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INCOME TAX ASSESSMENT ACT 1997

CHAPTER 6 - THE DICTIONARY  

PART 6-5 - DICTIONARY DEFINITIONS  

Division 995 - Definitions  

SECTION 995-1  Definitions  

995-1(1)  

 View history reference ITAA 36
In this Act, except so far as the contrary intention appears:

4% manner has the meaning given by section 43-145.

70% DFE rule has the meaning given by section 394-35.

95% services indirect value shift has the meaning given by section 727-700.

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

165-CC tagged asset has the meaning given by section 715-30.

170-D deferred loss has the meaning given by section 715-310.

AAT means the Administrative Appeals Tribunal.

ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999.

abnormal income (Repealed by No 77 of 2001)

abnormal trading has the meaning given by Subdivision 960-H.

Aboriginal (Repealed by No 84 of 2013)

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

ACA (Repealed by No 45 of 2005)

acceptable amount of an instalment for an *instalment quarter has the meaning given by section 45-232 in Schedule 1 to the Taxation Administration Act 1953.

accountable membership interest has the meaning given by section 208-30.

accountable partial interest has the meaning given by section 208-35.

account-based annuity has the meaning given by the Superannuation Industry (Supervision) Regulations 1994.

accounting principles: A matter is in accordance with accounting principles if it is in accordance with:


(a) *accounting standards; or


(b) if there are no accounting standards applicable to the matter - authoritative pronouncements of the Australian Accounting Standards Board that apply to the preparation of financial statements.

accounting principles for tax cost setting has the meaning given by:


(a) subsection 705-70(3); and


(b) subsection 711-45(1A).

accounting standards has the same meaning as in the Corporations Act 2001.

accrued default amount has the meaning given by section 20B of the Superannuation Industry (Supervision) Act 1993.

[CCH Note: Definition of "accrued default amount" will be repealed by No 89 of 2013, s 3 and Sch 1 item 24, effective 2 July 2019.]

accrued leave transfer payment has the meaning given by subsection 26-10(2).

accumulated ABSTUDY SSL debt has the meaning given by section 9C of the Student Assistance Act 1973.

accumulated HELP debt has the meaning given by section 140-25 of the Higher Education Support Act 2003.

accumulated SSL debt has the meaning given by section 1061ZVEC of the Social Security Act 1991.

accumulated TSL debt has the meaning given by section 35 of the Trade Support Loans Act 2014.

accumulation phase value of a *superannuation interest has the meaning given by subsection 307-205(2).

ACNC type of entity means an entity that meets the description of a type of entity in column 1 of the table in subsection 25-5(5) of the Australian Charities and Not-for-profits Commission Act 2012.

acquire :


(a) a *CGT asset: you acquire a CGT asset (in its capacity as a CGT asset) in the circumstances and at the time worked out under Division 109 (including under a provision listed in Subdivision 109-B); and

Note:

A CGT asset acquired before 20 September 1985 may be treated as having been acquired on or after that day: see, for example, Division 149.


(b) an item of *intellectual property: an entity does not acquire an item of intellectual property merely because a licence relating to a patent, design or copyright is surrendered to the entity.

acquisition time has the meaning given by section 58-5.

acquisition year has the meaning given by section 58-5.

active asset has the meaning given by section 152-40.

active foreign business asset of a company that is a foreign resident has the meaning given by section 768-540.

active foreign business asset percentage of a company has the meaning given by section 768-510.

active participant :


(a) in a *scheme under which there is a *direct value shift, has the meaning given by subsection 725-65(2); and


(b) in a *scheme under which there is an *indirect value shift, has the meaning given by subsection 727-530(3).

actual cost method of working out the *value of a *registered emissions unit has the meaning given by section 420-53.

actuary means a Fellow or Accredited Member of the Institute of Actuaries of Australia.

additional investment requirements for ESVCLPs has the meaning given by subsection 118-428(1).

ADI (authorised deposit-taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959.

ADI equity capital of an entity at a particular time means the total of the following:


(a) all the entity's *equity capital at that time; and


(b) the total value of all the *debt interests *issued by the entity that satisfy all of the following:


(i) at that time, the interests are *on issue and have been on issue for 90 days or more;

(ii) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820-40(1)(a).

A debt interest is treated as having satisfied subparagraph (b)(i) at that time if it was on issue at that time, and the total period for which it remains on issue is 90 days or more.

adjacent land has the meaning given by subsection 118-120(2).

adjacent structure has the meaning given by subsection 118-120(6).

adjustable value: 
(a) of a *depreciating asset, has the meaning given by section 40-85; and


(ba) of an asset, for the purposes of determining the consequences of a choice under any of sections 715-100, 715-105, 715-125, 715-130 and 715-185, has the meaning given by section 715-145; and


(b) of an *equity or loan interest:


(i) for the purposes of determining the consequences of a *direct value shift - has the meaning given by sections 725-240, 725-315 and 725-325; and

(ii) for the purposes of determining the consequences of an *indirect value shift - has the meaning given by sections 727-830, 727-835 and 727-840.

adjustable value method means the method (for determining the effect of *indirect value shifts) for which Subdivision 727-H provides.

adjusted assessed tax has the meaning given by section 45-375 in Schedule 1 to the Taxation Administration Act 1953.

adjusted assessed taxable income has the meaning given by section 45-370 in Schedule 1 to the Taxation Administration Act 1953.

adjusted available frankable profits has the meaning given by subsection 215-25(2).

adjusted average debt has the meaning given by sections 820-85, 820-120, 820-185 and 820-225.

adjusted average equity capital has the meaning given by sections 820-300, 820-330, 820-589 and 820-613.

adjusted Division 6 percentage, in relation to a trust estate, has the same meaning as in Division 6 of Part III of the Income Tax Assessment Act 1936.

adjusted on-lent amount has the meaning given by sections 820-100, 820-200 and 820-210.

adjusted tax on *adjusted taxable income or on *adjusted withholding income has the meaning given by section 45-340 in Schedule 1 to the Taxation Administration Act 1953.

adjusted taxable income has the meaning given by sections 45-330 and 45-480 in Schedule 1 to the Taxation Administration Act 1953.

adjusted taxable income for offsets means adjusted taxable income for rebates within the meaning of subsection 6(1) of the Income Tax Assessment Act 1936.

adjusted unrealised loss at an *alteration time for a company has the meaning given by section 165-115U.

adjusted withholding income has the meaning given by sections 45-335 and 45-485 in Schedule 1 to the Taxation Administration Act 1953.

adopted child of a person means someone the person has adopted:


(a) under a *State law or *Territory law about adoption of children; or


(b) under a *foreign law about adoption of children, if the adoption would be recognised as valid under a State law or Territory law.

affected interest: 
(a) in the *losing entity for an *indirect value shift, has the meaning given by section 727-460; or


(b) in the *gaining entity for an indirect value shift, has the meaning given by section 727-465.

affected owner: 
(a) of *down interests, has the meaning given by section 725-80; and


(b) of *up interests, has the meaning given by section 725-85; and


(c) for an *indirect value shift, has the meaning given by section 727-530.

affiliate has the meaning given by section 328-130.

AFOF means an *Australian venture capital fund of funds.

agent : this Act applies to some entities that are not agents in the same way as it applies to agents: see section 960-105.

aggregated turnover  has the meaning given by section 328-115.

Agriculture Department means the Department administered by the Minister administering the Farm Household Support Act 2014.

Agriculture Minister (Repealed by No 110 of 2014)

Agriculture Secretary means the Secretary of the *Agriculture Department.

alienated personal services payment has the meaning given by section 13-10 in Schedule 1 to the Taxation Administration Act 1953.

All Groups Consumer Price Index number means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician.

allocable cost amount has the meaning given by section 705-60 and subsection 711-20(1).

allocated annuity means an *immediate annuity that satisfies the requirements of subregulation 1.05(4) of the Superannuation Industry (Supervision) Regulations.

allocated pension means a *current pension that satisfies the requirements of subregulation 1.06(4) of the Superannuation Industry (Supervision) Regulations.

allowable capital expenditure (Repealed by No 77 of 2001)

allowable OB deduction has the meaning given by subsection 121EF(2) of the Income Tax Assessment Act 1936.

allowance component (Repealed by No 96 of 2014)

alteration time: 
(a) for a company has the meaning given by sections 165-115L, 165-115M, 165-115N, 165-115P, 165-115Q, 715-245, 715-250 and 719-725; and


(b) for a trust, has the meaning given by section 715-270.

AMIT (short for attribution managed investment trust) has the meaning given by section 276-10.

AMIT cost base increase amount has the meaning given by section 104-107E.

AMIT cost base net amount has the meaning given by section 104-107C.

AMIT cost base reduction amount has the meaning given by section 104-107D.

AMIT DIR payment has the meaning given by section 12A-25 in Schedule 1 to the Taxation Administration Act 1953.

AMIT dividend payment has the meaning given by section 12A-30 in Schedule 1 to the Taxation Administration Act 1953.

AMIT interest payment has the meaning given by section 12A-35 in Schedule 1 to the Taxation Administration Act 1953.

AMIT member annual statement : see AMMA statement.

AMIT royalty payment has the meaning given by section 12A-40 in Schedule 1 to the Taxation Administration Act 1953.

AMMA statement (short for AMIT member annual statement) has the meaning given by section 276-460.

amount includes a nil amount.

amount arising (Repealed by No 77 of 2001)

amount required to be withheld by an entity from a *withholding payment means:


(a) the amount that the entity must withhold from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953; or


(aaa) the amount that Division 12A in that Schedule requires the entity to pay to the Commissioner in respect of the payment; or


(aa) the amount that Division 13 in that Schedule requires the entity to pay to the Commissioner in respect of the *alienated personal services payment to which the withholding payment relates; or


(b) the amount that Division 14 in that Schedule requires the entity to pay to the Commissioner in respect of the *non-cash benefit or *capital proceeds to which the withholding payment relates;

or that amount as varied by the Commissioner under section 15-15 in the Schedule.

amount withheld by an entity from a *withholding payment means:


(a) an amount that the entity withheld from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953; or


(aaa) an amount that the entity paid to the Commissioner under Division 12A in that Schedule in respect of the payment; or


(aa) an amount that the entity paid to the Commissioner under Division 13 in that Schedule in respect of the *alienated personal services payment to which the withholding payment relates; or


(b) an amount that the entity paid to the Commissioner under Division 14 in that Schedule in respect of the *non-cash benefit or *capital proceeds to which the withholding payment relates.

ancillary activities (Repealed by No 77 of 2001)

ancillary fund means:


(a) a *public ancillary fund; or


(b) a *private ancillary fund.

ancillary mining activities has the meaning given by section 40-740.

annual global income has the meaning given by section 960-565.

annual instalment component of your *tax position has the meaning given by section 45-610 in Schedule 1 to the Taxation Administration Act 1953.

annual investment income report means a report, relating to *Part VA investments, that an entity is required to give to the Commissioner, in respect of a *financial year, under section 393-10 in Schedule 1 to the Taxation Administration Act 1953.

[CCH Note: Definition of "annual investment income report" will be repealed by No 21 of 2015, s 3 and Sch 6 item 58(a), effective 1 July 2020. For savings provisions, see note under Div 418.]

annual payer means an entity that has become an annual payer under section 45-140 in Schedule 1 to the Taxation Administration Act 1953, and has not since ceased to be an annual payer under section 45-150 or 45-155 or former section 45-180 in that Schedule.

annual tax period election has the same meaning as in the *GST Act.

annual turnover has the meaning given by section 328-120.

annuity includes:


(a) an annuity, within the meaning of the Superannuation Industry (Supervision) Act 1993; or


(b) a pension, within the meaning of the Retirement Savings Accounts Act 1997.

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

apartment building has the meaning given by section 43-95.

applicable functional currency has the meaning given by section 960-70.

applicable fund earnings has the meaning given by section 305-75.

applicable instalment rate (Repealed by No 96 of 2014)

apportionable deductions are:


(a) amounts deducted or deductible under section 25-75 (which provides a deduction for rates and land tax); or


(b) amounts deducted or deductible under section 30-15 because of item 1, 2, 7 or 8 in the table in that section, except amounts deducted or deductible for gifts of *trading stock in cases where:


(i) the gifts are covered by section 70-90 (which has the effect that the giver's assessable income includes the market value of the gift); and

(ii) no election has been made, or is made, under Subdivision 385-E (which allows the giver to choose to spread the market value of a gift of live stock over the giver's assessable income for 5 income years or to reduce the amount included in the giver's assessable income by the cost of replacement live stock).

approved child care has the meaning given by section 61-475.

approved child care fees has the meaning given by section 61-490.

approved deposit fund has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993.

approved deposit fund payment  has the meaning given by section 307-5.

approved form has the meaning given by section 388-50 in Schedule 1 to the Taxation Administration Act 1953.

approved investment plan, of an *ESVCLP, has the meaning given by subsection 13-15(2) of the Venture Capital Act 2002.

approved management plan for land has the meaning given by section 40-640.

approved occupational clothing guidelines has the meaning given by subsection 34-55(1).

approved stock exchange means a stock exchange named in regulations made for the purposes of this definition.

APRA means the Australian Prudential Regulation Authority.

area covered by an international tax sharing treaty : if, under an *international tax sharing treaty, Australia and another country share tax revenues from activities undertaken in an area identified by or under the treaty, that area is an area covered by an international tax sharing treaty.

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

arm's length capital amount: 
(a) for an *outward investing entity (ADI) - has the meaning given by section 820-315; and


(b) for an *inward investing entity (ADI) - has the meaning given by section 820-410.

arm's length conditions has the meaning given by section 815-125.

arm's length consideration (Repealed by No 96 of 2014)

arm's length debt amount: 
(a) for an *outward investing entity (non-ADI) - has the meaning given by section 820-105; and


(b) for an *inward investing entity (non-ADI) - has the meaning given by section 820-215.

arm's length profits has the meaning given by section 815-225.

arrangement means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings.

arrangement payment has the meaning given by section 240-65.

arrangement payment period has the meaning given by section 240-70.

arrangement period for a *tax preferred use of an asset has the meaning given by section 250-65.

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

Arts Department (Repealed by No 110 of 2014)

Arts Minister (Repealed by No 110 of 2014)

Arts Secretary means the Secretary of the Department administered by the *Arts Minister.

artwork means:


(a) a painting, sculpture, drawing, engraving or photograph; or


(b) a reproduction of such a thing; or


(c) property of a similar description or use.

ASIC means the Australian Securities and Investments Commission.

assessable amount has the meaning given by subsection 155-5(2) in Schedule 1 to the Taxation Administration Act 1953.

assessable film income for an income year is so much of the amount, or the sum of the amounts, to which section 26AG of the Income Tax Assessment Act 1936 applies in relation to you for the income year as is assessable income.

assessable income has the meaning given by sections 6-5, 6-10, 6-15, 17-10 and 17-30.

For the effect of GST-related amounts on assessable income, see Division 17.

Note:

For income years before 1997-98, assessable income has the meaning given by section 6-3 of the Income Tax (Transitional Provisions) Act 1997.

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

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

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

assessable recoupment has the meaning given by section 20-20.

assessed Division 293 tax means *Division 293 tax, as assessed under Schedule 1 to the Taxation Administration Act 1953.

assessed excess transfer balance tax means *excess transfer balance tax, as assessed under Schedule 1 to the Taxation Administration Act 1953.

assessed GST has the meaning given by the *GST Act.

assessed net amount has the meaning given by the *GST Act.

assessed net fuel amount has the meaning given by the Fuel Tax Act 2006.

assessment :


(a) of an *assessable amount, means an ascertainment of the assessable amount; and


(b) in relation to a *tax-related liability not covered by paragraph (a), has the meaning given by a *taxation law that provides for the assessment of the amount of the liability.

Note:

The table lists provisions of taxation laws that define assessment.


Taxation laws that define assessment
ItemTaxation lawProvision
1Income Tax Assessment Act 1936subsection 6(1)
.......... 
5Fringe Benefits Tax Assessment Act 1986subsection 136(1)
.......... 
10Petroleum Resource Rent Tax Assessment Act 1987section 2
.......... 
15Superannuation Guarantee (Administration) Act 1992section 6
.......... 
20Superannuation Contributions Tax (Assessment and Collection) Act 1997section 43
.......... 
25Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997section 38
.......... 
30Termination Payments Tax (Assessment and Collection) Act 1997section 31

assessment day for an income year of a *life insurance company has the meaning given by section 219-45.

asset-based income tax regime has the meaning given by section 830-105.

asset forming part of goodwill (Repealed by No 99 of 2012)

asset included in the total assets of a company that is a foreign resident has the meaning given by section 768-545.

associate has the meaning given by section 318 of the Income Tax Assessment Act 1936.

Note:

Under section 87-35, Australian government agencies, and certain parts of Australian governments and authorities, are not treated as associates for the purposes of ascertaining whether an entity is conducting a personal services business.

associated enterprises article has the meaning given by subsection 815-15(5).

associated government entity means:


(a) for the Commonwealth - each authority of the Commonwealth; or


(b) for an authority of the Commonwealth - each other authority of the Commonwealth; or


(c) for a State - each authority of the State; or


(d) for an authority of a State - each other authority of the State; or


(e) for a Territory - each authority of the Territory; or


(f) for an authority of a Territory - each other authority of the Territory.

associate entity has the meaning given by section 820-905.

associate entity debt has the meaning given by section 820-910.

associate entity equity has the meaning given by section 820-915.

associate entity excess amount has the meaning given by section 820-920.

associate-inclusive control interest in a company has the meaning given by section 975-160.

associate-inclusive control interest (Repealed by No 90 of 2002)

associate interest has the meaning given by section 820-905.

at risk has the meaning given by section 118-430.

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

attributable taxpayer has the meaning given by Part X of the Income Tax Assessment Act 1936.

attribution managed investment trust : see AMIT.

attribution percentage , in relation to a *CFC or a *CFT, has the meaning given by Part X of the Income Tax Assessment Act 1936.

audited consolidated financial statements for an entity for a period has the meaning given by section 820-935.

auditing principles : a matter is in accordance with auditing principles if it is in accordance with:


(a) *auditing standards; or


(b) if there are no auditing standards applicable to the matter - authoritative pronouncements of the Auditing and Assurance Standards Board that apply to the preparation of financial statements.

auditing standard has the same meaning as in the Corporations Act 2001.

Australia has the meaning affected by section 960-505.

Australian Business Register means the Australian Business Register established and maintained under the A New Tax System (Australian Business Number) Act 1999.

Australian Business Registrar means the Registrar of the *Australian Business Register.

Australian carbon credit unit has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011.

Australian controlled foreign entity has the meaning given by section 820-745.

Australian controller: 
(a) of a *controlled foreign company mentioned in paragraph 820-745(a) - has the meaning given by section 820-750; and


(b) of a *controlled foreign trust - has the meaning given by section 820-755; and


(c) of a *controlled foreign corporate limited partnership - has the meaning given by section 820-760.

Australian corporate tax entity: an entity is an Australian corporate tax entity at a particular time if the entity is:


(a) a *corporate tax entity at that time; and


(b) for a company or a *corporate limited partnership - an Australian resident at that time; and


(c) for a *public trading trust - a *resident unit trust for the income year in which that time occurs.

Australian entity has the same meaning as in Part X of the Income Tax Assessment Act 1936.

Australian financial market means a financial market (within the meaning of Chapter 7 of the Corporations Act 2001) operating under an Australian market licence granted under subsection 795B(1) of that Act.

Australian financial services licence has the meaning given by section 761A of the Corporations Act 2001.

Australian fund has the meaning given by section 74 of the Life Insurance Act 1995.

Australian government agency means:


(a) the Commonwealth, a State or a Territory; or


(b) an authority of the Commonwealth or of a State or a Territory.

Australian law means a *Commonwealth law, a *State law or a *Territory law.

Australian legislature means:


(a) the Parliament of the Commonwealth of Australia; or


(b) the Parliament of a State; or


(c) the Legislative Assembly for the Australian Capital Territory; or


(d) the Legislative Assembly of the Northern Territory of Australia.

Australian/overseas fund has the meaning given by section 74 of the Life Insurance Act 1995.

Australian permanent establishment , of an entity, means a *permanent establishment of the entity that is in Australia.

Australian resident means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936.

Australian source: *ordinary income or *statutory income has an Australian source if, and only if, it is *derived from a source in Australia for the purposes of the Income Tax Assessment Act 1936.

Australian-sourced amount has the meaning given by the regulations mentioned in section 312-5 (about trans-Tasman portability of retirement savings).

Australian superannuation fund has the meaning given by section 295-95.

Australian trust has the same meaning as in Part X of the Income Tax Assessment Act 1936.

Australian venture capital fund of funds has the meaning given by subsection 118-410(3).

authorised ASIO officer has the meaning given by section 355-70 in Schedule 1 to the Taxation Administration Act 1953.

authorised law enforcement agency officer has the meaning given by section 355-70 in Schedule 1 to the Taxation Administration Act 1953.

available assessable income (Repealed by No 77 of 2001)

available expense has the meaning given by section 175-30.

available fraction for a *bundle of losses has the meaning given by sections 707-320, 719-310 and 719-315.

available frankable profits has the meaning given by section 215-20 and affected by subsection 215-25(1).

available income has the meaning given by section 175-30.

available loss exposure amount has the meaning given by paragraph 830-50(1)(a).

average equity capital has the meaning given by sections 820-395, 820-420 and 820-615.

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

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

average turnover (Repealed by No 80 of 2007)

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

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

award transport payment has the meaning given by section 900-220.

balancing adjustment event has the meaning given by section 40-295.

BAS amount means any debt or credit that arises directly under the *BAS provisions.

Note:

BAS stands for Business Activity Statement.

BAS amounts (Repealed by No 12 of 2012)

base assessment has the meaning given by sections 45-320 and 45-470 in Schedule 1 to the Taxation Administration Act 1953.

base interest rate has the meaning given by section 8AAD of the Taxation Administration Act 1953.

base penalty amount: the base penalty amount for calculating the amount of an administrative penalty is worked out under the relevant provision in this table:
Base penalty amount
ItemFor a penalty for this:See:
1False or misleading statementSection 284-90 in Schedule 1 to the Taxation Administration Act 1953
 Position not reasonably arguable 
.......... 
2*SchemesSection 284-160 in that Schedule
.......... 
3Failure to lodge returns etc.Section 286-80 in that Schedule

base value , of a *depreciating asset, has the meaning given by subsection 40-70(1).

base year: 
(a) for an entitlement to a *tax offset under Subdivision 61-I - has the meaning given by sections 61-430 and 61-450; and


(b) in relation to an income year - has the meaning given by sections 45-320 and 45-470 in Schedule 1 to the Taxation Administration Act 1953.


(c) (Repealed by No 96 of 2014)

base year† , for your entitlement to a *tax offset under Subdivision 61-I, has the meaning given by section 61-430.

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

basic concessional contributions cap means the concessional contributions cap under subsection 291-20(2), disregarding any increase under subsection 291-20(3).

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

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

BAS provisions means:


(a) Part VII of the Fringe Benefits Tax Assessment Act 1986; and


(b) the *indirect tax law; and


(c) Parts 2-5 and 2-10 in Schedule 1 to the Taxation Administration Act 1953 (which are about the PAYG system); and


(d) Division 389 in Schedule 1 to the Taxation Administration Act 1953; and


(e) the Major Bank Levy Act 2017.

Note:

BAS stands for Business Activity Statement.

behaviour that is harmful or abusive means one or more of the following:


(a) emotional abuse;


(b) sexual abuse;


(c) physical abuse;


(d) suicide;


(e) self-harm;


(f) substance abuse;


(g) harmful gambling.

benchmark franking percentage has the meaning given by section 203-30.

benchmark instalment rate has the meaning given by sections 45-360 and 45-530 in Schedule 1 to the Taxation Administration Act 1953.

benchmark rate of return for an interest has the meaning given by section 974-145.

benchmark rule is the rule in section 203-25.

benchmark tax has the meaning given by sections 45-365 and 45-535 in Schedule 1 to the Taxation Administration Act 1953.

bereavement Subdivision has the meaning given by section 52-20.

bid period has the meaning given by section 9 of the Corporations Act 2001.

borrowed securities amount of an entity at a particular time means the total of the liabilities of the entity, to the extent that they meet these conditions:


(a) the value of the liability at that time is worked out by reference to the value at that time of securities that the entity has short sold;


(b) as at that time, the entity has settled the sale using securities it acquired under one or more of these *arrangements:


(i) a reciprocal purchase agreement (otherwise known as a repurchase agreement);

(ii) a sell-buyback arrangement;

(iii) a securities loan arrangement.

borrowing means any form of borrowing, whether secured or unsecured, and includes the raising of funds by the issue of a bond, debenture, discounted security or other document evidencing indebtedness.

bribe to a foreign public official has the meaning given by section 26-52.

bribe to a public official has the meaning given by section 26-53.

bundle of losses has the meaning given by section 707-315.

business includes any profession, trade, employment, vocation or calling, but does not include occupation as an employee.

business day means a day other than:


(a) a Saturday or a Sunday; or


(b) a day which is a public holiday for the whole of:


(i) any State; or

(ii) the Australian Capital Territory; or

(iii) the Northern Territory.

business exemption threshold (Repealed by No 165 of 1999)

business kilometres has the meaning given by sections 28-25 and 28-90.

business meeting has the meaning given by subsections 32-65(3) and (4).

business profits article has the meaning given by subsection 815-15(6).

business travel expense has the meaning given by section 900-95.

business use percentage has the meaning given by section 28-90.

capital allowance means a deduction under:


(a) Division 40 (capital allowances) of this Act; or


(ab) Division 43 (capital works) of this Act; or


(ac) Subdivision 328-D (capital allowances for small business entities) of this Act; or


(b)-(c) (Repealed by No 101 of 2006)


(d) former Division 10BA of Part III of that Act (Australian films); or


(e) former Division 10B of Part III of that Act (copyright in Australian films).


(f) (Repealed by No 93 of 2011)

capital gain: for each *CGT event a capital gain is worked out in the way described in that event.

Note 1:

There are some CGT events for which there is no capital gain.

Note 2:

For income years before 1998-99, capital gain has the meaning given by section 102-20 of the Income Tax (Transitional Provisions) Act 1997.

capital loss: for each *CGT event a capital loss is worked out in the way described in that event.

Note 1:

There are some CGT events for which there is no capital loss.

Note 2:

For income years before 1998-99, capital loss has the meaning given by section 102-20 of the Income Tax (Transitional Provisions) Act 1997.

capital proceeds has the meaning given by Division 116.

capital protected borrowing has the meaning given by section 247-10.

capital protection has the meaning given by section 247-10.

capital shareholding of less than 1% (Repealed by No 147 of 2005)

capital stake has the meaning given by section 166-235.

capital unitholding of less than 1% (Repealed by No 94 of 1999)

capped defined benefit income stream has the meaning given by section 294-130.

capped life of a *depreciating asset has the meaning given by section 40-102.

car means a *motor vehicle (except a motor cycle or similar vehicle) designed to carry a load of less than 1 tonne and fewer than 9 passengers.

carbon sequestration has the meaning given by section 40-1015.

carbon unit (Repealed by No 83 of 2014)

car depreciation limit (Repealed by No 77 of 2001)

car expense has the meaning given by section 28-13.

car fringe benefit has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986.

car-less day (Repealed by No 162 of 2015)

car limit has the meaning given by section 40-230.

carried interest: 
(a) of a *general partner in a *VCLP, an *ESVCLP or an *AFOF - has the meaning given by subsections 104-255(4) and (6); and


(b) of a *limited partner in a *VCMP - has the meaning given by subsections 104-255(5) and (6).

carried on in Australia (Repealed by No 66 of 2003)

carry back (Repealed by No 96 of 2014)

carry-forward trust component deficit , of a particular character, has the meaning given by section 276-330.

carrying on an *enterprise includes doing anything in the course of the commencement or termination of the enterprise.

cash bidding exploration or prospecting authority (Repealed by No 77 of 2001)

cash management trust means a trust that satisfies these requirements:


(a) the trust is of a kind commonly known as a cash management trust;


(b) each unit in the trust carries the same rights as every other unit in the trust.

cash settlable  has the meaning given by subsection 230-45(2).

cessation event , in relation to a *provisional head company of a *MEC group, has the meaning given by subsection 719-60(6).

cessation time (Repealed by No 133 of 2009)

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

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

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

CGT cap amount  has the meaning given by section 292-105.

CGT concession stakeholder has the meaning given by subsection 152-60.

CGT event means any of the CGT events described in Division 104. A CGT event described by number (for example: CGT event A1) refers to the relevant event in that Division.

CGT exempt amount has the meaning given by section 152-315.

CGT retirement exemption limit has the meaning given by section 152-320.

CGT small business entity has the meaning given by subsection 152-10(1AA).

chain of trusts has the meaning given by section 104-71.

changeover time for a company has the meaning given by sections 165-115C, 165-115D and 719-705.

child : without limiting who is a child of an individual, each of the following is the child of an individual:


(a) the individual's *adopted child, stepchild or exnuptial child;


(b) a child of the individual's *spouse;


(c) someone who is a child of the individual within the meaning of the Family Law Act 1975.

child care base week has the meaning given by section 61-470.

child care offset limit has the meaning given by section 61-495.

child event has the meaning given by section 61-360.

child recipient of a *superannuation income stream has the meaning given by section 294-175.

class of a taxable income or a *tax loss of a *life insurance company has the meaning given by section 320-133.

class : *membership interests in a company or trust form a class if the interests have the same, or substantially the same, rights.

clean building has the meaning given by section 12-430 in Schedule 1 to the Taxation Administration Act 1953.

clean building managed investment trust has the meaning given by section 12-425 in Schedule 1 to the Taxation Administration Act 1953.

Climate Change Department (Repealed by No 110 of 2014)

Climate Change Minister means the Minister administering the National Greenhouse and Energy Reporting Act 2007.

Climate Change Secretary means the Secretary of the Department administered by the *Climate Change Minister.

closing pool balance has the meaning given by:


(a) for a low-value pool - section 40-440; or


(b) for a *general small business pool - section 328-200.

closing pool value has the meaning given by section 40-830.

club (Repealed by No 121 of 1997)

collectable has the meaning given by section 108-10.

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

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

commercial horticulture has the meaning given by section 40-535.

Commissioner means the Commissioner of Taxation.

Note:

The office of Commissioner of Taxation is created by section 4 of the Taxation Administration Act 1953.

Commissioner assessment (Repealed by No 161 of 2005)

Commissioner's instalment rate has the meaning given by section 45-115 in Schedule 1 to the Taxation Administration Act 1953.

committed capital of a partnership has the meaning given by section 118-445.

common ownership : see under common ownership.

common-ownership nexus: see section 727-400.

common stake has the meaning given by sections 124-783 and 124-783A.

common stakeholder has the meaning given by section 124-783.

Commonwealth education or training payment has the meaning given by subsection 52-145(1).

Commonwealth labour market program has the meaning given by subsection 52-145(2).

Commonwealth law means a law of the Commonwealth.

Commonwealth of Nations country  means:


(a) a foreign country that is a member of the Commonwealth of Nations; or


(b) a colony, overseas territory or protectorate of such a member; or


(c) a territory for whose international relations such a member is responsible;

other than one declared by the regulations not to be a Commonwealth of Nations country.

Commonwealth public sector superannuation scheme has the same meaning as in the Superannuation (Unclaimed Money and Lost Members) Act 1999.

company means:


(a) a body corporate; or


(b) any other unincorporated association or body of persons;

but does not include a partnership or a *non-entity joint venture.

Note 1:

Division 830 treats foreign hybrid companies as partnerships.

Note 2:

A reference to a company includes a reference to a corporate limited partnership: see section 94J of the Income Tax Assessment Act 1936.

company law (Repealed by No 41 of 2005)

company's share: 
(a) of a partnership's *notional loss or *notional net income - has the meaning given by sections 165-80 and 165-85; and


(b) of a partnership's *full year deductions - has the meaning given by sections 165-90.

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

compensable work-related trauma has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986.

completed , in relation to a *film, has the meaning given by subsection 376-55(2).

complying approved deposit fund means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993.

complying health insurance policy has the meaning given by the Private Health Insurance Act 2007.

complying superannuation asset has the meaning given by subsection 320-170(6).

complying superannuation asset pool has the meaning given by subsection 320-170(6).

complying superannuation class :


(a) for a taxable income of a *life insurance company - has the meaning given by section 320-137; or


(b) for a *tax loss of a *life insurance company - has the meaning given by section 320-141.

complying superannuation class (Repealed by No 45 of 2008)

complying superannuation class (Repealed by No 45 of 2008)

complying superannuation entity means:


(a) a *complying superannuation fund; or


(b) a *complying approved deposit fund; or


(c) a *pooled superannuation trust.

complying superannuation/FHSA asset (Repealed by No 70 of 2015)

complying superannuation/FHSA asset pool (Repealed by No 70 of 2015)

complying superannuation/FHSA class (Repealed by No 70 of 2015)

complying superannuation/FHSA liabilities (Repealed by No 70 of 2015)

complying superannuation/FHSA life insurance policy (Repealed by No 70 of 2015)

complying superannuation fund means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993.

complying superannuation liabilities of a *life insurance company means liabilities of the company under *life insurance policies referred to in subsection 320-190(1).

complying superannuation life insurance policy means a *life insurance policy that:


(a) is held by:


(i) the trustee of a fund that is a *complying superannuation fund or a *complying approved deposit fund; or

(ii) the trustee of a *pooled superannuation trust; or


(b) is held by an individual and:


(i) provides for an *annuity that is not presently payable, if the annuity was purchased out of a *superannuation lump sum or an *employment termination payment; or

(ia) provides for an *immediate annuity, if the annuity is a *superannuation income stream that is not in the *retirement phase; or

(ii) is so held in the benefit fund of a *friendly society, being a fund that is a *regulated superannuation fund; or


(c) is held by another *life insurance company and is a *complying superannuation asset of that company;

and is not an *excluded complying superannuation life insurance policy.

complying superannuation plan means:


(a) a *complying superannuation fund; or


(b) a *public sector superannuation scheme that is:


(i) a *regulated superannuation fund; or

(ii) an exempt public sector superannuation scheme (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993); or


(c) a *complying approved deposit fund; or


(d) an *RSA.

component of your *tax position has the meaning given by section 45-610 in Schedule 1 to the Taxation Administration Act 1953.

concentration (Repealed by No 77 of 2001)

concessional contributions has the meaning given by sections 291-25 and 291-165.

concessional contributions cap has the meaning given by section 291-20.

conduit foreign income has the meaning given by Subdivision 802-A.

connected entity of an entity means:


(a) an *associate of the entity; or


(b) another member of the same *wholly owned group if the entity is a company and is a member of such a group.

connected with: an entity is connected with you in the circumstances described in section 328-125.

Note:

This meaning is affected by section 152-78.

connecting power to land or upgrading the connection has the meaning given by section 40-655.

conservation covenant has the meaning given by section 31-5.

consideration receivable: 
(a) consideration receivable on the disposal of a leased *car has the meaning given by section 20-115; and


(b) consideration receivable for *trading stock changing hands has the meaning given by subsection 70-100(11).

consolidatable group has the meaning given by section 703-10.

consolidated group has the meaning given by section 703-5.

Note 1:

Part 3-90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719-2).

Note 2:

Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3-90) referring only to consolidated groups do not apply to MEC groups.

consolidation transitional year for a *member of a *consolidated group or a member of a *MEC group, is an income year for that member that satisfies both of the following conditions:


(a) the group is in existence during all or any part of that year;


(b) Subdivision 45-Q in Schedule 1 to the Taxation Administration Act 1953 (including that Subdivision as applied under Subdivision 45-S in that Schedule):


(i) does not apply at all to the *head company or the *provisional head company of the group during that year; or

(ii) starts to apply at any time during that year to the head company or the provisional head company of the group because of subsection 45-705(2) or subparagraph 45-705(3)(c)(ii), (4)(d)(ii) or (iv), or subsection 45-915(2) or subparagraph 45-915(3)(c)(ii), (4)(b)(ii) or (iv), in that Schedule.

constitution of a company means the memorandum and articles of association of the company, or any other rules or document constituting the company or governing its activities.

constitutional corporation means:


(a) a corporation to which paragraph 51(xx) of the Constitution applies; or


(b) a body corporate that is incorporated in a Territory.

constitutionally protected fund means a fund that is declared by the regulations to be a constitutionally protected fund.

construction expenditure has the meaning given by section 43-70.

construction expenditure area has the meaning given by section 43-75.

contingent on aspects of the economic performance has the meaning given by section 974-85.

contingent on the economic performance (Repealed by No 10 of 2016)

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

continuous disability policy has the meaning given by section 9A of the Life Insurance Act 1995.

contract of reinsurance, in respect of *life insurance policies, does not include a contract of reinsurance in respect of:


(a) the parts of *complying superannuation life insurance policies in respect of which the liabilities of the company that issued the policies are to be discharged out of a *complying superannuation asset pool; or


(b) policies that are *exempt life insurance policies.

contributions segment has the meaning given by section 307-220.

contributions-splitting superannuation benefit has the meaning given by the regulations.

control a non-fixed trust has the meaning given by Subdivision 269-E in Schedule 2F to the Income Tax Assessment Act 1936.

control (for value shifting purposes) has the meaning given by sections 727-355, 727-360, 727-365 and 727-375.

controlled foreign company has the same meaning as in Part X of the Income Tax Assessment Act 1936.

controlled foreign corporate limited partnership has the meaning given by section 820-760.

controlled foreign entity debt has the meaning given by section 820-885.

controlled foreign entity equity has the meaning given by section 820-890.

controlled foreign trust has the same meaning as in Part X of the Income Tax Assessment Act 1936.

controller (for CGT purposes) : an entity is a controller (for CGT purposes) of a company in the circumstances mentioned in section 975-155.

controller (for imputation purposes) has the meaning given by subsections 207-130(5) and (6).

controlling individual (Repealed by No 55 of 2007)

convertible interest means a convertible interest in a company or in a trust or unit trust and:


(a) a convertible interest in a company is an interest of the kind referred to in item 4 of the table in subsection 974-75(1); and


(b) a convertible interest in a trust or unit trust is an interest that has the same or a similar effect in relation to the trust or unit trust.

convertible note: 
(a) a convertible note of a company has the meaning given by section 82L of the Income Tax Assessment Act 1936; and


(b) a convertible note of a trust or unit trust means a note that has the same or a similar effect in relation to the trust or unit trust.

co-operative company has the same meaning as in Division 9 of Part III of the Income Tax Assessment Act 1936.

copyright collecting society means either of the following bodies:


(a) a body that satisfies all of the following conditions:


(i) a declaration under the Copyright Act 1968 is in force in respect of the body;

(ii) the body is a company whose *constitution contains provisions about the distribution of amounts collected or *derived by it, including a requirement that a *member of the society cannot direct the body to pay an amount at a particular time;

(iii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met;


(b) a company that satisfies all of the following conditions:


(i) the company is incorporated under an *Australian law relating to companies;

(ii) the company has and maintains the purpose of collective administration of copyrights;

(iii) if the company has other purposes - these purposes are incidental to the purpose described in subparagraph (ii) or, if the company is the *resale royalty collecting society, relate to the company's functions or duties as resale royalty collecting society;

(iv) the company collects or derives, and distributes, income of a kind mentioned in paragraph 51-43(2)(a) or (b);

(v) the company's constitution allows any copyright owner, or his or her *agent, to be a member of the society, or allows all copyright owners of a particular type to be members;

(vi) the company's constitution prohibits the payment of *dividends;

(vii) the company's constitution contains provisions about the payment, out of amounts collected or derived by it, of the administrative costs of collecting those amounts;

(viii) the company's constitution contains provisions about the distribution of amounts collected or derived by it, including a requirement that an amount must be paid to a member as soon as is reasonably possible after the allocation of the amount to the member, as well as a requirement that a member cannot direct the company to pay an amount at a particular time;

(ix) the company's constitution, or contracts with members, contains such other provisions as are prescribed by the regulations (if any), being provisions necessary to ensure that the interests of members or their agents are protected adequately;

(x) the company's constitution requires the company to hold amounts on trust for copyright owners who are not members, or for members pending the payment of amounts to them;

(xi) the company's constitution, or contracts with members, allows all members to access the company's records;

(xii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met.

copyright income (Repealed by No 126 of 2009)

core R&D activities has the meaning given by section 355-25.

core shipping activities has the meaning given by section 51-110.

corporate change has the meaning given by section 166-175.

corporate limited partnership has the meaning given by section 94D of the Income Tax Assessment Act 1936.

corporate tax entity has the meaning given by section 960-115.

corporate tax gross-up rate , of an entity for an income year, means the amount worked out using the following formula:
 100% - *Corporate tax rate for imputation purposes of the entity for the income year 
 *Corporate tax rate for imputation purposes of the entity for the income year 

corporate tax rate :


(a) in relation to a company to which paragraph 23(2)(a) of the Income Tax Rates Act 1986 applies - means the rate of tax in respect of the taxable income of a company covered by that paragraph; or


(b) in relation to another entity - means the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(b) of that Act.

corporate tax rate for imputation purposes , of an entity for an income year, means:


(a) unless paragraph (b) applies - the entity's *corporate tax rate for the income year, worked out on the assumption that the entity's *aggregated turnover for the income year is equal to its aggregated turnover for the previous income year; or


(b) if the entity did not exist in the previous income year - the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(a) of the Income Tax Rates Act 1986.

corporate unit trust (Repealed by No 53 of 2016)

cost: 
(a) cost of a *depreciating asset has the meaning given by Subdivision 40-C; and


(b) cost of an item of *trading stock, in the case of an animal that you acquired by natural increase, has the meaning given by section 70-55; and

Note:

The cost of an animal acquired by natural increase before the 1997-98 income year is the cost price of the animal under former section 34 of the Income Tax Assessment Act 1936. See subsection 70-55(2) of the Income Tax (Transitional Provisions) Act 1997.


(c) cost of a *registered emissions unit has the meaning given by section 420-60.

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

cost-free debt capital has the meaning given by section 820-946.

COT transfer of a loss has the meaning given by section 707-210.

CRC program means the program administered by the Commonwealth known as the Cooperative Research Centres Program.

created: 
(a) a *consolidated group is created from a *MEC group if the consolidated group comes into existence under section 703-55 at the time the MEC group ceases to exist (as mentioned in that section); and


(b) a MEC group is created from a consolidated group if:


(i) the MEC group comes into existence under section 719-40 when a *special conversion event happens to a *potential MEC group derived from an *eligible tier-1 company of a *top company; and

(ii) the eligible tier-1 company was the *head company of the consolidated group (as mentioned in paragraph 719-40(1)(b)).

creditable acquisition has the meaning given by section 195-1 of the *GST Act.

creditable importation has the meaning given by section 195-1 of the *GST Act.

creditable purpose has the meaning given by section 195-1 of the *GST Act.

credit absorption tax has the meaning given by section 770-15.

cross-character allocation amount , of a particular character, has the meaning given by section 276-330.

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

CRS (short for Common Reporting Standard) has the meaning given by subsection 396-110(1) in Schedule 1 to the Taxation Administration Act 1953.

CRS Commentary has the meaning given by subsection 396-110(2) in Schedule 1 to the Taxation Administration Act 1953.

crystallised pre-July 83 amount , in relation to a *superannuation interest, means the amount mentioned in paragraph 307-225(2)(e) in relation to the interest.

crystallised reduction amount has the meaning given by section 136-10 in Schedule 1 to the Taxation Administration Act 1953.

crystallised segment has the meaning given by section 307-225.

CS/RA class (Repealed by No 101 of 2004)

CS/RA component (Repealed by No 101 of 2004)

cultural organisation has the meaning given by section 30-300.

currency exchange rate effect has the meaning given by section 775-105.

current annual turnover (Repealed by No 80 of 2007)

current GST turnover has the meaning given by section 195-1 of the *GST Act.

current pension means a pension that has begun to be paid.

current termination value of a *life insurance policy, or of the *net risk component of a life insurance policy, has the meaning given in prudential standards made under section 230A of the Life Insurance Act 1995.

current year means the income year for which you are working out your assessable income, deductions and *tax offsets.

custodian has the meaning given by section 12-390 in Schedule 1 to the Taxation Administration Act 1953.

customs dealing has the meaning given by the *Wine Tax Act.

dad and partner pay has the meaning given by the Paid Parental Leave Act 2010.

datacasting transmitter licence has the meaning given by section 5 of the Radiocommunications Act 1992.

date of the settlement or order , for a *structured settlement or a *structured order, has the meaning given by section 54-5.

death benefits dependant has the meaning given by section 302-195.

death benefit termination payment has the meaning given by subsection 82-130(3).

debenture of a company or unit trust includes debenture stock, bonds, notes and any other securities of the company or trust, whether or not constituting a charge on its assets.

debit value , of a *superannuation interest that supports an income stream that is, or was at any time, a *capped defined benefit income stream, has the meaning given by section 294-145.

debt account discharge liability has the meaning given by section 133-120 in Schedule 1 to the Taxation Administration Act 1953.

debt capital , of an entity and at a particular time, means any *debt interests issued by the entity that are still *on issue at that time.

debt deduction has the meaning given by section 820-40.

debt interest in an entity has the meaning given by Subdivision 974-B.

debt-like trust instrument has the meaning given by section 276-505.

debt property has the meaning given by section 243-30.

decreased value shares (Repealed by No 90 of 2002)

decrease time for a *direct value shift has the meaning given by section 725-155.

decreasing adjustment has the meaning given by section 195-1 of the *GST Act.

deduct has the meaning given by sections 8-1 and 8-5.

deductible gift recipient has the meaning given by section 30-227.

deduction means an amount that you can deduct.

Note:

For income years before 1997-98, deduction has the meaning given by section 8-3 of the Income Tax (Transitional Provisions) Act 1997.

deduction year has the meaning given by section 170-20.

default commutation notice has the meaning given by section 136-10 in Schedule 1 to the Taxation Administration Act 1953.

Defence Department (Repealed by No 110 of 2014)

Defence Minister means the Minister administering section 1 of the Defence Act 1903.

Defence Secretary means the Secretary of the Department administered by the *Defence Minister.

deferral reversal , for a *superannuation interest, has the meaning given by section 133-25 in Schedule 1 to the Taxation Administration Act 1953.

deferred annuity (Repealed by No 15 of 2007)

deferred BAS payer , at a particular time, means an entity that has an obligation to notify the Commissioner of a *BAS amount at that time, other than:


(a) an entity that has an obligation at that time to give the Commissioner a *GST return for a monthly *tax period; or


(b) an entity whose obligation to notify a BAS amount at that time relates only to one or more of the following:


(i) an *amount withheld by a *medium withholder or a *large withholder;

(ii) the *PAYG instalment of an *annual payer.

Note:

You are therefore a deferred BAS payer if you have an obligation to give the Commissioner a GST return for a quarterly tax period or if you are a GST instalment payer within the meaning of the GST Act.

deferred roll-over gain: an asset has a deferred roll-over gain at a particular time if:


(a) before that time there was a roll-over under a provision or former provision of this Act in relation to a disposal or a *CGT event that happened in relation to the asset; and


(b) as a result of the roll-over all or part of a *capital gain from the disposal or CGT event was disregarded.

The amount of the deferred roll-over gain is equal to the amount of the capital gain that was disregarded, reduced by the amount (if any) by which the gain has been taken into account in working out a *net capital gain (section 102-5) or *net capital loss (section 102-10) in relation to the asset between the roll-over time and the particular time.

deferred roll-over loss: an asset has a deferred roll-over loss at a particular time if:


(a) before that time there was a roll-over under a provision or former provision of this Act in relation to a disposal or a *CGT event that happened in relation to the asset; and


(b) as a result of the roll-over all or part of a *capital loss from the disposal or CGT event was disregarded.

The amount of the deferred roll-over loss is equal to the amount of the capital loss that was disregarded, reduced by the amount (if any) by which the loss has been taken into account in working out a *net capital gain (section 102-5) or *net capital loss (section 102-10) in relation to the asset between the roll-over time and the particular time.

deferred superannuation income stream has the meaning given by the Superannuation Industry (Supervision) Regulations 1994.

deferred to a debt account , for a *superannuation interest, in relation to *assessed Division 293 tax, has the meaning given by section 133-10 in Schedule 1 to the Taxation Administration Act 1953.

deficit: 
(a) section 205-40 sets out when a *franking account is in deficit; and


(b) section 208-125 sets out when an *exempting account is in deficit; and


(c) section 210-130 sets out when a *venture capital sub-account is in deficit.

defined benefit contributions has the meaning given by sections 293-115, 293-150 and 293-195.

defined benefit income has the meaning given by section 303-2.

defined benefit income cap has the meaning given by section 303-4.