exempting account
SECTION 208-115 Exempting credits
SECTION 208-120 Exempting debits
SECTION 208-125 Exempting surplus and deficit
SECTION 208-130 Franking credits arising because of status as exempting entity or former exempting entity
SECTION 208-135 Relationships that will give rise to a franking credit under item 5 of the table in section 208-130
SECTION 208-140 Membership of the same effectively wholly-owned group
SECTION 208-145 Franking debits arising because of status as exempting entity or former exempting entity
SECTION 208-150 Residency requirement
SECTION 208-155 Eligible continuing substantial member
SECTION 208-160 Distributions that are affected by a manipulation of the imputation system
SECTION 208-165 Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit
SECTION 208-170 Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution
SECTION 208-175 When does a distribution franked with an exempting credit flow indirectly to an entity?
SECTION 208-180 What is an entity's share of the exempting credit on a distribution?
SECTION 208-185 Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth
Subdivision 208-G - Tax effects of distributions by exempting entities
SECTION 208-190 What this Subdivision is about
SECTION 208-195 Division 207 does not generally apply
SECTION 208-200 Distributions to exempting entities
SECTION 208-205 Distributions to employees acquiring shares under eligible employee share schemes
SECTION 208-210 Subsidiaries
SECTION 208-215 Eligible employee share schemes
Subdivision 208-H - Tax effect of a distribution franked with an exempting credit
SECTION 208-220 What this Subdivision is about
SECTION 208-225 Division 207 does not generally apply
SECTION 208-230 Distributions to exempting entities and former exempting entities
SECTION 208-235 Distributions to employees acquiring shares under eligible employee share schemes
SECTION 208-240 Distributions to certain individuals
Division 210 - Venture capital franking
SECTION 210-1 Purpose of venture capital franking
SECTION 210-5 How is this achieved?
SECTION 210-10 What is a venture capital credit?
SECTION 210-15 What does the PDF have to do to distribute the credits?
SECTION 210-20 Limits on venture capital franking
Subdivision 210-A - Franking a distribution with a venture capital credit
SECTION 210-25 What this Subdivision is about
SECTION 210-30 Franking a distribution with a venture capital credit
Subdivision 210-B - Participating PDFs
SECTION 210-35 What this Subdivision is about
SECTION 210-40 What is a participating PDF
Subdivision 210-C - Distributions that are frankable with a venture capital credit
SECTION 210-45 What this Subdivision is about
SECTION 210-50 Which distributions can be franked with a venture capital credit?
Subdivision 210-D - Amount of the venture capital credit on a distribution
SECTION 210-55 What this Subdivision is about
SECTION 210-60 Amount of the venture capital credit on a distribution
Subdivision 210-E - Distribution statements
SECTION 210-65 What this Subdivision is about
SECTION 210-70 Additional information to be included when a distribution is franked with a venture capital credit
Subdivision 210-F - Rules affecting the allocation of venture capital credits
SECTION 210-75 What this Subdivision is about
SECTION 210-80 Draining the venture capital surplus when a distribution frankable with venture capital credits is made
SECTION 210-81 Distributions to be franked with venture capital credits to the same extent
SECTION 210-82 Consequences of breaching the rule in section 210-81
Subdivision 210-G - Venture capital sub-account
SECTION 210-85 What this Subdivision is about
SECTION 210-90 The venture capital sub-account
SECTION 210-95 Venture capital deficit tax
SECTION 210-100 Venture capital sub-account
SECTION 210-105 Venture capital credits
SECTION 210-110 Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax
SECTION 210-115 Participating PDF may elect to have venture capital credits arise on its assessment day
SECTION 210-120 Venture capital debits
SECTION 210-125 Venture capital debit where CGT limit is exceeded
SECTION 210-130 Venture capital surplus and deficit
SECTION 210-135 Venture capital deficit tax
SECTION 210-140 Effect of a liability to pay venture capital deficit tax on franking deficit tax
SECTION 210-145 Effect of a liability to pay venture capital deficit tax on the franking account
SECTION 210-150 Deferring venture capital deficit
Subdivision 210-H - Effect of receiving a distribution franked with a venture capital credit
SECTION 210-155 What this Subdivision is about
SECTION 210-160 The significance of a venture capital credit
SECTION 210-165 Recipients for whom the venture capital credit is not significant
SECTION 210-170 Tax offset for certain recipients of distributions franked with venture capital credits
SECTION 210-175 Amount of the tax offset
SECTION 210-180 Application of Division 207 where the recipient is entitled to a tax offset under section 210-170
Division 214 - Administering the imputation system
Guide to Division 214
SECTION 214-1 Purpose of the system
SECTION 214-5 Key features
Subdivision 214-A - Franking returns
SECTION 214-10 What this Subdivision is about
SECTION 214-15 Notice to give a franking return - general notice
SECTION 214-20 Notice to a specific corporate tax entity
SECTION 214-25 Content and form of a franking return
SECTION 214-30 Franking account balance
SECTION 214-35 Venture capital sub-account balance
SECTION 214-40 Meaning of franking tax
SECTION 214-45 Effect of a refund on franking returns
SECTION 214-50 Evidence
Subdivision 214-B - Franking assessments
SECTION 214-55 What this Subdivision is about
SECTION 214-60 Commissioner may make a franking assessment
SECTION 214-65 Commissioner taken to have made a franking assessment on first return
SECTION 214-70 Part-year assessment
SECTION 214-75 Validity of assessment
SECTION 214-80 Objections
SECTION 214-85 Evidence
Subdivision 214-C - Amending franking assessments
SECTION 214-90 What this Subdivision is about
SECTION 214-95 Amendments within 3 years of the original assessment
SECTION 214-100 Amended assessments are treated as franking assessments
SECTION 214-105 Further return as a result of a refund affecting a franking deficit tax liability
SECTION 214-110 Later amendments - on request
SECTION 214-115 Later amendments - failure to make proper disclosure
SECTION 214-120 Later amendments - fraud or evasion
SECTION 214-125 Further amendment of an amended particular
SECTION 214-130 Other later amendments
SECTION 214-135 Amendment on review etc.
SECTION 214-140 Notice of amendments
Subdivision 214-D - Collection and recovery
SECTION 214-145 What this Subdivision is about
SECTION 214-150 Due date for payment of franking tax
SECTION 214-155 General interest charge
SECTION 214-160 Refunds of amounts overpaid
SECTION 214-165 Security for payment of tax
Subdivision 214-E - Records
SECTION 214-170 What this Subdivision is about
SECTION 214-175 Record keeping
SECTION 214-180 Power of Commissioner to obtain information
SECTION 214-185 Tax agents
Division 215 - Consequences of the debt/equity rules
Subdivision 215-A - Application of the imputation system to non-share equity interests
SECTION 215-1 Application of the imputation system to non-share equity interests
Subdivision 215-B - Non-share dividends that are unfrankable to some extent
SECTION 215-5 What this Subdivision is about
SECTION 215-10 Certain non-share dividends by ADIs unfrankable
SECTION 215-15 Non-share dividends are unfrankable if profits are unavailable
SECTION 215-20 Working out the available frankable profits
SECTION 215-25 Anticipating available frankable profits
Division 216 - Cum dividend sales and securities lending arrangements
Subdivision 216-A - Circumstances where a distribution to a member of a corporate tax entity is treated as having been made to someone else
SECTION 216-1 When a distribution made to a member of a corporate tax entity is treated as having been made to someone else
SECTION 216-5 First situation (cum dividend sales)
SECTION 216-10 Second situation (securities lending arrangements)
SECTION 216-15 Distribution closing time
Subdivision 216-B - Statements to be made where there is a cum dividend sale or securities lending arrangement
SECTION 216-20 Cum dividend sale - statement by securities dealer
SECTION 216-25 Cum dividend sale - statement by party
SECTION 216-30 Securities lending arrangements - statement by borrower
Division 218 - Application of imputation rules to co-operative companies
SECTION 218-5 Application of imputation rules to co-operative companies
Division 219 - Imputation for life insurance companies
SECTION 219-1 What this Division is about
Subdivision 219-A - Application of imputation rules to life insurance companies
SECTION 219-10 Application of imputation rules to life insurance companies
Subdivision 219-B - Franking accounts of life insurance companies
SECTION 219-15 Franking credits
SECTION 219-30 Franking debits
SECTION 219-40 Residency requirement
SECTION 219-45 Assessment day
SECTION 219-50 Amount attributable to shareholders' share of income tax liability
SECTION 219-55 Adjustment resulting from an amended assessment
SECTION 219-70 Tax offset under section 205-70
SECTION 219-75 Working out franking credits and franking debits where a tax offset under section 205-70 is applied
Division 220 - Imputation for NZ resident companies and related companies
SECTION 220-1 What this Division is about
Subdivision 220-A - Objects of this Division
SECTION 220-15 Objects
SECTION 220-20 What is an NZ resident ?
Subdivision 220-B - NZ company treated as Australian resident for imputation system if company chooses
SECTION 220-25 Application of provisions of Part 3-6 outside this Division
SECTION 220-30 What is an NZ franking company ?
SECTION 220-35 Making an NZ franking choice
SECTION 220-40 When is an NZ franking choice in force?
SECTION 220-45 Revoking an NZ franking choice
SECTION 220-50 Cancelling an NZ franking choice
Subdivision 220-C - Modifications of other Divisions of this Part
SECTION 220-100 Residency requirement for franking
SECTION 220-105 Unfrankable distributions by NZ franking companies
SECTION 220-110 Maximum franking credit under section 202-60
SECTION 220-200 Keeping franking accounts in Australian currency
SECTION 220-205 Franking credit for payment of NZ franking company's withholding tax liability
SECTION 220-210 Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company
SECTION 220-215 Effect on franking account if NZ franking choice ceases to be in force
SECTION 220-300 NZ franking company's franking account affected by franking accounts of some of its 100% subsidiaries
SECTION 220-350 Providing for a franking credit to arise
SECTION 220-400 Gross-up and tax offset for distribution from NZ franking company reduced by supplementary dividend
SECTION 220-405 Franked distribution and supplementary dividend flowing indirectly
SECTION 220-410 Franking credit reduced if tax offset reduced
SECTION 220-500 Publicly listed post-choice NZ franking company and its 100% subsidiaries are not exempting entities
SECTION 220-505 Post-choice NZ franking company is not automatically prescribed person
SECTION 220-510 Parent company's status as prescribed person sets status of all other members of same wholly-owned group
SECTION 220-600 Keeping exempting accounts in Australian currency
SECTION 220-605 Effect on exempting account if NZ franking choice ceases to be in force
SECTION 220-700 Tax effect of distribution franked by NZ franking company with an exempting credit
SECTION 220-800 Joint and several liability for NZ resident company's franking tax etc
PART 3-10 - FINANCIAL TRANSACTIONS
Division 230 - Taxation of financial arrangements
Guide to Division 230
SECTION 230-1 What this Division is about
SECTION 230-5 Scope of this Division
Subdivision 230-A - Core rules
SECTION 230-10 Objects of this Division
SECTION 230-15 Gains are assessable and losses deductible
SECTION 230-20 Gain or loss to be taken into account only once under this Act
SECTION 230-25 Associated financial benefits to be taken into account only once under this Act
SECTION 230-30 Treatment of gains and losses related to exempt income and non-assessable non-exempt income
SECTION 230-35 Treatment of gains and losses of private or domestic nature
SECTION 230-40 Methods for taking gain or loss into account
SECTION 230-45 Financial arrangement
SECTION 230-50 Financial arrangement (equity interest or right or obligation in relation to equity interest)
SECTION 230-55 Rights, obligations and arrangements (grouping and disaggregation rules)
SECTION 230-60 When financial benefit provided or received under financial arrangement
SECTION 230-65 Amount of financial benefit relating to more than one financial arrangement etc.
SECTION 230-70 Apportionment when financial benefit received or right ceases
SECTION 230-75 Apportionment when financial benefit provided or obligation ceases
SECTION 230-80 Consistency in working out gains or losses (integrity measure)
SECTION 230-85 Rights and obligations include contingent rights and obligations
Subdivision 230-B - The accruals/realisation methods
SECTION 230-90 What this Subdivision is about
SECTION 230-95 Objects of this Subdivision
SECTION 230-100 When accruals method or realisation method applies
SECTION 230-105 Sufficiently certain overall gain or loss
SECTION 230-110 Sufficiently certain gain or loss from particular event
SECTION 230-115 Sufficiently certain financial benefits
SECTION 230-120 Financial arrangements with notional principal
SECTION 230-125 Overview of the accruals method
SECTION 230-130 Applying accruals method to work out period over which gain or loss is to be spread
SECTION 230-135 How gain or loss is spread
SECTION 230-140 Method of spreading gain or loss - effective interest method
SECTION 230-145 Application of effective interest method where differing income and accounting years
SECTION 230-150 Election for portfolio treatment of fees
SECTION 230-155 Election for portfolio treatment of fees where differing income and accounting years
SECTION 230-160 Portfolio treatment of fees
SECTION 230-165 Portfolio treatment of premiums and discounts for acquiring portfolio
SECTION 230-170 Allocating gain or loss to income years
SECTION 230-172 Applying accruals method to loss resulting from impairment
SECTION 230-175 Running balancing adjustments
SECTION 230-180 Realisation method
SECTION 230-185 Reassessment
SECTION 230-190 Re-estimation
SECTION 230-192 Re-estimation - impairments and reversals
SECTION 230-195 Balancing adjustment if rate of return maintained on re-estimation
SECTION 230-200 Re-estimation if balancing adjustment on partial disposal
Subdivision 230-C - Fair value method
SECTION 230-205 Objects of this Subdivision
SECTION 230-210 Fair value election
SECTION 230-215 Fair value election where differing income and accounting years
SECTION 230-220 Financial arrangements to which fair value election applies
SECTION 230-225 Financial arrangements to which election does not apply
SECTION 230-230 Applying fair value method to gains and losses
SECTION 230-235 Splitting financial arrangements into 2 financial arrangements
SECTION 230-240 When election ceases to apply
SECTION 230-245 Balancing adjustment if election ceases to apply
Subdivision 230-D - Foreign exchange retranslation method
SECTION 230-250 Objects of this Subdivision
SECTION 230-255 Foreign exchange retranslation election
SECTION 230-260 Foreign exchange retranslation election where differing income and accounting years
SECTION 230-265 Financial arrangements to which general election applies
SECTION 230-270 Financial arrangements to which general election does not apply
SECTION 230-275 Balancing adjustment for election in relation to qualifying forex accounts
SECTION 230-280 Applying foreign exchange retranslation method to gains and losses
SECTION 230-285 When election ceases to apply
SECTION 230-290 Balancing adjustment if election ceases to apply
Subdivision 230-E - Hedging financial arrangements method
SECTION 230-295 Objects of this Subdivision
SECTION 230-300 Applying hedging financial arrangement method to gains and losses
SECTION 230-305 Table of events and allocation rules
SECTION 230-310 Aligning tax classification of gain or loss from hedging financial arrangement with tax classification of hedged item
SECTION 230-315 Hedging financial arrangement election
SECTION 230-320 Hedging financial arrangement election where differing income and accounting years
SECTION 230-325 Hedging financial arrangements to which election applies
SECTION 230-330 Hedging financial arrangements to which election does not apply
SECTION 230-335 Hedging financial arrangement and hedged item
SECTION 230-340 Generally whole arrangement must be hedging financial arrangement
SECTION 230-345 Requirements not satisfied because of honest mistake or inadvertence
SECTION 230-350 Derivative financial arrangement and foreign currency hedge
SECTION 230-355 Recording requirements
SECTION 230-360 Determining basis for allocating gain or loss
SECTION 230-365 Effectiveness of the hedge
SECTION 230-370 When election ceases to apply
SECTION 230-375 Balancing adjustment if election ceases to apply
SECTION 230-380 Commissioner may determine that requirement met
SECTION 230-385 Consequences of failure to meet requirements
Subdivision 230-F - Reliance on financial reports
SECTION 230-390 Objects of this Subdivision
SECTION 230-395 Election to rely on financial reports
SECTION 230-400 Financial reports election where differing income and accounting years
SECTION 230-405 Commissioner discretion to waive requirements in paragraphs 230-395(2)(c) and (e)
SECTION 230-410 Financial arrangements to which the election applies
SECTION 230-415 Financial arrangements not covered by election
SECTION 230-420 Effect of election to rely on financial reports
SECTION 230-425 When election ceases to apply
SECTION 230-430 Balancing adjustment if election ceases to apply
Subdivision 230-G - Balancing adjustment on ceasing to have a financial arrangement
SECTION 230-435 When balancing adjustment made
SECTION 230-440 Exceptions
SECTION 230-445 Balancing adjustment
Subdivision 230-H - Exceptions
SECTION 230-450 Short-term arrangements where non-money amount involved
SECTION 230-455 Certain taxpayers where no significant deferral
SECTION 230-460 Various rights and/or obligations
SECTION 230-465 Ceasing to have a financial arrangement in certain circumstances
SECTION 230-470 Forgiveness of commercial debts
SECTION 230-475 Clarifying exceptions
SECTION 230-480 Treatment of gains in form of franked distribution etc.
SECTION 230-481 Registered emissions units
Subdivision 230-I - Other provisions
SECTION 230-485 Effect of change of residence - rules for particular methods
SECTION 230-490 Effect of change of residence - disposal and reacquisition etc after ceasing to be Australian resident where no further recognised gains or losses from arrangement
SECTION 230-495 Effect of change of accounting principles or standards
SECTION 230-500 Comparable foreign accounting and auditing standards
SECTION 230-505 Financial arrangement as consideration for provision or acquisition of a thing
SECTION 230-510 Non-arm's length dealings in relation to financial arrangement
SECTION 230-515 Arm's length dealings in relation to financial arrangement - adjustment to gain or loss in certain situations
SECTION 230-520 Disregard gains or losses covered by value shifting regime
SECTION 230-525 Consolidated financial reports
SECTION 230-527 Elections - reporting documents of foreign ADIs
Subdivision 230-J - Additional operation of Division
SECTION 230-530 Additional operation of Division
Division 235 - Particular financial transactions
Guide to Division 235
SECTION 235-1 What this Division is about
Subdivision 235-I - Instalment trusts
SECTION 235-805 What this Subdivision is about
SECTION 235-810 Object of this Subdivision
SECTION 235-815 Application of Subdivision
SECTION 235-820 Look-through treatment for instalment trusts
SECTION 235-825 Meaning of instalment trust and instalment trust asset
SECTION 235-830 What trusts are covered - instalment trust arrangements
SECTION 235-835 Requirement for underlying investments to be listed or widely held
SECTION 235-840 What trusts are covered - limited recourse borrowings by regulated superannuation funds
SECTION 235-845 Interactions with other provisions
Division 240 - Arrangements treated as a sale and loan
SECTION 240-1 What this Division is about
SECTION 240-3 How the recharacterisation affects the notional seller
SECTION 240-7 How the recharacterisation affects the notional buyer
Subdivision 240-A - Application and scope of Division
SECTION 240-10 Application of this Division
SECTION 240-15 Scope of Division
Subdivision 240-B - The notional sale and notional loan
SECTION 240-17 Who is the notional seller and the notional buyer?
SECTION 240-20 Notional sale of property by notional seller and notional acquisition of property by notional buyer
SECTION 240-25 Notional loan by notional seller to notional buyer
Subdivision 240-C - Amounts to be included in notional seller's assessable income
SECTION 240-30 What this Subdivision is about
SECTION 240-35 Amounts to be included in notional seller's assessable income
SECTION 240-40 Arrangement payments not to be included in notional seller's assessable income
Subdivision 240-D - Deductions allowable to notional buyer
SECTION 240-45 What this Subdivision is about
SECTION 240-50 Extent to which deductions are allowable to notional buyer
SECTION 240-55 Arrangement payments not to be deductions
Subdivision 240-E - Notional interest and arrangement payments
SECTION 240-60 Notional interest
SECTION 240-65 Arrangement payments
SECTION 240-70 Arrangement payment periods
Subdivision 240-F - The end of the arrangement
SECTION 240-75 When is the end of the arrangement?
SECTION 240-78 Termination amounts
SECTION 240-80 What happens if the arrangement is extended or renewed
SECTION 240-85 What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
SECTION 240-90 What happens if the notional buyer ceases to have the right to use the property
Subdivision 240-G - Adjustments if total amount assessed to notional seller differs from amount of interest
SECTION 240-100 What this Subdivision is about
SECTION 240-105 Adjustments for notional seller
SECTION 240-110 Adjustments for notional buyer
Subdivision 240-H - Application of Division 16E to certain arrangements
SECTION 240-112 Division 16E applies to certain arrangements
Subdivision 240-I - Provisions applying to hire purchase agreements
SECTION 240-115 Another person, or no person taken to own property in certain cases
Division 242 - Leases of luxury cars
Guide to Division 242
SECTION 242-1 What this Division is about
Subdivision 242-A - Notional sale and loan
SECTION 242-5 What this Subdivision is about
SECTION 242-10 Application
SECTION 242-15 Notional sale and acquisition
SECTION 242-20 Consideration for notional sale, and cost, of car
SECTION 242-25 Notional loan by lessor to lessee
Subdivision 242-B - Amount to be included in lessor's assessable income
SECTION 242-30 What this Subdivision is about
SECTION 242-35 Amount to be included in lessor's assessable income
SECTION 242-40 Treatment of lease payments
Subdivision 242-C - Deductions allowable to lessee
SECTION 242-45 What this Subdivision is about
SECTION 242-50 Extent to which deductions are allowable to lessee
SECTION 242-55 Lease payments not deductible
Subdivision 242-D - Adjustments if total amount assessed to lessor differs from amount of interest
SECTION 242-60 What this Subdivision is about
SECTION 242-65 Adjustments for lessor
SECTION 242-70 Adjustments for lessee
Subdivision 242-E - Extension, renewal and final ending of the lease
SECTION 242-75 What this Subdivision is about
SECTION 242-80 What happens if the term of the lease is extended or the lease is renewed
SECTION 242-85 What happens if an amount is paid by the lessee to acquire the car
SECTION 242-90 What happens if the lessee stops having the right to use the car
Division 243 - Limited recourse debt
SECTION 243-10 What this Division is about
Subdivision 243-A - Circumstances in which Division operates
SECTION 243-15 When does this Division apply?
SECTION 243-20 What is limited recourse debt?
SECTION 243-25 When is a debt arrangement terminated?
SECTION 243-30 What is the financed property and the debt property?
Subdivision 243-B - Working out the excessive deductions
SECTION 243-35 Working out the excessive deductions
Subdivision 243-C - Amounts included in assessable income and deductions
SECTION 243-40 Amount included in debtor's assessable income
SECTION 243-45 Deduction for later payments in respect of debt
SECTION 243-50 Deduction for payments for replacement debt
SECTION 243-55 Effect of Division on later capital allowance deductions
SECTION 243-57 Effect of Division on later capital allowance balancing adjustments
SECTION 243-58 Adjustment where debt only partially used for expenditure
Subdivision 243-D - Special provisions
SECTION 243-60 Application of Division to partnerships
SECTION 243-65 Application where partner reduces liability
SECTION 243-70 Application of Division to companies ceasing to be 100% subsidiary
SECTION 243-75 Application of Division where debt forgiveness rules also apply
Division 245 - Forgiveness of commercial debts
Guide to Division 245
SECTION 245-1 What this Division is about
SECTION 245-2 Simplified outline of this Division
Subdivision 245-A - Debts to which operative rules apply
SECTION 245-5 What this Subdivision is about
SECTION 245-10 Commercial debts
SECTION 245-15 Non-equity shares
SECTION 245-20 Parts of debts
Subdivision 245-B - What constitutes forgiveness of a debt
SECTION 245-30 What this Subdivision is about
SECTION 245-35 What constitutes forgiveness of a debt
SECTION 245-36 What constitutes forgiveness of a debt if the debt is assigned
SECTION 245-37 What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt
SECTION 245-40 Forgivenesses to which operative rules do not apply
SECTION 245-45 Application of operative rules if forgiveness involves an arrangement
Subdivision 245-C - Calculation of gross forgiven amount of a debt
SECTION 245-48 What this Subdivision is about
SECTION 245-50 Extent of forgiveness if consideration is given
SECTION 245-55 General rule for working out the value of a debt
SECTION 245-60 Special rule for working out the value of a non-recourse debt
SECTION 245-61 Special rule for working out the value of a previously assigned debt
SECTION 245-65 Amount offset against amount of debt
SECTION 245-75 Gross forgiven amount of a debt
SECTION 245-77 Gross forgiven amount shared between debtors
Subdivision 245-D - Calculation of net forgiven amount of a debt
SECTION 245-80 What this Subdivision is about
SECTION 245-85 Reduction of gross forgiven amount
SECTION 245-90 Agreement between companies under common ownership for creditor to forgo capital loss or deduction
Subdivision 245-E - Application of net forgiven amounts
SECTION 245-95 What this Subdivision is about
SECTION 245-100 Subdivision not to apply to calculation of attributable income
SECTION 245-105 How total net forgiven amount is applied
SECTION 245-115 Total net forgiven amount is applied in reduction of tax losses
SECTION 245-120 Allocation of total net forgiven amount in respect of tax losses
SECTION 245-130 Remaining total net forgiven amount is applied in reduction of net capital losses
SECTION 245-135 Allocation of remaining total net forgiven amount in respect of net capital losses
SECTION 245-145 Remaining total net forgiven amount is applied in reduction of expenditure
SECTION 245-150 Allocation of remaining total net forgiven amount in respect of expenditures
SECTION 245-155 How expenditure is reduced - straight line deductions
SECTION 245-157 How expenditure is reduced - diminishing balance deductions
SECTION 245-160 Amount applied in reduction of expenditure included in assessable income in certain circumstances
SECTION 245-175 Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets
SECTION 245-180 Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets
SECTION 245-185 Relevant cost bases of investments in associated entities are reduced last
SECTION 245-190 Reduction of the relevant cost bases of a CGT asset
SECTION 245-195 No further consequences if there is any remaining unapplied total net forgiven amount
Subdivision 245-F - Special rules relating to partnerships
SECTION 245-200 What this Subdivision is about
SECTION 245-215 Unapplied total net forgiven amount of a partnership is transferred to partners
Subdivision 245-G - Record keeping
SECTION 245-265 Keeping and retaining records
Division 247 - Capital protected borrowings
SECTION 247-1 What this Division is about
Operative provisions
SECTION 247-5 Object of Division
SECTION 247-10 What capital protected borrowing and capital protection are
SECTION 247-15 Application of this Division
SECTION 247-20 Treating capital protection as a put option
SECTION 247-25 Number of put options
SECTION 247-30 Exercise or expiry of option
Division 250 - Assets put to tax preferred use
SECTION 250-1 What this Division is about
Subdivision 250-A - Objects
SECTION 250-5 Main objects
Subdivision 250-B - When this Division applies to you and an asset
SECTION 250-10 When this Division applies to you and an asset
SECTION 250-15 General test
SECTION 250-20 First exclusion - small business entities
SECTION 250-25 Second exclusion - financial benefits under minimum value limit
SECTION 250-30 Third exclusion - certain short term or low value arrangements
SECTION 250-35 Exceptions to section 250-30
SECTION 250-40 Fourth exclusion - sum of present values of financial benefits less than amount otherwise assessable
SECTION 250-45 Fifth exclusion - Commissioner determination
SECTION 250-50 End user of an asset
SECTION 250-55 Tax preferred end user
SECTION 250-60 Tax preferred use of an asset
SECTION 250-65 Arrangement period for tax preferred use
SECTION 250-70 New tax preferred use at end of arrangement period if tax preferred use continues
SECTION 250-75 What constitutes a separate asset for the purposes of this Division
SECTION 250-80 Treatment of particular arrangements in the same way as leases
SECTION 250-85 Financial benefits in relation to tax preferred use of an asset
SECTION 250-90 Financial benefit provided directly or indirectly
SECTION 250-95 Expected financial benefits in relation to an asset put to tax preferred use
SECTION 250-100 Present value of financial benefit that has already been provided
SECTION 250-105 Discount rate to be used in working out present values
SECTION 250-110 Predominant economic interest
SECTION 250-115 Limited recourse debt test
SECTION 250-120 Right to acquire asset test
SECTION 250-125 Effectively non-cancellable, long term arrangement test
SECTION 250-130 Meaning of effectively non-cancellable arrangement
SECTION 250-135 Level of expected financial benefits test
SECTION 250-140 When to retest predominant economic interest under section 250-135
Subdivision 250-C - Denial of, or reduction in, capital allowance deductions
SECTION 250-145 Denial of capital allowance deductions
SECTION 250-150 Apportionment rule
Subdivision 250-D - Deemed loan treatment of financial benefits provided for tax preferred use
SECTION 250-155 Arrangement treated as loan
SECTION 250-160 Financial benefits that are subject to deemed loan treatment
SECTION 250-165 Financial arrangement
SECTION 250-170 Financial arrangement (equity interest or right or obligation in relation to equity interest)
SECTION 250-175 Rights, obligations and arrangements (grouping and disaggregation rules)
SECTION 250-180 End value of asset
SECTION 250-185 Financial benefits subject to deemed loan treatment not assessed
Subdivision 250-E - Taxation of deemed loan
SECTION 250-190 What this Subdivision is about
SECTION 250-195 Application of Subdivision
SECTION 250-200 Objects of this Subdivision
SECTION 250-205 Gains are assessable and losses deductible
SECTION 250-210 Gain or loss to be taken into account only once under this Act
SECTION 250-215 Methods for taking gain or loss into account
SECTION 250-220 Consistency in working out gains or losses (integrity measure)
SECTION 250-225 Rights and obligations include contingent rights and obligations
SECTION 250-230 Application of accruals method
SECTION 250-235 Overview of the accruals method
SECTION 250-240 Applying accruals method to work out period over which gain or loss is to be spread
SECTION 250-245 How gain or loss is spread
SECTION 250-250 Allocating gain or loss to income years
SECTION 250-255 When to re-estimate
SECTION 250-260 Re-estimation if balancing adjustment on partial disposal
SECTION 250-265 When balancing adjustment made
SECTION 250-270 Exception for subsidiary member leaving consolidated group
SECTION 250-275 Balancing adjustment
SECTION 250-280 Financial arrangement received or provided as consideration
Subdivision 250-F - Treatment of asset when Division ceases to apply to the asset
SECTION 250-285 Treatment of asset after Division ceases to apply to the asset
SECTION 250-290 Balancing adjustment under Subdivision 40-D in some circumstances
Subdivision 250-G - Objections against determinations and decisions by the Commissioner
SECTION 250-295 Objections against determinations and decisions by the Commissioner
Division 253 - Financial claims scheme for account-holders with insolvent ADIs
Subdivision 253-A - Tax treatment of entitlements under financial claims scheme
SECTION 253-1 What this Subdivision is about
SECTION 253-5 Payment of entitlement under financial claims scheme treated as payment from ADI
SECTION 253-10 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects
SECTION 253-15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement
PART 3-25 - PARTICULAR KINDS OF TRUSTS
Division 275 - Australian managed investment trusts: general
Guide to Division 275
SECTION 275-1 What this Division is about
Subdivision 275-A - Meaning of managed investment trust
SECTION 275-5 What this Subdivision is about
SECTION 275-10 Meaning of managed investment trust
SECTION 275-15 Trusts with wholesale membership
SECTION 275-20 Widely-held requirements - ordinary case
SECTION 275-25 Widely-held requirements for registered MIT - special case for entities covered by subsection 275-20(4)
SECTION 275-30 Closely-held restrictions
SECTION 275-35 Licensing requirements for unregistered MIS
SECTION 275-40 MIT participation interest
SECTION 275-45 Meaning of managed investment trust - every member of trust is a managed investment trust etc.
SECTION 275-50 Extended definition of managed investment trust - no fund payment made in relation to the income year
SECTION 275-55 Extended definition of managed investment trust - temporary circumstances outside the control of the trustee
Subdivision 275-B - Choice for capital treatment of managed investment trust gains and losses
SECTION 275-100 Consequences of making choice - CGT to be primary code for calculating MIT gains or losses
SECTION 275-105 Covered assets
SECTION 275-110 MIT not to be trading trust
SECTION 275-115 MIT CGT choices
SECTION 275-120 Consequences of not making choice - revenue account treatment
Subdivision 275-C - Carried interests in managed investment trusts
SECTION 275-200 Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction
Subdivision 275-L - Modification for non-arm's length income
SECTION 275-600 What this Subdivision is about
SECTION 275-605 Trustee taxed on amount of non-arm's length income of managed investment trust
SECTION 275-610 Non-arm's length income
SECTION 275-615 Commissioner's determination in relation to amount of non-arm's length income
Division 276 - Australian managed investment trusts: attribution managed investment trusts
Guide to Division 276
SECTION 276-1 What this Division is about
Subdivision 276-A - What is an attribution managed investment trust?
SECTION 276-5 What this Subdivision is about
SECTION 276-10 Meaning of attribution managed investment trust (or AMIT )
SECTION 276-15 Clearly defined interests
SECTION 276-20 Trust with classes of membership interests - each class treated as separate AMIT
Subdivision 276-B - Member's vested and indefeasible interest in share of income and capital of AMIT
SECTION 276-50 What this Subdivision is about
SECTION 276-55 AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital
Subdivision 276-C - Taxation etc. of member components
SECTION 276-75 What this Subdivision is about
SECTION 276-80 Member's assessable income or tax offsets for determined member components - general rules
SECTION 276-85 Member's assessable income or tax offsets for determined member components - specific rules
SECTION 276-90 Commissioner's determination as to status of member as qualified person
SECTION 276-95 Relationship between section 276-80 and withholding rules
SECTION 276-100 Relationship between section 276-80 and other charging provisions in this Act
SECTION 276-105 Trustee taxed on foreign resident's determined member components
SECTION 276-110 Refundable tax offset for foreign resident member - member that is not a trustee
SECTION 276-115 Custodian interposed between AMIT and member
Subdivision 276-D - Member components
SECTION 276-200 What this Subdivision is about
SECTION 276-205 Meaning of determined member component
SECTION 276-210 Meaning of member component
Subdivision 276-E - Trust components
SECTION 276-250 What this Subdivision is about
SECTION 276-255 Meaning of determined trust component
SECTION 276-260 Meaning of trust component
SECTION 276-265 Rules for working out trust components - general rules
SECTION 276-270 Rules for working out trust components - allocation of deductions
Subdivision 276-F - Unders and overs
SECTION 276-300 What this Subdivision is about
SECTION 276-305 Adjustment of trust component for unders and overs
SECTION 276-310 Rounding adjustment deficit increases trust component
SECTION 276-315 Rounding adjustment surplus decreases trust component
SECTION 276-320 Meaning of trust component deficit
SECTION 276-325 Trust component of character relating to assessable income - adjustment for cross-character allocation amount, carry-forward trust component deficit and FITO allocation amount
SECTION 276-330 Meaning of cross-character allocation amount and carry-forward trust component deficit
SECTION 276-335 Meaning of FITO allocation amount
SECTION 276-340 Trust component character relating to tax offset - taxation of trust component deficit
SECTION 276-345 Meaning of under and over of a character
SECTION 276-350 Limited discovery period for unders and overs
Subdivision 276-G - Shortfall and excess taxation
SECTION 276-400 What this Subdivision is about
SECTION 276-405 Trustee taxed on shortfall in determined member component (character relating to assessable income)
SECTION 276-410 Trustee taxed on excess in determined member component (character relating to tax offset)
SECTION 276-415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components
SECTION 276-420 Trustee taxed on amounts of under of character relating to assessable income not properly carried forward
SECTION 276-425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward
SECTION 276-430 Commissioner may remit tax under this Subdivision
Subdivision 276-H - AMMA statements
SECTION 276-450 What this Subdivision is about
SECTION 276-455 Obligation to give an AMMA statement
SECTION 276-460 AMIT member annual statement (or AMMA statement )
Subdivision 276-J - Debt-like trust instruments
SECTION 276-500 What this Subdivision is about
SECTION 276-505 Meaning of debt-like trust instrument
SECTION 276-510 Debt-like trust instruments treated as debt interests etc.
SECTION 276-515 Distribution on debt-like trust instrument could be deductible in working out trust components
Subdivision 276-K - Ceasing to be an AMIT
SECTION 276-800 What this Subdivision is about
SECTION 276-805 Application of Subdivision to former AMIT
SECTION 276-810 Continue to work out trust components, unders, overs etc.
SECTION 276-815 Effect of increase
SECTION 276-820 Effect of decrease
PART 3-30 - SUPERANNUATION
Division 280 - Guide to the superannuation provisions
SECTION 280-1 Effect of this Division
SECTION 280-5 Overview
Contributions phase
SECTION 280-10 Contributions phase - deductibility
SECTION 280-15 Contributions phase - limits on superannuation tax concessions
Investment phase
SECTION 280-20 Investment phase
Benefits phase
SECTION 280-25 Benefits phase - different types of superannuation benefit
SECTION 280-30 Benefits phase - taxation varies with age of recipient and type of benefit
SECTION 280-35 Benefits phase - roll-overs
The regulatory scheme outside this Act
SECTION 280-40 Other relevant legislative schemes
Division 285 - General concepts relating to superannuation
SECTION 285-5 Transfers of property
Division 290 - Contributions to superannuation funds
Guide to Division 290
SECTION 290-1 What this Division is about
Subdivision 290-A - General rules
SECTION 290-5 Non-application to roll-over superannuation benefits etc.
SECTION 290-10 No deductions other than under this Division
Subdivision 290-B - Deduction of employer contributions and other employment-connected contributions
SECTION 290-60 Employer contributions deductible
SECTION 290-65 Application to employees etc.
SECTION 290-70 Employment activity conditions
SECTION 290-75 Complying fund conditions
SECTION 290-80 Age related conditions
SECTION 290-85 Contributions for former employees etc.
SECTION 290-90 Controlling interest deductions
SECTION 290-95 Amounts offset against superannuation guarantee charge
SECTION 290-100 Returned contributions assessable
Subdivision 290-C - Deducting personal contributions
SECTION 290-150 Personal contributions deductible
SECTION 290-155 Complying superannuation fund condition
SECTION 290-160 Maximum earnings as employee condition
SECTION 290-165 Age-related conditions
SECTION 290-170 Notice of intent to deduct conditions
SECTION 290-175 Deduction limited by amount specified in notice
SECTION 290-180 Notice may be varied but not revoked or withdrawn
Subdivision 290-D - Tax offsets for spouse contributions
SECTION 290-230 Offset for spouse contribution
SECTION 290-235 Limit on amount of tax offsets
SECTION 290-240 Tax file number
Division 291 - Excess concessional contributions
Guide to Division 291
SECTION 291-1 What this Division is about
Subdivision 291-A - Object of this Division
SECTION 291-5 Object of this Division
Subdivision 291-B - Excess concessional contributions
SECTION 291-10 What this Subdivision is about
SECTION 291-15 Excess concessional contributions - assessable income, 15% tax offset
SECTION 291-20 Your excess concessional contributions for a financial year
SECTION 291-25 Your concessional contributions for a financial year
Subdivision 291-C - Modifications for defined benefit interests
SECTION 291-155 What this Subdivision is about
SECTION 291-160 Application
SECTION 291-165 Concessional contributions - special rules for defined benefit interests
SECTION 291-170 Notional taxed contributions
SECTION 291-175 Defined benefit interest
Subdivision 291-CA - Contributions that do not result in excess contributions
SECTION 291-365 What this Subdivision is about
SECTION 291-370 Contributions that do not result in excess contributions
Subdivision 291-D - Other provisions
SECTION 291-460 What this Subdivision is about
SECTION 291-465 Commissioner's discretion to disregard contributions etc. in relation to a financial year
Division 292 - Excess non-concessional contributions
Guide to Division 292
SECTION 292-1 What this Division is about
Subdivision 292-A - Object of this Division
SECTION 292-5 Object of this Division
Subdivision 292-B - Assessable income and tax offset
SECTION 292-15 What this Subdivision is about
SECTION 292-20 Amount in assessable income, and tax offset, relating to your non-concessional contributions
SECTION 292-25 Amount included in assessable income
SECTION 292-30 Amount of the tax offset
Subdivision 292-C - Excess non-concessional contributions tax
SECTION 292-75 What this Subdivision is about
SECTION 292-80 Liability for excess non-concessional contributions tax
SECTION 292-85 Your excess non-concessional contributions for a financial year
SECTION 292-90 Your non-concessional contributions for a financial year
SECTION 292-95 Contributions arising from structured settlements or orders for personal injuries
SECTION 292-100 Contribution relating to some CGT small business concessions
SECTION 292-105 CGT cap amount
Subdivision 292-D - Modifications for defined benefit interests
SECTION 292-155 What this Subdivision is about
SECTION 292-160 Application
SECTION 292-165 Concessional contributions - special rules for defined benefit interests
SECTION 292-170 Notional taxed contributions
SECTION 292-175 Defined benefit interest
Subdivision 292-E - Excess non-concessional contributions tax assessments
SECTION 292-225 What this Subdivision is about
SECTION 292-230 Commissioner must make an excess non-concessional contributions tax assessment
SECTION 292-235 Part-year assessment
SECTION 292-240 Validity of assessment
SECTION 292-245 Objections
SECTION 292-250 Evidence
Subdivision 292-F - Amending excess non-concessional contributions tax assessments
SECTION 292-300 What this Subdivision is about
SECTION 292-305 Amendments within 4 years of the original assessment
SECTION 292-310 Amended assessments are treated as excess non-concessional contributions tax assessments
SECTION 292-315 Later amendments - on request
SECTION 292-320 Later amendments - fraud or evasion
SECTION 292-325 Further amendment of an amended particular
SECTION 292-330 Amendment on review etc.
Subdivision 292-G - Collection and recovery
SECTION 292-380 What this Subdivision is about
SECTION 292-385 Due date for payment of excess non-concessional contributions tax
SECTION 292-390 General interest charge
SECTION 292-395 Refunds of amounts overpaid
SECTION 292-400 Security for payment of tax
SECTION 292-405 Release authority
SECTION 292-410 Giving a release authority to a superannuation provider
SECTION 292-415 Superannuation provider given release authority must pay amount
SECTION 292-420 Release authorities for refunded excess concessional contributions
SECTION 292-425 Interest for late payments of money received by the Commissioner in accordance with release authority
Subdivision 292-H - Other provisions
SECTION 292-465 Commissioner's discretion to disregard contributions etc. in relation to a financial year
SECTION 292-467 Direction that the value of superannuation interests is nil
SECTION 292-468 Variations etc. of refunded excess concessional contributions determinations
SECTION 292-469 Objections against determinations etc.
SECTION 292-470 Power of Commissioner to obtain information
Division 293 - Sustaining the superannuation contribution concession
Guide to Division 293
SECTION 293-1 What this Division is about
Subdivision 293-A - Object of this Division
SECTION 293-5 Object of this Division
Subdivision 293-B - Sustaining the superannuation contribution concession
SECTION 293-10 What this Subdivision is about
SECTION 293-15 Liability for tax
SECTION 293-20 Your taxable contributions
SECTION 293-25 Your low tax contributions
SECTION 293-30 Low tax contributed amounts
SECTION 293-35 Effect of determination relating to refunded excess concessional contributions
Subdivision 293-C - When tax is payable
SECTION 293-60 What this Subdivision is about
SECTION 293-65 When tax is payable - original assessments
SECTION 293-70 When tax is payable - amended assessments
SECTION 293-75 General interest charge
Subdivision 293-D - Modifications for defined benefit interests
SECTION 293-100 What this Subdivision is about
SECTION 293-105 Low tax contributions - modification for defined benefit interests
SECTION 293-110 Effect of determination relating to refunded excess concessional contributions
SECTION 293-115 Defined benefit contributions
Subdivision 293-E - Modifications for constitutionally protected State higher level office holders
SECTION 293-140 What this Subdivision is about
SECTION 293-145 Who this Subdivision applies to
SECTION 293-150 Low tax contributions - modification for CPFs
SECTION 293-155 High income threshold - effect of modification
SECTION 293-160 Salary packaged contributions
Subdivision 293-F - Modifications for Commonwealth justices
SECTION 293-185 What this Subdivision is about
SECTION 293-190 Who this Subdivision applies to
SECTION 293-195 Defined benefit contributions - modified treatment of contributions under the Judges' Pensions Act 1968
SECTION 293-200 High income threshold - effect of modification
Subdivision 293-G - Modifications for temporary residents who depart Australia
SECTION 293-225 What this Subdivision is about
SECTION 293-230 Who is entitled to a refund
SECTION 293-235 Amount of the refund
SECTION 293-240 Entitlement to refund stops all Division 293 tax liabilities
Division 294 - Transfer balance cap
Guide to Division 294
SECTION 294-1 What this Division is about
Subdivision 294-A - Object of this Division
SECTION 294-5 Object of this Division
Subdivision 294-B - Transfer balance account
SECTION 294-10 What this Subdivision is about
SECTION 294-15 When you have a transfer balance account
SECTION 294-20 Meaning of retirement phase recipient
SECTION 294-25 Transfer balance credits
SECTION 294-30 Excess transfer balance
SECTION 294-35 Your transfer balance cap
SECTION 294-40 Proportionally indexed transfer balance cap
SECTION 294-45 Transfer balance account ends
SECTION 294-50 Assume pension rules and commutation authorities complied with
Subdivision 294-C - Transfer balance debits
SECTION 294-75 What this Subdivision is about
SECTION 294-80 Transfer balance debits
SECTION 294-85 Certain events that result in reduced superannuation
SECTION 294-90 Payment splits
SECTION 294-95 Payment splits - no double debiting
Subdivision 294-D - Modifications for certain defined benefit income streams
SECTION 294-120 What this Subdivision is about
SECTION 294-125 When this Subdivision applies
SECTION 294-130 Meaning of capped defined benefit income stream
SECTION 294-135 Transfer balance credit - special rule for capped defined benefit income streams
SECTION 294-140 Excess transfer balance - special rule for capped defined benefit income streams
SECTION 294-145 Transfer balance debits - special rules for capped defined benefit income streams
Subdivision 294-E - Modifications for death benefits dependants who are children
SECTION 294-170 What this Subdivision is about
SECTION 294-175 When this Subdivision applies
SECTION 294-180 Transfer balance account ends
SECTION 294-185 Transfer balance cap - special rule for child recipient
SECTION 294-190 Cap increment - child recipient just before 1 July 2017
SECTION 294-195 Cap increment - child recipient on or after 1 July 2017, deceased had no transfer balance account
SECTION 294-200 Cap increment - child recipient on or after 1 July 2017, deceased had transfer balance account
Subdivision 294-F - Excess transfer balance tax
SECTION 294-225 What this Subdivision is about
SECTION 294-230 Excess transfer balance tax
SECTION 294-235 Your excess transfer balance earnings
SECTION 294-240 When tax is payable - original assessments
SECTION 294-245 When tax is payable - amended assessments
SECTION 294-250 General interest charge
Division 295 - Taxation of superannuation entities
Guide to Division 295
SECTION 295-1 What this Division is about
Subdivision 295-A - Provisions of general operation
SECTION 295-5 Entities to which Division applies
SECTION 295-10 How to work out the tax payable by superannuation entities
SECTION 295-15 Division does not impose a tax on property of a State
SECTION 295-20 Exempting laws ineffective
SECTION 295-25 Assessments on basis of anticipated SIS Act notice
SECTION 295-30 Effect of revocation etc. of SIS Act notices
SECTION 295-35 Acronyms used in tables
Subdivision 295-B - Modifications of provisions of this Act
SECTION 295-85 CGT to be primary code for calculating gains or losses
SECTION 295-90 CGT rules for pre-30 June 1988 assets
SECTION 295-95 Deductions related to contributions
SECTION 295-100 Deductions for investing in PSTs and life policies
SECTION 295-105 Distributions to PST unitholders
Subdivision 295-C - Contributions included
SECTION 295-155 What this Subdivision is about
SECTION 295-160 Contributions and payments
SECTION 295-165 Exception - spouse contributions
SECTION 295-170 Exception - Government co-contributions and contributions for a child
SECTION 295-171 Exception - payments from FHSAs and Government FHSA contributions
SECTION 295-173 Exception - trustee contributions
SECTION 295-175 Exception - payments by a member spouse
SECTION 295-180 Exception - choice to exclude certain contributions
SECTION 295-185 Exception - temporary residents
SECTION 295-190 Personal contributions and roll-over amounts
SECTION 295-195 Exclusion of personal contributions - contributions
SECTION 295-197 Exclusion of personal contributions - successor funds
SECTION 295-200 Transfers from foreign superannuation funds
SECTION 295-205 Application of tables to RSA providers
SECTION 295-210 Former constitutionally protected funds
Subdivision 295-D - Contributions excluded
SECTION 295-260 Transfer of liability to investment vehicle
SECTION 295-265 Application of pre-1 July 88 funding credits
SECTION 295-270 Anticipated funding credits
Subdivision 295-E - Other income amounts
SECTION 295-320 Other amounts included in assessable income
SECTION 295-325 Previously complying funds
SECTION 295-330 Previously foreign funds
SECTION 295-335 Amounts excluded from assessable income
Subdivision 295-F - Exempt income
SECTION 295-385 Income from assets set aside to meet current pension liabilities
SECTION 295-387 Disregarded small fund assets
SECTION 295-390 Income from other assets used to meet current pension liabilities
SECTION 295-395 Meaning of segregated non-current assets
SECTION 295-400 Income of a PST attributable to current pension liabilities
SECTION 295-405 Other exempt income
SECTION 295-407 Covered superannuation income streams - RSAs
SECTION 295-410 Amount credited to RSA
Subdivision 295-G - Deductions
SECTION 295-460 Benefits for which deductions are available
SECTION 295-465 Complying funds - deductions for insurance premiums
SECTION 295-470 Complying funds - deductions for future liability to pay benefits
SECTION 295-475 RSA providers - deductions for insurance premiums
SECTION 295-480 Meaning of whole of life policy and endowment policy
SECTION 295-485 Deductions for increased amount of superannuation lump sum death benefit
SECTION 295-490 Other deductions
SECTION 295-495 Amounts that cannot be deducted
Subdivision 295-H - Components of taxable income
SECTION 295-545 Components of taxable income - complying superannuation funds, complying ADFs and PSTs
SECTION 295-550 Meaning of non-arm's length income
SECTION 295-555 Components of taxable income - RSA providers
Subdivision 295-I - No-TFN contributions
SECTION 295-605 Liability for tax on no-TFN contributions income
SECTION 295-610 No-TFN contributions income
SECTION 295-615 Meaning of quoted (for superannuation purposes)
SECTION 295-620 No reduction under Subdivision 295-D
SECTION 295-625 Assessments
Subdivision 295-J - Tax offset for no-TFN contributions income (TFN quoted within 4 years)
SECTION 295-675 Entitlement to a tax offset
SECTION 295-680 Amount of the tax offset
Division 301 - Superannuation member benefits paid from complying plans etc.
Guide to Division 301
SECTION 301-1 What this Division is about
Subdivision 301-A - Application
SECTION 301-5 Division applies to superannuation member benefits paid from complying plans etc.
Subdivision 301-B - Member benefits: general rules
SECTION 301-10 All superannuation benefits are tax free
SECTION 301-15 Tax free status of tax free component
SECTION 301-20 Superannuation lump sum - taxable component taxed at 0% up to low rate cap amount, 15% on remainder
SECTION 301-25 Superannuation income stream - taxable component attracts 15% offset
SECTION 301-30 Tax free status of tax free component
SECTION 301-35 Superannuation lump sum - taxable component taxed at 20%
SECTION 301-40 Superannuation income stream - taxable component is assessable income, 15% offset for disability benefit
Subdivision 301-C - Member benefits: elements untaxed in fund
SECTION 301-90 Tax free component and element taxed in fund dealt with under Subdivision 301-B, but element untaxed in the fund dealt with under this Subdivision
SECTION 301-95 Superannuation lump sum - element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder
SECTION 301-100 Superannuation income stream - element untaxed in fund attracts 10% offset
SECTION 301-105 Superannuation lump sum - element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder
SECTION 301-110 Superannuation income stream - element untaxed in fund is assessable income
SECTION 301-115 Superannuation lump sum - element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder
SECTION 301-120 Superannuation income stream - element untaxed in fund is assessable income
SECTION 301-125 Unclaimed money payments by the Commissioner
Subdivision 301-D - Departing Australia superannuation payments
SECTION 301-170 Departing Australia superannuation payments
SECTION 301-175 Treatment of departing Australia superannuation benefits
Subdivision 301-E - Superannuation lump sum member benefits less than $200
SECTION 301-225 Superannuation lump sum member benefits less than $200 are tax free
Division 302 - Superannuation death benefits paid from complying plans etc.
Guide to Division 302
SECTION 302-1 What this Division is about
Subdivision 302-A - Application
SECTION 302-5 Division applies to superannuation death benefits paid from complying plans etc.
SECTION 302-10 Superannuation death benefits paid to trustee of deceased estate
Subdivision 302-B - Death benefits to dependant
SECTION 302-60 All of superannuation lump sum is tax free
SECTION 302-65 Superannuation income stream benefits are tax free
SECTION 302-70 Superannuation income stream - tax free status of tax free component
SECTION 302-75 Superannuation income stream - taxable component attracts 15% offset
SECTION 302-80 Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant
SECTION 302-85 Deceased died aged 60 or above or dependant aged 60 years or above - superannuation income stream: element untaxed in fund attracts 10% offset
SECTION 302-90 Deceased died aged under 60 and dependant aged under 60 - superannuation income stream: element untaxed in fund is assessable income
Subdivision 302-C - Death benefits to non-dependant
SECTION 302-140 Superannuation lump sum - tax free status of tax free component
SECTION 302-145 Superannuation lump sum - element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%
Subdivision 302-D - Definitions relating to dependants
SECTION 302-195 Meaning of death benefits dependant
SECTION 302-200 What is an interdependency relationship ?
Division 303 - Superannuation benefits paid in special circumstances
Guide to Division 303
SECTION 303-1 What this Division is about
Subdivision 303-A - Modifications for defined benefit income
SECTION 303-2 Effect of exceeding defined benefit income cap on assessable income
SECTION 303-3 Effect of exceeding defined benefit income cap on tax offsets
SECTION 303-4 Meaning of defined benefit income cap
Subdivision 303-B - Other special circumstances
SECTION 303-5 Commutation of income stream if you are under 25 etc.
SECTION 303-10 Superannuation lump sum member benefit paid to member having a terminal medical condition
SECTION 303-15 Payments from release authorities - excess concessional contributions
SECTION 303-17 Payments from release authorities etc. - released non-concessional contributions and associated earnings
SECTION 303-20 Payments from release authorities - Division 293 tax
Division 304 - Superannuation benefits in breach of legislative requirements etc.
Guide to Division 304
SECTION 304-1 What this Division is about
Operative provisions
SECTION 304-5 Application
SECTION 304-10 Superannuation benefits in breach of legislative requirements etc.
SECTION 304-15 Excess payments from release authorities
SECTION 304-20 Excess payments from release authorities - Division 293 tax
Division 305 - Superannuation benefits paid from non-complying superannuation plans
Guide to Division 305
SECTION 305-1 What this Division is about
Subdivision 305-A - Superannuation benefits from Australian non-complying superannuation funds
SECTION 305-5 Tax treatment of superannuation benefits from certain Australian non-complying superannuation funds
Subdivision 305-B - Superannuation benefits from foreign superannuation funds
SECTION 305-55 Restriction to lump sums received from certain foreign superannuation funds
SECTION 305-60 Lump sums tax free - foreign resident period
SECTION 305-65 Lump sums tax free - Australian resident period
SECTION 305-70 Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.
SECTION 305-75 Lump sums - applicable fund earnings
SECTION 305-80 Lump sums paid into complying superannuation plans - choice
Division 306 - Roll-overs etc.