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INCOME TAX ASSESSMENT ACT 1997 !!!The following amendments (No. 147, 2005 and No. 160, 2005 and No. 161, 2005 and No. 162, 2005 and No. 13, 2006 and No. 17, 2006 and No. 32, 2006 and No. 41, 2006 and No. 46, 2006 and No. 55, 2006 and No. 58, 2006 and No. 65, 2006 and No. 73, 2006 and No. 80, 2006 and No. 82, 2006 and No. 100, 2006 and No. 136, 2006) have not been incorporated. - List of Sections

Section

Compilation Information

Contents

Long Title

INCOME TAX ASSESSMENT ACT 1997
Chapter 1—Introduction and core provisions

INCOME TAX ASSESSMENT ACT 1997
Part 1-1—Preliminary

INCOME TAX ASSESSMENT ACT 1997
Division 1—Preliminary

1-1. Short title [ see Note 1]
1-2. Commencement
1-3. Differences in style not to affect meaning
INCOME TAX ASSESSMENT ACT 1997
Part 1-2—A Guide to this Act

INCOME TAX ASSESSMENT ACT 1997
Division 2—How to use this Act

INCOME TAX ASSESSMENT ACT 1997
Subdivision 2-A—How to find your way around


2-1. The design
INCOME TAX ASSESSMENT ACT 1997
Subdivision 2-B—How the Act is arranged


2-5. The pyramid
INCOME TAX ASSESSMENT ACT 1997
Subdivision 2-C—How to identify defined terms and find the
definitions

2-10. When defined terms are identified
2-15. When terms are not identified
2-20. Identifying the defined term in a definition
INCOME TAX ASSESSMENT ACT 1997
Subdivision 2-D—The numbering system

2-25. Purposes
2-30. Gaps in the numbering
INCOME TAX ASSESSMENT ACT 1997
Subdivision 2-E—Status of Guides and other non-operative
material

2-35. Non-operative material
2-40. Guides
2-45. Other material
INCOME TAX ASSESSMENT ACT 1997
Division 3—What this Act is about

3-1. What this Act is about
3-5. Annual income tax
3-10. Your other obligations as a taxpayer
3-15. Your obligations other than as a taxpayer
INCOME TAX ASSESSMENT ACT 1997
Part 1-3—Core provisions

INCOME TAX ASSESSMENT ACT 1997
Division 4—How to work out the income tax payable on your
taxable income


4-1. Who must pay income tax
4-5. Meaning of you
4-10. How to work out how much income tax you must pay
4-15. How to work out your taxable income
4-25. Special provisions for working out your basic income tax liability
INCOME TAX ASSESSMENT ACT 1997
Division 6—
Assessable
income and exempt income


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 6

6-1. Diagram showing relationships among concepts in this Division
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


6-5. Income according to ordinary concepts ( ordinary income )
6-10. Other assessable income ( statutory income )
6-15. What is not assessable income
6-20. Exempt income
6-23. Non-assessable non-exempt income
6-25. Relationships among various rules about ordinary income
INCOME TAX ASSESSMENT ACT 1997
Division 8—
Deductions


8-1. General deductions
8-5. Specific deductions
8-10. No double deductions
INCOME TAX ASSESSMENT ACT 1997
Part 1-4—Checklists of what is covered by concepts used in the
core provisions

INCOME TAX ASSESSMENT ACT 1997
Division 9—Entities that must pay income tax

9-1A. Effect of this Division
9-1. List of entities
9-5. Entities that work out their income tax by reference to something other than taxable income
INCOME TAX ASSESSMENT ACT 1997
Division 10—
Particular
kinds of assessable income


10-1. Effect of this Division
10-5. List of provisions about assessable income
INCOME TAX ASSESSMENT ACT 1997
Division 11—Particular kinds of non-assessable income


INCOME TAX ASSESSMENT ACT 1997
Subdivision 11-A—Lists of classes of exempt
income

11-1A.Effect of this Subdivision
11-1. Overview
11-5. Entities that are exempt, no matter what kind of ordinary or statutory income they have
11-10.Ordinary or statutory income which is exempt, no matter whose it is
11-15.Ordinary or statutory income which is exempt only if it is derived by certain entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 11-B—Particular kinds of non-assessable
non-exempt income

11-50.Effect of this Subdivision
11-55.List of non-assessable non-exempt income provisions
INCOME TAX ASSESSMENT ACT 1997
Division 12—Particular kinds of deductions


12-1. Effect of this Division
12-5. List of provisions about deductions
INCOME TAX ASSESSMENT ACT 1997
Division 13—Tax offsets


13-1A.Effect of this Division
13-1. List of tax offsets
INCOME TAX ASSESSMENT ACT 1997
Chapter 2—Liability rules of general application

INCOME TAX ASSESSMENT ACT 1997
Part 2-1—Assessable income

INCOME TAX ASSESSMENT ACT 1997
Division 15—Some items of assessable income


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 15


15-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


15-3. Return to work payments
15-5. Accrued leave transfer payments
15-10.Bounties and subsidies
15-15.Profit-making undertaking or plan
15-20.Royalties
15-22.Payments made to members of a copyright collecting society
15-25.Amount received for lease obligation to repair
15-30.Insurance or indemnity for loss of assessable income
15-35.Interest on overpayments and early payments of tax
15-40.Providing mining, quarrying or prospecting information
15-45.Amounts paid under forestry agreements
15-50.Work in progress amounts
15-55.Certain amounts paid under funeral policy
15-60.Certain amounts paid under scholarship plan
15-65.Sugar industry exit grants
INCOME TAX ASSESSMENT ACT 1997
Division 17—Effect of GST etc. on assessable income


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 17


17-1. What this Division is about
17-5. GST and increasing adjustments
17-10.Certain decreasing adjustments
17-15.Elements in calculation of amounts
17-20.GST groups and GST joint ventures
17-25.GST attributable because of the GST Transition Act
17-30.Special credits because of indirect tax transition
17-35.Certain sections not to apply to certain assets or expenditure
INCOME TAX ASSESSMENT ACT 1997
Division 20—Amounts included to reverse the effect of past
deductions

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 20


20-1. What this Division is about
20-5. Other provisions that reverse the effect of deductions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 20-A—Insurance, indemnity or other recoupment
for deductible expenses
Guide to Subdivision 20-A


20-10.What this Subdivision is about
20-15.How to use this Subdivision
INCOME TAX ASSESSMENT ACT 1997
What is an assessable recoupment ?


20-20.Assessable recoupments
20-25.What is recoupment ?
20-30.Tables of deductions for which recoupments are assessable
INCOME TAX ASSESSMENT ACT 1997
How much is included in your assessable income?


20-35.If the expense is deductible in a single income year
20-40.If the expense is deductible over 2 or more income years
20-45.Effect of balancing charge
20-50.If the expense is only partially deductible
20-55.Meaning of previous recoupment law
INCOME TAX ASSESSMENT ACT 1997
What if you can deduct a loss or outgoing incurred by another
entity?


20-60.If you are the only entity that can deduct an amount for the loss or outgoing
20-65.If 2 or more entities can deduct amounts for the loss or outgoing
INCOME TAX ASSESSMENT ACT 1997
Subdivision 20-B—Disposal of a car for which lease payments
have been deducted
Guide to Subdivision 20-B


20-100.What this Subdivision is about
20-105.Map of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
The usual case


20-110.Disposal of a leased car for profit
20-115.Working out the profit on the disposal
20-120.Meaning of notional depreciation
INCOME TAX ASSESSMENT ACT 1997
The associate case


20-125.Disposal of a leased car for profit
INCOME TAX ASSESSMENT ACT 1997
Successive leases


20-130.Successive leases
INCOME TAX ASSESSMENT ACT 1997
Previous disposals of the car


20-135.No amount included if earlier disposal for market value
20-140.Reducing the amount to be included if there has been an earlier disposal
INCOME TAX ASSESSMENT ACT 1997
Miscellaneous rules


20-145.No amount included if you inherited the car
20-150.Reducing the amount to be included if another provision requires you to include an amount for the disposal
20-155.Exception for particular cars taken on hire
20-157.Exception for STS taxpayers
INCOME TAX ASSESSMENT ACT 1997
Disposals of interests in a car: special rules apply


20-160.Disposal of an interest in a car
INCOME TAX ASSESSMENT ACT 1997
Part 2-5—Rules about deductibility of particular kinds of amounts

INCOME TAX ASSESSMENT ACT 1997
Division 25—Some amounts you can deduct


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 25


25-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


25-5. Tax-related expenses
25-7. Advice about family tax benefit
25-10.Repairs
25-15.Amount paid for lease obligation to repair
25-20.Lease document expenses
25-25.Borrowing expenses
25-30.Expenses of discharging a mortgage
25-35.Bad debts
25-40.Loss from profit-making undertaking or plan
25-45.Loss by theft etc.
25-50.Payments of pensions, gratuities or retiring allowances
25-55.Payments to associations
25-60.Parliament election expenses
25-70.Deduction for election expenses does not extend to entertainment
25-75.Rates and land taxes on premises used to produce mutual receipts
25-80.Upgrading plant to meet GST obligations etc.
25-85.Certain returns in respect of debt interests
25-90.Deduction relating to foreign non-assessable non-exempt income
25-95.Deduction for work in progress amounts
25-105.Deductions for United Medical Protection Limited support payments
25-100.Travel between workplaces
INCOME TAX ASSESSMENT ACT 1997
Division 26—Some amounts you cannot deduct, or cannot deduct
in full


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 26


26-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


26-5. Penalties
26-10.Leave payments
26-15.Franchise fees windfall tax
26-17.Commonwealth places windfall tax
26-20.Assistance to students
26-25.Interest or royalty
26-26.Non-share distributions and dividends
26-30.Relative's travel expenses
26-35.Reducing deductions for amounts paid to related entities
26-40.Maintaining your family
26-45.Recreational club expenses
26-50.Expenses for a leisure facility or boat
26-52.Bribes to foreign public officials
26-53.Bribes to public officials
26-55.Limit on deductions
26-60.Superannuation contributions surcharge
26-65.Termination payments surcharge
26-68.Loss from disposal of eligible venture capital investments
26-70.Loss from disposal of venture capital equity
26-75.Contributions to non-complying superannuation funds
26-80.Contributions to complying superannuation funds or RSAs
INCOME TAX ASSESSMENT ACT 1997
Division 27—Effect of input tax credits etc. on
deductions

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 27


27-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 27-A—General

27-5. Input tax credits and decreasing adjustments
27-10.Certain increasing adjustments
27-15.GST payments
27-20.Elements in calculation of amounts
27-25.GST groups and GST joint ventures
27-30.Input tax credits attributable because of the GST Transition Act
27-35.Certain sections not to apply to certain assets or expenditure
INCOME TAX ASSESSMENT ACT 1997
Subdivision 27-B—Effect of input tax credits etc. on capital
allowances

27-80.Cost or opening adjustable value of depreciating assets reduced for input tax credits
27-85.Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments
27-87.Certain decreasing adjustments included in assessable income
27-90.Cost or opening adjustable value of depreciating assets increased: increasing adjustments
27-92.Certain increasing adjustments can be deducted
27-95.Balancing adjustment events
27-100.Pooling
27-105.Other Division 40 expenditure
27-110.Input tax credit etc. relating to 2 or more things
INCOME TAX ASSESSMENT ACT 1997
Division 28—Car expenses

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 28


28-1. What this Division is about
28-5. Map of this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-A—Deductions for car expenses

28-10.Application of Division 28
28-12.Car expenses
28-13.Meaning of car expense
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-B—Choosing which method to use
Guide to Subdivision 28-B


28-14.What this Subdivision is about
28-15.Choosing among the 4 methods
INCOME TAX ASSESSMENT ACT 1997
Operative provision


28-20.Rules governing choice of method
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-C—The "cents per kilometre"
method

28-25.How to calculate your deduction
28-30.Capital allowances
28-35.Substantiation
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-D—The "12% of original value"
method

28-45.How to calculate your deduction
28-50.Eligibility
28-55.Capital allowances
28-60.Substantiation
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-E—The "one-third of actual expenses"
method

28-70.How to calculate your deduction
28-75.Eligibility
28-80.Substantiation
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-F—The "log book" method

28-90.How to calculate your deduction
28-95.Eligibility
28-100.Substantiation
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-G—Keeping a log book
Guide to Subdivision 28-G


28-105.What this Subdivision is about
28-110.Steps for keeping a log book
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


28-115.Income years for which you need to keep a log book
28-120.Choosing the 12 week period for a log book
28-125.How to keep a log book
28-130.Replacing one car with another
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-H—Odometer records for a period
Guide to Subdivision 28-H


28-135.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provision


28-140.How to keep odometer records for a car for a period
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-I—Retaining the log book and odometer
records

28-150.Retaining the log book for the retention period
28-155.Retaining odometer records
INCOME TAX ASSESSMENT ACT 1997
Subdivision 28-J—Situations where you cannot use, or don't
need to use, one of the 4 methods
Guide to Subdivision 28-J


28-160.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


28-165.Exception for particular cars taken on hire
28-170.Exception for particular cars used in particular ways
28-175.Further miscellaneous exceptions
28-180.Car expenses related to award transport payments
28-185.Application of Subdivision 28-J to recipients and payers of certain withholding payments
INCOME TAX ASSESSMENT ACT 1997
Division 30—Gifts or contributions

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 30


30-1. What this Division is about
30-5. How to find your way around this Division
30-10.Index
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-A—Deductions for gifts or
contributions

30-15.Table of gifts or contributions that you can deduct
30-17.Requirements for certain recipients
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-B—Tables of recipients for deductible
gifts

INCOME TAX ASSESSMENT ACT 1997
Health


30-20.Health
INCOME TAX ASSESSMENT ACT 1997
Education


30-25.Education
30-30.Gifts that must be for certain purposes
30-35.Gifts to a public fund established to benefit a rural school hostel building must satisfy certain requirements
INCOME TAX ASSESSMENT ACT 1997
Research


30-40.Research
INCOME TAX ASSESSMENT ACT 1997
Welfare and rights


30-45.Welfare and rights
INCOME TAX ASSESSMENT ACT 1997
Defence


30-50.Defence
INCOME TAX ASSESSMENT ACT 1997
Environment


30-55.The environment
30-60.Gifts to a National Parks body or conservation body must satisfy certain requirements
INCOME TAX ASSESSMENT ACT 1997
Industry, trade and design


30-65.Industry, trade and design
INCOME TAX ASSESSMENT ACT 1997
The family


30-70.The family
30-75.Marriage education and family and child mediation and counselling organisations must be approved
INCOME TAX ASSESSMENT ACT 1997
International affairs


30-80.International affairs
30-85.Declaration must be in force at the time you make the gift
INCOME TAX ASSESSMENT ACT 1997
Sports and recreation


30-90.Sports and recreation
INCOME TAX ASSESSMENT ACT 1997
Philanthropic trusts


30-95.Philanthropic trusts
INCOME TAX ASSESSMENT ACT 1997
Cultural organisations


30-100.Cultural organisations
INCOME TAX ASSESSMENT ACT 1997
Fire and emergency services


30-102.Fire and emergency services
INCOME TAX ASSESSMENT ACT 1997
Other recipients


30-105.Other recipients
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-BA—Endorsement of deductible gift recipients
Guide to Subdivision 30-BA


30-115.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Endorsement as a deductible gift recipient


30-120.Endorsement by Commissioner
30-125.Entitlement to endorsement
INCOME TAX ASSESSMENT ACT 1997
Government entities treated like entities


30-180.How this Subdivision applies to government entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-C—Rules applying to particular gifts of
property

INCOME TAX ASSESSMENT ACT 1997
Valuation requirements


30-200.Getting written valuations
30-205.Proceeds of the sale would have been assessable
30-210.Approved valuers
30-212.Valuations by the Commissioner
INCOME TAX ASSESSMENT ACT 1997
Working out the amount you can deduct for a gift of property


30-215.How much you can deduct
30-220.Reducing the amount you can deduct
INCOME TAX ASSESSMENT ACT 1997
Joint ownership of property


30-225.Gift of property by joint owners
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-CA—Administrative requirements relating to ABNs
Guide to Subdivision 30-CA


30-226.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Requirements


30-227.Entities to which this Subdivision applies
30-228.Content of receipt for gift or contribution
30-229.Australian Business Register must show deductibility of gifts to deductible gift recipient
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-D—Testamentary gifts under the Cultural
Bequests Program

30-230.Testamentary gifts of property
30-235.Getting a certificate
30-240.Limit on total value of gifts for an income year
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-DB—Spreading certain gift and covenant
deductions over up to 5 income years
Guide to Subdivision 30-DB


30-246.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


30-247.Gifts and covenants for which elections can be made
30-248.Making an election
30-249.Effect of election
30-249A.Requirements—environmental property gifts
30-249B.Requirements—heritage property gifts
30-249C.Requirements—certain cultural property gifts
30-249D.Requirements—conservation covenants
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-E—Register of environmental organisations
Guide to Subdivision 30-E


30-250.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


30-255.Establishing the register
30-260.Meaning of environmental organisation
30-265.Its principal purpose must be protecting the environment
30-270.Other requirements it must satisfy
30-275.Further requirement for a body corporate or a co-operative society
30-280.What must be on the register
30-285.Removal from the register
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-EA—Register of harm prevention charities
Guide to Subdivision 30-EA


30-286.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


30-287.Establishing the register
30-288.Meaning of harm prevention charity
30-289.Principal activity—promoting the prevention or control of harm or abuse
30-289A.Other requirements
30-289B.What must be on the register
30-289C.Removal from the register
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-F—Register of cultural organisations
Guide to Subdivision 30-F


30-290.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


30-295.Establishing the register
30-300.Meaning of cultural organisation
30-305.What must be on the register
30-310.Removal from the register
INCOME TAX ASSESSMENT ACT 1997
Subdivision 30-G—Index to this Division

30-315.Index
30-320.Effect of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Division 31—Conservation covenants


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 31


31-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


31-5. Deduction for entering into conservation covenant
31-10.Requirements for fund, authority or institution
31-15.Valuations by the Commissioner
INCOME TAX ASSESSMENT ACT 1997
Division 32—Entertainment expenses

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 32


32-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 32-A—No deduction for entertainment
expenses

32-5. No deduction for entertainment expenses
32-10.Meaning of entertainment
32-15.No deduction for property used for providing entertainment
INCOME TAX ASSESSMENT ACT 1997
Subdivision 32-B—Exceptions

32-20.The main exception—fringe benefits
32-25.The tables set out the other exceptions
32-30.Employer expenses
32-35.Seminar expenses
32-40.Entertainment industry expenses
32-45.Promotion and advertising expenses
32-50.Other expenses
INCOME TAX ASSESSMENT ACT 1997
Subdivision 32-C—Definitions relevant to the
exceptions

32-55.In-house dining facility (employer expenses table items 1.1 and 1.2)
32-60.Dining facility (employer expenses table item 1.3)
32-65.Seminars (seminar expenses table item 2.1)
INCOME TAX ASSESSMENT ACT 1997
Subdivision 32-D—In-house dining facilities (employer
expenses table item 1.2)

32-70.$30 is assessable for each meal provided to non-employee in an in-house dining facility
INCOME TAX ASSESSMENT ACT 1997
Subdivision 32-E—Anti-avoidance

32-75.Commissioner may treat you as having incurred entertainment expense
INCOME TAX ASSESSMENT ACT 1997
Subdivision 32-F—Special rules for companies and
partnerships

32-80.Company directors
32-85.Directors, employees and property of wholly-owned group company
32-90.Partnerships
INCOME TAX ASSESSMENT ACT 1997
Division 34—Non-compulsory uniforms

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 34


34-1. What this Division is about
34-3. What you need to read
INCOME TAX ASSESSMENT ACT 1997
Subdivision 34-A—Application of
Division 34

34-5. This Division applies to employees and others
34-7. This Division applies to employers and others
INCOME TAX ASSESSMENT ACT 1997
Subdivision 34-B—Deduction for your non-compulsory
uniform

34-10.What you can deduct
34-15.What is a non-compulsory uniform?
34-20.What are occupation specific clothing and protective clothing ?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 34-C—Registering the design of a non-compulsory
uniform

34-25.Application to register the design
34-30.Industry Secretary's decision on application
34-33.Written notice of decision
34-35.When uniform becomes registered
INCOME TAX ASSESSMENT ACT 1997
Subdivision 34-D—Appeals from Industry Secretary's
decision

34-40.Review of decisions by the Administrative Appeals Tribunal
INCOME TAX ASSESSMENT ACT 1997
Subdivision 34-E—The Register of Approved Occupational
Clothing

34-45.Keeping of the Register
34-50.Changes to the Register
INCOME TAX ASSESSMENT ACT 1997
Subdivision 34-F—Approved occupational clothing
guidelines

34-55.Approved occupational clothing guidelines
INCOME TAX ASSESSMENT ACT 1997
Subdivision 34-G—The Industry Secretary

34-60.Industry Secretary to give Commissioner information about entries
34-65.Delegation of powers by Industry Secretary
INCOME TAX ASSESSMENT ACT 1997
Division 35—Deferral of losses from non-commercial business
activities


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 35


35-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


35-5. Object
35-10.Deferral of deductions from non-commercial business activities
35-15.Modification if you have exempt income
35-20.Modification if you become bankrupt
35-25.Application of Division to certain partnerships
35-30.Assessable income test
35-35.Profits test
35-40.Real property test
35-45.Other assets test
35-50.Apportionment
35-55.Commissioner's discretion
INCOME TAX ASSESSMENT ACT 1997
Division 36—Tax losses of earlier income years

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 36


36-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 36-A—Deductions for tax losses of earlier income
years

36-10.How to calculate a tax loss for an income year
36-15.How to deduct tax losses of entities other than corporate tax entities
36-17.How to deduct tax losses of corporate tax entities
36-20.Net exempt income
36-25.Special rules about tax losses
INCOME TAX ASSESSMENT ACT 1997
Subdivision 36-B—Effect of you becoming bankrupt
Guide to Subdivision 36-B


36-30.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


36-35.No deduction for tax loss incurred before bankruptcy
36-40.Deduction for amounts paid for debts incurred before bankruptcy
36-45.Limit on deductions for amounts paid
INCOME TAX ASSESSMENT ACT 1997
Subdivision 36-C—Excess franking offsets
Guide to Subdivision 36-C


36-50.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provision


36-55.Converting excess franking offsets into tax loss
INCOME TAX ASSESSMENT ACT 1997
Part 2-10—Capital allowances: rules about deductibility of
capital expenditure

INCOME TAX ASSESSMENT ACT 1997
Division 40—Capital allowances

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 40


40-1. What this Division is about
40-10.Simplified outline of this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-A—Objects of Division

40-15.Objects of Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-B—Core provisions
Guide to Subdivision 40-B


40-20.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-25.Deducting amounts for depreciating assets
40-30.What a depreciating asset is
40-35.Jointly held depreciating assets
40-40.Meaning of hold a depreciating asset
40-45.Assets to which this Division does not apply
40-50.Assets for which you deduct under another Subdivision
40-53.Alterations etc. to certain depreciating assets
40-55.Use of certain car methods
40-60.When a depreciating asset starts to decline in value
40-65.Choice of methods to work out the decline in value
40-70.Diminishing value method
40-75.Prime cost method
40-80.When you can deduct the asset's cost
40-85.Meaning of adjustable value and opening adjustable value of a depreciating asset
40-90.Debt forgiveness
40-95.Choice of determining effective life
40-100.Commissioner's determination of effective life
40-102.Capped life of certain depreciating assets
40-105.Self-assessing effective life
40-110.Recalculating effective life
40-115.Splitting a depreciating asset
40-120.Replacement spectrum licences
40-125.Merging depreciating assets
40-130.Choices
40-135.Certain anti-avoidance provisions
40-140.Getting tax information from associates
40-145.Application of Criminal Code
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-C—Cost
Guide to Subdivision 40-C


40-170.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-175.Cost
40-180.First element of cost
40-185.Amount you are taken to have paid to hold a depreciating asset or to receive a benefit
40-190.Second element of cost
40-195.Apportionment of cost
40-200.Exclusion from cost
40-205.Cost of a split depreciating asset
40-210.Cost of merged depreciating assets
40-215.Adjustment: double deduction
40-220.Cost reduced by amounts not of a capital nature
40-225.Adjustment: acquiring a car at a discount
40-230.Adjustment: car limit
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-D—Balancing adjustments
Guide to Subdivision 40-D


40-280.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-285.Balancing adjustments
40-290.Reduction for non-taxable use
40-292.Adjustments where deductions for decline in value also allowable under section 73BA or 73BH of Income Tax Assessment Act 1936
40-295.Meaning of balancing adjustment event
40-300.Meaning of termination value
40-305.Amount you are taken to have received under a balancing adjustment event
40-310.Apportionment of termination value
40-315.Expenses of balancing adjustment event
40-320.Car to which section 40-225 applies
40-325.Adjustment: car limit
40-335.Deduction for in-house software where you will never use it
40-340.Roll-over relief
40-345.What the roll-over relief is
40-350.Additional consequences
40-360.Notice to allow transferee to work out how this Division applies
40-365.Involuntary disposals
40-370.Balancing adjustments where there has been use of different car expense methods
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-E—Low-value and software development pools
Guide to Subdivision 40-E


40-420.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-425.Allocating assets to a low-value pool
40-430.Rules for assets in low-value pools
40-435.Private or exempt use of assets
40-440.How you work out the decline in value of assets in low-value pools
40-445.Balancing adjustment events
40-450.Software development pools
40-455.How to work out your deduction
40-460.Your assessable income includes consideration for pooled software
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-F—Primary production depreciating assets
Guide to Subdivision 40-F


40-510.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-515.Water facilities and horticultural plants
40-520.Meaning of water facility and horticultural plant
40-525.Conditions
40-530.When a water facility or horticultural plant starts to decline in value
40-535.Meaning of horticulture and commercial horticulture
40-540.How you work out the decline in value for water facilities
40-545.How you work out the decline in value for horticultural plants
40-555.Amounts you cannot deduct
40-560.Non-arm's length transactions
40-565.Extra deduction for destruction of a horticultural plant
40-570.How this Subdivision applies to partners and partnerships
40-575.Getting tax information if you acquire a horticultural plant
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-G—Capital expenditure of primary producers
and other landholders
Guide to Subdivision 40-G


40-625.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-630.Landcare operations
40-635.Meaning of landcare operation
40-640.Meaning of approved management plan
40-645.Electricity and telephone lines
40-650.Amounts you cannot deduct under this Subdivision
40-655.Meaning of connecting power to land or upgrading the connection and metering point
40-660.Non-arm's length transactions
40-665.How this Subdivision applies to partners and partnerships
40-670.Approval of persons as farm consultants
40-675.Review of decisions relating to approvals
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-H—Capital expenditure that is immediately
deductible
Guide to Subdivision 40-H


40-725.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-730.Deduction for expenditure on exploration or prospecting
40-735.Deduction for expenditure on mining site rehabilitation
40-740.Meaning of ancillary mining activities and mining building site
40-745.No deduction for certain expenditure
40-750.Deduction for payments of petroleum resource rent tax
40-755.Environmental protection activities
40-760.Limits on deductions from environmental protection activities
40-765.Non-arm's length transactions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 40-I—Capital expenditure that is deductible over
time
Guide to Subdivision 40-I


40-825.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


40-830.Project pools
40-835.Reduction of deduction
40-840.Meaning of project amount
40-845.Project life
40-855.When you start to deduct amounts for a project pool
40-860.Meaning of mining capital expenditure
40-865.Meaning of transport capital expenditure
40-870.Meaning of transport facility
40-875.Meaning of processed minerals and minerals treatment
40-880.Business related costs
40-885.Non-arm's length transactions
INCOME TAX ASSESSMENT ACT 1997
Division 43—Deductions for capital works

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 43


43-1. What this Division is about
43-2. Key concepts used in this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-A—Key operative provisions
Guide to Subdivision 43-A


43-5. What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-10.Deductions for capital works
43-15.Amount you can deduct
43-20.Capital works to which this Division applies
43-25.Rate of deduction
43-30.No deduction until construction is complete
43-35.Requirement for body corporate to be registered under the Industry Research and Development Act
43-40.Deduction for destruction of capital works
43-45.Certain anti-avoidance provisions
43-50.Links and signposts to other parts of the Act
43-55.Anti-avoidance—arrangement etc. with tax-exempt entity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-B—Establishing the deduction base
Guide to Subdivision 43-B


43-60.What this Subdivision is about
43-65.Explanatory material
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-70.What is construction expenditure?
43-72.Meaning of forestry road , timber operation and timber mill building
43-75.Construction expenditure area
43-80.When capital works begin
43-85.Pools of construction expenditure
43-90.Table of intended use at time of completion of construction
43-95.Meaning of hotel building and apartment building
43-100.Certificates by Industry Research and Development Board
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-C—Your area and your construction expenditure
Guide to Subdivision 43-C


43-105.What this Subdivision is about
43-110.Explanatory material
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-115.Your area and your construction expenditure—owners
43-120.Your area and your construction expenditure—lessees and quasi-ownership right holders
43-125.Lessees' or right holders' pools can revert to owner
43-130.Identifying your area on acquisition or disposal
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-D—Deductible uses of capital works
Guide to Subdivision 43-D


43-135.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-140.Using your area in a deductible way
43-145.Using your area in the 4% manner
43-150.Meaning of industrial activities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-E—Special rules about uses
Guide to Subdivision 43-E


43-155.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-160.Your area is used for a purpose if it is maintained ready for use for the purpose
43-165.Temporary cessation of use
43-170.Own use—capital works other than hotel and apartment buildings
43-175.Own use—hotel and apartment buildings
43-180.Special rules for hotel and apartment buildings
43-185.Residential or display use
43-190.Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house
43-195.Use for research and development activities must be in connection with a business
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-F—Calculation of deduction
Guide to Subdivision 43-F


43-200.What this Subdivision is about
43-205.Explanatory material
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-210.Deduction for capital works begun after 26 February 1992
43-215.Deduction for capital works begun before 27 February 1992
43-220.Capital works taken to have begun earlier for certain purposes
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-G—Undeducted construction expenditure
Guide to Subdivision 43-G


43-225.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-230.Calculating undeducted construction expenditure—common step
43-235.Post-26 February 1992 undeducted construction expenditure
43-240.Pre-27 February 1992 undeducted construction expenditure
INCOME TAX ASSESSMENT ACT 1997
Subdivision 43-H—Balancing deduction on destruction of
capital works
Guide to Subdivision 43-H


43-245.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


43-250.The amount of the balancing deduction
43-255.Amounts received or receivable
43-260.Apportioning amounts received for destruction
INCOME TAX ASSESSMENT ACT 1997
Division 45—Disposal of leases and leased
plant

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 45


45-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


45-5. Disposal of leased plant or lease
45-10.Disposal of interest in partnership
45-15.Disposal of shares in 100% subsidiary that leases plant
45-20.Disposal of shares in 100% subsidiary that leases plant in partnership
45-25.Group members liable to pay outstanding tax
45-30.Reduction for certain plant acquired before 21.9.99
45-35.Limit on amount included for plant for which there is a CGT exemption
45-40.Meaning of plant and written down value
INCOME TAX ASSESSMENT ACT 1997
Part 2-15—Non-assessable income

INCOME TAX ASSESSMENT ACT 1997
Division 50—Exempt entities

INCOME TAX ASSESSMENT ACT 1997
Subdivision 50-A—Various exempt entities

50-1. Entities whose ordinary income and statutory income is exempt
50-5. Charity, education, science and religion
50-10.Community service
50-15.Employees and employers
50-20.Funds contributing to other funds
50-25.Government
50-30.Health
50-35.Mining
50-40.Primary and secondary resources, and tourism
50-45.Sports, culture, film and recreation
50-50.Special conditions for items 1.1 and 1.2
50-52.Special condition for items 1.1, 1.5, 1.5A, 1.5B and 4.1
50-55.Special conditions for items 1.3, 1.4, 6.1 and 6.2
50-57.Special condition for item 1.5
50-60.Special conditions for items 1.5A and 1.5B
50-65.Special conditions for item 1.6
50-70.Special conditions for items 1.7, 2.1, 4.1, 9.1 and 9.2
50-72.Special condition for item 4.1
50-75.Certain distributions may be made overseas
50-80.Testamentary trusts may be treated as 2 trusts
INCOME TAX ASSESSMENT ACT 1997
Subdivision 50-B—Endorsing charitable entities as exempt
from income tax
Guide to Subdivision 50-B


50-100.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Endorsing charitable entities as exempt from income tax


50-105.Endorsement by Commissioner
50-110.Entitlement to endorsement
INCOME TAX ASSESSMENT ACT 1997
Division 51—Exempt amounts

51-1. Amounts of ordinary income and statutory income that are exempt
51-5. Defence
51-10.Education and training
51-30.Welfare
51-32.Compensation payments for loss of tax exempt payments
51-33.Compensation payments for loss of pay and/or allowances as a Defence reservist
51-35.Payments to a full-time student at a school, college or university
51-40.Payments to a secondary student
51-43.Income collected or derived by a copyright collecting society
51-50.Maintenance payments to a spouse or child
51-54.Gain or profit from disposal of eligible venture capital investments
51-55.Gain or profit from disposal of venture capital equity
51-57.Interest on judgment debt relating to personal injury
51-60.Income from GST Direct Assistance Certificate
51-65.Government co-contribution towards low income earner's superannuation
INCOME TAX ASSESSMENT ACT 1997
Division 52—Certain pensions, benefits and allowances are
exempt from income tax


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 52


52-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 52-A—Exempt payments under the Social Security
Act 1991
Guide to Subdivision 52-A


52-5. What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


52-10.How much of a social security payment is exempt?
52-15.Supplementary amounts of payments
52-20.Tax-free amount of an ordinary payment after the death of your partner
52-25.Tax-free amount of certain bereavement lump sum payments
52-30.Tax-free amount of certain other bereavement lump sum payments
52-35.Tax-free amount of a lump sum payment made because of the death of a person you are caring for
52-40.Provisions of the Social Security Act 1991 under which payments are made
INCOME TAX ASSESSMENT ACT 1997
Subdivision 52-B—Exempt payments under the Veterans'
Entitlements Act 1986
Guide to Subdivision 52-B


52-60.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


52-65.How much of a veterans' affairs payment is exempt?
52-70.Supplementary amounts of payments
52-75.Provisions of the Veterans' Entitlements Act 1986 under which payments are made
INCOME TAX ASSESSMENT ACT 1997
Subdivision 52-C—Exempt payments made because of the
Veterans' Entitlements (Transitional Provisions and Consequential Amendments)
Act 1986
Guide to Subdivision 52-C


52-100.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


52-105.Supplementary amount of a payment made under the Repatriation Act 1920 is exempt
52-110.Other exempt payments
INCOME TAX ASSESSMENT ACT 1997
Subdivision 52-CA—Exempt payments under the Military
Rehabilitation and Compensation Act 2004
Guide to Subdivision 52-CA


52-112.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


52-114.How much of a payment under the Military Rehabilitation and Compensation Act is exempt?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 52-D—Exempt payments made by the Commonwealth to
reimburse certain expenditure


52-125.Private health insurance incentive payments are exempt
INCOME TAX ASSESSMENT ACT 1997
Subdivision 52-F—Exemption of Commonwealth education or
training payments

52-140.Supplementary amount of a Commonwealth education or training payment is exempt
52-145.Meaning of Commonwealth education or training payment
INCOME TAX ASSESSMENT ACT 1997
Subdivision 52-G—Exempt payments under the A New Tax System
(Family Assistance) (Administration) Act 1999


52-150.Family assistance payments are exempt
INCOME TAX ASSESSMENT ACT 1997
Division 53—Various exempt payments


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 53


53-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


53-10.Exemption of various types of payments
53-15.Supplementary amount of exceptional circumstances relief payment or farm help income support
53-20.Exemption of similar Australian and United Kingdom veterans' payments
53-25.Amounts of farm household support converted into grants
INCOME TAX ASSESSMENT ACT 1997
Division 54—Exemption for certain payments made under
structured settlements and structured orders

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 54


54-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 54-A—Definitions

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


54-5. Definitions
54-10.Meaning of structured settlement and structured order
INCOME TAX ASSESSMENT ACT 1997
Subdivision 54-B—Tax exemption for personal injury
annuities

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


54-15.Personal injury annuity exemption for injured person
54-20.Lump sum compensation etc. would not have been assessable
54-25.Requirements of the annuity instrument
54-30.Requirements for payments of the annuity
54-35.Payments during the guarantee period on the death of the injured person
54-40.Requirement for minimum monthly level of support
INCOME TAX ASSESSMENT ACT 1997
Subdivision 54-C—Tax exemption for personal injury lump
sums

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


54-45.Personal injury lump sum exemption for injured person
54-50.Lump sum compensation would not have been assessable
54-55.Requirements of the instrument under which the lump sum is paid
54-60.Requirements for payments of the lump sum
INCOME TAX ASSESSMENT ACT 1997
Subdivision 54-D—Miscellaneous

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


54-65.Exemption for certain payments to reversionary beneficiaries
54-70.Special provisions about trusts
54-75.Minister to arrange for review and report
INCOME TAX ASSESSMENT ACT 1997
Division 55—Payments that are not exempt from income tax


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 55


55-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


55-5. Occupational superannuation payments
55-10.Education entry payments
INCOME TAX ASSESSMENT ACT 1997
Part 2-15—Non-assessable income

INCOME TAX ASSESSMENT ACT 1997
Division 58—Capital allowances for depreciating assets
previously owned by an exempt entity

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 58


58-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 58-A—Application

58-5. Application of Division
58-10.When an asset is acquired in connection with the acquisition of a business
INCOME TAX ASSESSMENT ACT 1997
Subdivision 58-B—Calculating decline in value of privatised
assets under Division 40

58-60.Purpose of rules in this Subdivision
58-65.Choice of method to work out cost of privatised asset
58-70.Application of Division 40
58-75.Meaning of notional written down value
58-80.Meaning of undeducted pre-existing audited book value
58-85.Pre-existing audited book value of depreciating asset
58-90.Method and effective life for transition entity
INCOME TAX ASSESSMENT ACT 1997
Division 59—Particular amounts of non-assessable non-exempt
income

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 59


59-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


59-5. Bonus payments made to certain older Australians
59-10.Compensation under firearms surrender arrangements
59-15.Mining payments
59-20.Taxable amounts relating to franchise fees windfall tax
59-25.Taxable amounts relating to Commonwealth places windfall tax
59-30.Amounts you must repay
INCOME TAX ASSESSMENT ACT 1997
Part 2-20—Tax offsets

INCOME TAX ASSESSMENT ACT 1997
Division 61—Generally applicable tax offsets

INCOME TAX ASSESSMENT ACT 1997
Subdivision 61-G—Private health insurance offset
complementary to Private Health Insurance Incentives Act 1997
Guide to Subdivision 61-G


61-300.What this Subdivision is about
61-305.Entitlement to the private health insurance tax offset
61-310.Amount of the private health insurance tax offset
61-315.Priority between different taxpayers
61-320.Priority agreements
INCOME TAX ASSESSMENT ACT 1997
Subdivision 61-H—Private health insurance offset
complementary to Private Health Insurance Incentives Act 1998
Guide to Subdivision 61-H


61-330.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


61-335.Entitlement to the private health insurance tax offset
61-340.Amount of the private health insurance tax offset
61-342.Saving provision where a person 65 years or over ceases to be covered by policy
61-345.How to work out the incentive amount
INCOME TAX ASSESSMENT ACT 1997
Subdivision 61-I—First child tax offset (baby bonus)
Guide to Subdivision 61-I


61-350.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Entitlement to a first child tax offset


61-355.Who is entitled to a tax offset under this section
61-360.What is a child event?
61-365.First child only
61-370.Another carer with entitlement for another child
61-375.Selection rules
61-380.Special rules for death of first child
INCOME TAX ASSESSMENT ACT 1997
Transferring an entitlement


61-385.You may transfer your entitlement to a tax offset
61-390.Transfer is irrevocable
61-395.Transferor is not entitled to tax offset
61-400.Transferee is entitled to tax offset
INCOME TAX ASSESSMENT ACT 1997
Claiming a first child tax offset


61-405.How to claim a tax offset for a child
61-410.Claim is irrevocable
INCOME TAX ASSESSMENT ACT 1997
Amount of a first child tax offset


61-415.Formula for working out amount of tax offset
61-420.Component of formula—entitlement amount
61-425.Component of formula—total of the entitlement days
61-430.What is your base year?
INCOME TAX ASSESSMENT ACT 1997
Additional tax offset if a child is in your care before you
legally adopt the child


61-440.Additional tax offset if a child is in your care before you legally adopt the child
61-445.When a child is first in your care
61-450.What is your base year if a child is in your care before you legally adopt the child?
61-455.Old Subdivision applies if you would be worse off
INCOME TAX ASSESSMENT ACT 1997
Subdivision 61-J—25% entrepreneurs' tax offset
Guide to Subdivision 61-J


61-500.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


61-505.25% entrepreneurs' tax offset: individual or company
61-510.25% entrepreneurs' tax offset: partner in a partnership
61-515.25% entrepreneurs' tax offset: trustee of a trust
61-520.25% entrepreneurs' tax offset: beneficiary of a trust
61-525.Meaning of net STS income and STS annual turnover
INCOME TAX ASSESSMENT ACT 1997
Subdivision 61-K—Mature age worker tax offset
Guide to Subdivision 61-K


61-550.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


61-555.Object of this Subdivision
61-560.Entitlement to the mature age worker tax offset
61-565.The amount of the tax offset
61-570.Definition of net income from working
INCOME TAX ASSESSMENT ACT 1997
Division 65—Tax offset carry forward rules


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 65


65-10.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


65-20.Which tax offsets this Division applies to
65-25.When you can carry forward a tax offset
65-30.Amount carried forward
65-35.How to apply carried forward tax offsets
65-40.When a company cannot apply a tax offset
65-50.Effect of bankruptcy
65-55.Deduction for amounts paid for debts incurred before bankruptcy
INCOME TAX ASSESSMENT ACT 1997
Division 67—Refundable tax offset rules

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 67


67-10.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


67-20.Which tax offsets this Division applies to
67-25.Tax offsets that are subject to the refundable tax offset rules
67-30.When you can get a refund of a tax offset
67-35.Amount of refund
INCOME TAX ASSESSMENT ACT 1997
Part 2-25—Trading stock

INCOME TAX ASSESSMENT ACT 1997
Division 70—Trading stock

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 70


70-1. What this Division is about
70-5. The 3 key features of tax accounting for trading stock
INCOME TAX ASSESSMENT ACT 1997
Subdivision 70-A—What is trading stock

70-10.Meaning of trading stock
INCOME TAX ASSESSMENT ACT 1997
Subdivision 70-B—Acquiring trading stock

70-15.In which income year do you deduct an outgoing for trading stock?
70-20.Non-arm's length transactions
70-25.Cost of trading stock is not a capital outgoing
70-30.Starting to hold as trading stock an item you already own
INCOME TAX ASSESSMENT ACT 1997
Subdivision 70-C—Accounting for trading stock you hold at
the start or end of the income year

INCOME TAX ASSESSMENT ACT 1997
General rules


70-35.You include the value of your trading stock in working out your assessable income and deductions
70-40.Value of trading stock at start of income year
70-45.Value of trading stock at end of income year
INCOME TAX ASSESSMENT ACT 1997
Special valuation rules


70-50.Valuation if trading stock obsolete etc.
70-55.Working out the cost of natural increase of live stock
70-60.Valuation of horse breeding stock
70-65.Working out the horse opening value and the horse reduction amount
70-70.Valuing interests in FIFs
INCOME TAX ASSESSMENT ACT 1997
Subdivision 70-D—Assessable income arising from disposals of
trading stock and certain other assets
Guide to Subdivision 70-D


70-75.What this Subdivision is about
70-80.Why the rules in this Subdivision are necessary
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


70-85.Application of this Subdivision to certain other assets
70-90.Assessable income on disposal of trading stock outside the ordinary course of business
70-95.Purchase price is taken to be market value
70-100.Notional disposal when you stop holding an item as trading stock
70-105.Death of owner
70-110.You stop holding an item as trading stock but still own it
70-115.Compensation for lost trading stock
INCOME TAX ASSESSMENT ACT 1997
Subdivision 70-E—Miscellaneous

70-120.Deducting capital costs of acquiring trees
INCOME TAX ASSESSMENT ACT 1997
Part 2-42—Personal services income

INCOME TAX ASSESSMENT ACT 1997
Division 84—Introduction

INCOME TAX ASSESSMENT ACT 1997
Guide to Part 2-42


84-1. What this Part is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


84-5. Meaning of personal services income
84-10.This Part does not imply that individuals are employees
INCOME TAX ASSESSMENT ACT 1997
Division 85—Deductions relating to personal services
income

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 85


85-1. What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


85-5. Object of this Division
85-10.Deductions for non-employees relating to personal services income
85-15.Deductions for rent, mortgage interest, rates and land tax
85-20.Deductions for payments to associates etc.
85-25.Deductions for superannuation for associates
85-30.Exception: personal services businesses
85-35.Exception: employees, office holders and religious practitioners
85-40.Application of Subdivision 900-B to individuals who are not employees
INCOME TAX ASSESSMENT ACT 1997
Division 86—Alienation of personal services
income

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 86


86-1. What this Division is about
86-5. A simple description of what this Division does
INCOME TAX ASSESSMENT ACT 1997
Subdivision 86-A—General

86-10.Object of this Division
86-15.Effect of obtaining personal services income through a personal services entity
86-20.Offsetting the personal services entity's deductions against personal services income
86-25.Apportionment of entity maintenance deductions among several individuals
86-27.Deduction for net personal services income loss
86-30.Assessable income etc. of the personal services entity
86-35.Later payments of, or entitlements to, personal services income to be disregarded for income tax purposes
86-40.Salary payments shortly after an income year
INCOME TAX ASSESSMENT ACT 1997
Subdivision 86-B—Entitlement to deductions

86-60.General rule for deduction entitlements of personal services entities
86-65.Entity maintenance deductions
86-70.Car expenses
86-75.Superannuation
86-80.Salary or wages promptly paid
86-85.Deduction entitlements of personal services entities for amounts included in an individual's assessable income
86-87.Personal services entity cannot deduct net personal services income loss
86-90.Application of Divisions 28 and 900 to personal services entities
INCOME TAX ASSESSMENT ACT 1997
Division 87—Personal services businesses

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 87


87-1. What this Division is about
87-5. Diagram showing the operation of this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 87-A—General

87-10.Object of this Division
87-15.What is a personal services business?
87-18.The results test for a personal services business
87-20.The unrelated clients test for a personal services business
87-25.The employment test for a personal services business
87-30.The business premises test for a personal services business
87-35.Personal services income from Australian government agencies
87-40.Application of this Division to certain agents
INCOME TAX ASSESSMENT ACT 1997
Subdivision 87-B—Personal services business
determinations

87-60.Personal services business determinations for individuals
87-65.Personal services business determinations for personal services entities
87-70.Applying etc. for personal services business determinations
87-75.When personal services business determinations have effect
87-80.Revoking personal services business determinations
87-85.Review of decisions
INCOME TAX ASSESSMENT ACT 1997
Chapter 3—Specialist liability rules

INCOME TAX ASSESSMENT ACT 1997
Part 3-1—Capital gains and losses: general topics

INCOME TAX ASSESSMENT ACT 1997
Division 100—A Guide to capital gains and losses


INCOME TAX ASSESSMENT ACT 1997
General overview


100-1.What this Division is about
100-5.Effect of this Division
100-10.Fundamentals of CGT
100-15.Overview of Steps 1 and 2
INCOME TAX ASSESSMENT ACT 1997
Step 1—Have you made a capital gain or a capital loss?


100-20.What events attract CGT?
100-25.What are CGT assets?
100-30.Does an exception or exemption apply?
100-33.Can there be a roll-over?
INCOME TAX ASSESSMENT ACT 1997
Step 2—Work out the amount of the capital gain or loss


100-35.What is a capital gain or loss?
100-40.What factors come into calculating a capital gain or loss?
100-45.How to calculate the capital gain or loss for most CGT events
INCOME TAX ASSESSMENT ACT 1997
Step 3—Work out your net capital gain or loss for the income year


100-50.How to work out your net capital gain or loss
100-55.How do you comply with CGT?
INCOME TAX ASSESSMENT ACT 1997
Keeping records for CGT purposes


100-60.Why keep records?
100-65.What records?
100-70.How long you need to keep records
INCOME TAX ASSESSMENT ACT 1997
Division 102—Assessable income includes net capital
gain

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 102


102-1.What this Division is about
102-3.Concessions in working out your net capital gain
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


102-5.Assessable income includes net capital gain
102-10.How to work out your net capital loss
102-15.How to apply net capital losses
102-20.Ways you can make a capital gain or a capital loss
102-22.Amounts of capital gains and losses
102-23.CGT event still happens even if gain or loss disregarded
102-25.Order of application of CGT events
102-30.Exceptions and modifications
INCOME TAX ASSESSMENT ACT 1997
Division 103—General rules


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 103


103-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


103-5.Giving property as part of a transaction
103-10.Entitlement to receive money or property
103-15.Requirement to pay money or give property
103-25.Choices
103-30.Reduction of cost base etc. by net input tax credits
INCOME TAX ASSESSMENT ACT 1997
Division 104—CGT events

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 104


104-1.What this Division is about
104-5.Summary of the CGT events
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-A—Disposals


104-10.Disposal of a CGT asset: CGT event A1
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-B—Use and enjoyment before title passes


104-15.Use and enjoyment before title passes: CGT event B1
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-C—End of a CGT asset

104-20.Loss or destruction of a CGT asset: CGT event C1
104-25.Cancellation, surrender and similar endings: CGT event C2
104-30.End of option to acquire shares etc.: CGT event C3
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-D—Bringing into existence a CGT
asset

104-35.Creating contractual or other rights: CGT event D1
104-40.Granting an option: CGT event D2
104-45.Granting a right to income from mining: CGT event D3
104-47.Conservation covenants: CGT event D4
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-E—Trusts

104-55.Creating a trust over a CGT asset: CGT event E1
104-60.Transferring a CGT asset to a trust: CGT event E2
104-65.Converting a trust to a unit trust: CGT event E3
104-70.Capital payment for trust interest: CGT event E4
104-71.Adjustment of non-assessable part
104-72.Reducing your capital gain under CGT event E4 if you are a trustee
104-75.Beneficiary becoming entitled to a trust asset: CGT event E5
104-80.Disposal to beneficiary to end income right: CGT event E6
104-85.Disposal to beneficiary to end capital interest: CGT event E7
104-90.Disposal by beneficiary of capital interest: CGT event E8
104-95.Making a capital gain
104-100.Making a capital loss
104-105.Creating a trust over future property: CGT event E9
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-F—Leases

104-110.Granting a lease: CGT event F1
104-115.Granting a long-term lease: CGT event F2
104-120.Lessor pays lessee to get lease changed: CGT event F3
104-125.Lessee receives payment for changing lease: CGT event F4
104-130.Lessor receives payment for changing lease: CGT event F5
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-G—Shares

104-135.Capital payment for shares: CGT event G1
104-145.Liquidator or administrator declares shares or financial instruments worthless: CGT event G3
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-H—Special capital receipts

104-150.Forfeiture of deposit: CGT event H1
104-155.Receipt for event relating to a CGT asset: CGT event H2
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-I—Australian residency ends

104-160.Individual or company stops being an Australian resident: CGT event I1
104-165.Exception for individual who stops being an Australian resident
104-170.Trust stops being a resident trust: CGT event I2
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-J—CGT events relating to
roll-overs

104-175.Company ceasing to be member of wholly-owned group after roll-over: CGT event J1
104-180.Sub-group break-up
104-182.Consolidated group break-up
104-185.Change of status of replacement asset for a roll-over under Subdivision 152-E: CGT event J2
104-190.Change of circumstances where a share or interest is a replacement asset for a roll-over under Subdivision 152-E: CGT event J3
104-195.Trust failing to cease to exist after roll-over under Subdivision 124-N: CGT event J4
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-K—Other CGT events

104-210.Bankrupt pays amount in relation to debt: CGT event K2
104-215.Asset passing to tax-advantaged entity: CGT event K3
104-220.CGT asset starts being trading stock: CGT event K4
104-225.Special collectable losses: CGT event K5
104-230.Pre-CGT shares or trust interest: CGT event K6
104-235.Balancing adjustment events for depreciating assets and section 73BA depreciating assets: CGT event K7
104-240.Working out capital gain or loss for CGT event K7: general case
104-245.Working out capital gain or loss for CGT event K7: pooled assets
104-250.Direct value shifts: CGT event K8
104-255.Carried interests: CGT event K9
104-260.Certain short-term forex realisation gains: CGT event K10
104-265.Certain short-term forex realisation losses: CGT event K11
104-270.Foreign hybrids: CGT event K12
INCOME TAX ASSESSMENT ACT 1997
Subdivision 104-L—Consolidated groups and MEC
groups

104-500.Loss of pre-CGT status of membership interests in entity becoming subsidiary member: CGT event L1
104-505.Where pre-formation intra-group roll-over reduction results in negative allocable cost amount: CGT event L2
104-510.Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3
104-515.Where no reset cost base assets and excess of net allocable cost amount on joining: CGT event L4
104-520.Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5
104-525.Error in calculation of tax cost setting amount for joining entity's assets: CGT event L6
104-530.Discharged amount of liability differs from amount for allocable cost amount purposes: CGT event L7
104-535.Where reduction in tax cost setting amounts for reset cost base assets cannot be allocated: CGT event L8
INCOME TAX ASSESSMENT ACT 1997
Division 106—Entity making the gain or loss

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 106


106-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 106-A—Partnerships


106-5.Partnerships
INCOME TAX ASSESSMENT ACT 1997
Subdivision 106-B—Bankruptcy and liquidation

106-30.Effect of bankruptcy
106-35.Effect of liquidation
INCOME TAX ASSESSMENT ACT 1997
Subdivision 106-C—Absolutely entitled beneficiaries


106-50.Absolutely entitled beneficiaries
INCOME TAX ASSESSMENT ACT 1997
Subdivision 106-D—Security holders


106-60.Acts by security holders
INCOME TAX ASSESSMENT ACT 1997
Division 108—CGT assets

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 108


108-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 108-A—What a CGT asset is

108-5.CGT assets
108-7.Interest in CGT assets as joint tenants
INCOME TAX ASSESSMENT ACT 1997
Subdivision 108-B—Collectables

108-10.Losses from collectables to be offset only against gains from collectables
108-15.Sets of collectables
108-17.Cost base of a collectable
INCOME TAX ASSESSMENT ACT 1997
Subdivision 108-C—Personal use assets

108-20.Losses from personal use assets must be disregarded
108-25.Sets of personal use assets
108-30.Cost base of a personal use asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 108-D—Separate CGT assets
Guide to Subdivision 108-D


108-50.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


108-55.When is a building a separate asset from land?
108-60.Depreciating asset that is part of a building is a separate asset
108-65.Land adjacent to land acquired before 20 September 1985
108-70.When is a capital improvement a separate asset?
108-75.Capital improvements to CGT assets for which a roll-over may be available
108-80.Deciding if capital improvements are related to each other
108-85.Meaning of improvement threshold
INCOME TAX ASSESSMENT ACT 1997
Division 109—Acquisition of CGT assets

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 109


109-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 109-A—Operative rules

109-5.General acquisition rules
109-10.When you acquire a CGT asset without a CGT event
109-15.Exceptions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 109-B—Signposts to other acquisition
rules

109-50.Effect of this Subdivision
109-55.Other acquisition rules
109-60.Acquisition rules outside this Part and Part 3-3
INCOME TAX ASSESSMENT ACT 1997
Division 110—Cost base and reduced cost base

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 110


110-1.What this Division is about
110-5.Modifications to general rules
110-10.Rules about cost base not relevant for some CGT events
INCOME TAX ASSESSMENT ACT 1997
Subdivision 110-A—Cost base

110-25.General rules about cost base
110-35.Incidental costs
INCOME TAX ASSESSMENT ACT 1997
What does not form part of the cost base


110-37.Expenditure forming part of cost base or element
110-40.Assets acquired before 7.30 pm on 13 May 1997
110-43.Partnership interests acquired before 7.30 pm on 13 May 1997
110-45.Assets acquired after 7.30 pm on 13 May 1997
110-50.Partnership interests acquired after 7.30 pm on 13 May 1997
110-53.Exceptions to application of sections 110-40 and 110-50
110-54.Debt deductions disallowed by thin capitalisation rules
INCOME TAX ASSESSMENT ACT 1997
Subdivision 110-B—Reduced cost base

110-55.General rules about reduced cost base
110-60.Reduced cost base for partnership assets
INCOME TAX ASSESSMENT ACT 1997
Division 112—Modifications to cost base and reduced cost
base

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 112


112-1.What this Division is about
112-5.Discussion of modifications
INCOME TAX ASSESSMENT ACT 1997
Subdivision 112-A—General modifications

112-15.General rule for replacement modifications
112-20.Market value substitution rule
112-25.Split, changed or merged assets
112-30.Apportionment rules
112-35.Assumption of liability rule
INCOME TAX ASSESSMENT ACT 1997
Subdivision 112-B—Finding tables for special
rules

112-40.Effect of this Subdivision
112-45.CGT events
112-48.Gifts acquired by associates
112-50.Main residence
112-53.Scrip for scrip roll-over
112-54.Demergers
112-55.Effect of you dying
112-60.Bonus shares or units
112-65.Rights
112-70.Convertible interests
112-75.Employee share schemes
112-77.Exchangeable interests
112-80.Leases
112-85.Options
112-87.Residency
112-90.An asset stops being a pre-CGT asset
112-92.Demutualisation of certain entities
112-95.Transfer of tax losses and net capital losses within wholly-owned groups of companies
112-97.Modifications outside this Part and Part 3-3
INCOME TAX ASSESSMENT ACT 1997
Subdivision 112-C—Replacement-asset roll-overs

112-100.Effect of this Subdivision
112-105.What is a replacement-asset roll-over?
112-110.How is the cost base of the replacement asset modified?
112-115.Table of replacement-asset roll-overs
INCOME TAX ASSESSMENT ACT 1997
Subdivision 112-D—Same-asset roll-overs

112-135.Effect of this Subdivision
112-140.What is a same-asset roll-over?
112-145.How is the cost base of the asset modified?
112-150.Table of same-asset roll-overs
INCOME TAX ASSESSMENT ACT 1997
Division 114—Indexation of cost base

114-1.Indexing elements of cost base
114-5.When indexation relevant
114-10.Requirement for 12 months ownership
114-15.Cost base modifications
114-20.When expenditure is incurred for roll-overs
INCOME TAX ASSESSMENT ACT 1997
Division 115—Discount capital gains and trusts' net capital
gains

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 115


115-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 115-A—Discount capital gains

INCOME TAX ASSESSMENT ACT 1997
What is a discount capital gain?


115-5.What is a discount capital gain ?
115-10.Who can make a discount capital gain?
115-15.Discount capital gain must be made after 21 September 1999
115-20.Discount capital gain must not have indexed cost base
115-25.Discount capital gain must be on asset acquired at least 12 months before
115-30.Special rules about time of acquisition
INCOME TAX ASSESSMENT ACT 1997
What are not discount capital gains?


115-40.Capital gain resulting from agreement made within a year of acquisition
115-45.Capital gain from equity in an entity with newly acquired assets
115-50.Discount capital gain from equity in certain entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 115-B—Discount percentage

115-100.What is the discount percentage for a discount capital gain
INCOME TAX ASSESSMENT ACT 1997
Subdivision 115-C—Rules about trusts with net capital gains
Guide to Subdivision 115-C


115-200.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


115-210.When this Subdivision applies
115-215.Assessing presently entitled beneficiaries
115-220.Special rule for assessing trustee under subsection 98(3) of the Income Tax Assessment Act 1936
115-225.Special rule for assessing trustee under section 99A of the Income Tax Assessment Act 1936
INCOME TAX ASSESSMENT ACT 1997
Subdivision 115-D—Tax relief for shareholders in listed
investment companies
Guide to Subdivision 115-D


115-275.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


115-280.Deduction for certain dividends
115-285.Meaning of LIC capital gain
115-290.Meaning of listed investment company
115-295.Maintaining records
INCOME TAX ASSESSMENT ACT 1997
Division 116—Capital proceeds


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 116


116-1.What this Division is about
116-5.General rules
116-10.Modifications to general rules
INCOME TAX ASSESSMENT ACT 1997
General rules


116-20.General rules about capital proceeds
INCOME TAX ASSESSMENT ACT 1997
Modifications to general rules


116-25.Table of modifications to the general rules
116-30.Market value substitution rule: modification 1
116-40.Apportionment rule: modification 2
116-45.Non-receipt rule: modification 3
116-50.Repaid rule: modification 4
116-55.Assumption of liability rule: modification 5
INCOME TAX ASSESSMENT ACT 1997
Special rules


116-65.Disposal of a CGT asset the subject of an option
116-70.Option requiring both acquisition and disposal
116-75.Special rule for CGT event happening to a lease
116-80.Special rule if CGT asset is shares or an interest in a trust
116-85.Section 47A of 1936 Act applying to rolled-over asset
116-95.Company changes residence from an unlisted country
116-100.Gifts of property
116-105.Conservation covenants
INCOME TAX ASSESSMENT ACT 1997
Division 118—Exemptions

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 118


118-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 118-A—General exemptions

INCOME TAX ASSESSMENT ACT 1997
Exempt assets


118-5.Cars, motor cycles and valour decorations
118-10.Collectables and personal use assets
118-12.Assets used to produce exempt income etc.
118-13.Shares in a PDF
118-14.GST Direct Assistance Certificate
INCOME TAX ASSESSMENT ACT 1997
Anti-overlap provisions


118-20.Reducing capital gains if amount otherwise assessable
118-21.Carried interests
118-22.Eligible termination payments
118-24.Depreciating assets and section 73BA depreciating assets
118-25.Trading stock
118-30.Film copyright
118-35.Research and development
INCOME TAX ASSESSMENT ACT 1997
Exempt or loss-denying transactions


118-37.Compensation, damages etc.
118-40.Expiry of a lease
118-42.Transfer of stratum units
118-45.Sale of rights to mine
118-55.Foreign currency hedging gains and losses
118-60.Certain gifts
118-65.Later distributions of personal services income
118-70.Transactions by exempt entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 118-B—Main residence
Guide to Subdivision 118-B


118-100.What this Subdivision is about
118-105.Map of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Basic case and concepts


118-110.Basic case
118-115.Meaning of dwelling
118-120.Extension to adjacent land
118-125.Meaning of ownership period
118-130.Meaning of ownership interest in land or a dwelling
INCOME TAX ASSESSMENT ACT 1997
Rules that may extend the exemption


118-135.Moving into a dwelling
118-140.Changing main residences
118-145.Absences
118-150.If you build, repair or renovate a dwelling
118-155.Where individual referred to in section 118-150 dies
118-160.Destruction of dwelling and sale of land
INCOME TAX ASSESSMENT ACT 1997
Rules that may limit the exemption


118-165.Separate CGT event for adjacent land or other structures
118-170.Spouse having different main residence
118-175.Dependent child having different main residence
118-180.Acquisition of dwelling from company or trust on marriage breakdown—roll-over provision applying
INCOME TAX ASSESSMENT ACT 1997
Partial exemption rules


118-185.Partial exemption where dwelling was your main residence during part only of ownership period
118-190.Use of dwelling for producing assessable income
118-192.Special rule for first use to produce income
INCOME TAX ASSESSMENT ACT 1997
Dwellings acquired from deceased estates


118-195.Dwelling acquired from a deceased estate
118-197.Special rule for surviving joint tenant
118-200.Partial exemption for deceased estate dwellings
118-205.Adjustment if dwelling inherited from deceased individual
118-210.Trustee acquiring dwelling under will
INCOME TAX ASSESSMENT ACT 1997
Subdivision 118-D—Insurance and superannuation

118-300.Insurance policies
118-305.Superannuation
118-310.RSA's
118-313.Superannuation agreements under the Family Law Act
118-315.Segregated exempt assets of life insurance companies
118-320.Segregated current pension assets of a complying superannuation entity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 118-E—Units in pooled superannuation trusts


118-350.Units in pooled superannuation trusts
118-355.Segregated exempt superannuation assets of pooled superannuation trust
INCOME TAX ASSESSMENT ACT 1997
Subdivision 118-F—Venture capital investment
Guide to Subdivision 118-F


118-400.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


118-405.Exemption for certain foreign venture capital investments through venture capital limited partnerships
118-410.Exemption for certain foreign venture capital investments through Australian venture capital funds of funds
118-415.Exemption for certain venture capital investments by foreign residents
118-420.Meaning of eligible venture capital partner etc.
118-425.Meaning of eligible venture capital investment
118-430.Meaning of at risk
118-435.Special rule relating to investment in foreign resident holding companies
118-440.Meaning of permitted entity value
118-445.Meaning of committed capital
INCOME TAX ASSESSMENT ACT 1997
Subdivision 118-G—Venture capital: investment by foreign
superannuation funds
Guide to Subdivision 118-G


118-500.What this Subdivision is about
118-505.Exemption for certain foreign venture capital
118-510.Meaning of resident investment vehicle
118-515.Meaning of venture capital entity
118-520.Meaning of foreign superannuation fund
118-525.Meaning of venture capital equity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 118-H—Demutualisation of Tower Corporation


118-550.Demutualisation of Tower Corporation
INCOME TAX ASSESSMENT ACT 1997
Division 121—Record keeping


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 121


121-10.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


121-20.What records you must keep
121-25.How long you must retain the records
121-30.Exceptions
121-35.Asset register entries
INCOME TAX ASSESSMENT ACT 1997
Part 3-3—Capital gains and losses: special topics

INCOME TAX ASSESSMENT ACT 1997
Division 122—Roll-over for the disposal of assets to, or the
creation of assets in, a wholly-owned company

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 122


122-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 122-A—Disposal or creation of assets by an
individual or trustee to a wholly-owned company
Guide to Subdivision 122-A


122-5.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
When is a roll-over available


122-15.Disposal or creation of assets—wholly-owned company
122-20.What you receive for the trigger event
122-25.Other requirements to be satisfied
122-35.What if the company undertakes to discharge a liability (disposal case)
122-37.Rules for working out what a liability in respect of an asset is
INCOME TAX ASSESSMENT ACT 1997
Replacement-asset roll-over if you dispose of a CGT asset


122-40.Disposal of a CGT asset
INCOME TAX ASSESSMENT ACT 1997
Replacement-asset roll-over if you dispose of all the assets of a
business


122-45.Disposal of all the assets of a business
122-50.All assets acquired on or after 20 September 1985
122-55.All assets acquired before 20 September 1985
122-60.Assets acquired before and after 20 September 1985
INCOME TAX ASSESSMENT ACT 1997
Replacement-asset roll-over for a creation case


122-65.Creation of asset
INCOME TAX ASSESSMENT ACT 1997
Same-asset roll-over consequences for the company (disposal case)


122-70.Consequences for the company (disposal case)
INCOME TAX ASSESSMENT ACT 1997
Same-asset roll-over consequences for the company (creation case)


122-75.Consequences for the company (creation case)
INCOME TAX ASSESSMENT ACT 1997
Subdivision 122-B—Disposal or creation of assets by partners
to a wholly-owned company
Guide to Subdivision 122-B


122-120.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
When is a roll-over available


122-125.Disposal or creation of assets—wholly-owned company
122-130.What the partners receive for the trigger event
122-135.Other requirements to be satisfied
122-140.What if the company undertakes to discharge a liability (disposal case)
122-145.Rules for working out what a liability in respect of an interest in an asset is
INCOME TAX ASSESSMENT ACT 1997
Replacement-asset roll-over if partners dispose of a CGT asset


122-150.Capital gain or loss disregarded
122-155.Disposal of post-CGT or pre-CGT interests
122-160.Disposal of both post-CGT and pre-CGT interests
INCOME TAX ASSESSMENT ACT 1997
Replacement-asset roll-over if the partners dispose of all the
assets of a business


122-170.Capital gain or loss disregarded
122-175.Other consequences
122-180.All interests acquired on or after 20 September 1985
122-185.All interests acquired before 20 September 1985
122-190.Interests acquired before and after 20 September 1985
INCOME TAX ASSESSMENT ACT 1997
Replacement-asset roll-over for a creation case


122-195.Creation of asset
INCOME TAX ASSESSMENT ACT 1997
Same-asset roll-over consequences for the company (disposal case)


122-200.Consequences for the company (disposal case)
INCOME TAX ASSESSMENT ACT 1997
Same-asset roll-over consequences for the company (creation case)


122-205.Consequences for the company (creation case)
INCOME TAX ASSESSMENT ACT 1997
Part 3-3—Capital gains and losses: special topics

INCOME TAX ASSESSMENT ACT 1997
Division 124—Replacement-asset roll-overs

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 124


124-1.What this Division is about
124-5.How to find your way around this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-A—General rules

124-10.Your ownership of one CGT asset ends
124-15.Your ownership of more than one CGT asset ends
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-B—Asset compulsorily acquired, lost or
destroyed

INCOME TAX ASSESSMENT ACT 1997
When a roll-over is available


124-70.Events giving rise to a roll-over
124-75.Other requirements if you receive money
124-80.Other requirements if you receive an asset
INCOME TAX ASSESSMENT ACT 1997
The consequences of a roll-over being available


124-85.Consequences for receiving money
124-90.Consequences for receiving an asset
124-95.You receive both money and an asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-C—Statutory licences


124-140.Renewal or extension of a statutory licence
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-D—Strata title conversion


124-190.Strata title conversion
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-E—Exchange of shares or units

124-240.Exchange of shares in the same company
124-245.Exchange of units in the same unit trust
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-F—Exchange of rights or
options

124-295.Exchange of rights or option to acquire shares in a company
124-300.Exchange of rights or option to acquire units in a unit trust
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-G—Exchange of shares in one company for
shares in another company
Guide to Subdivision 124-G


124-350.What this Subdivision is about
124-355.Summary of rules
INCOME TAX ASSESSMENT ACT 1997
Disposal case


124-360.Disposal of shares in one company for shares in another one
124-365.Other requirements to be satisfied
INCOME TAX ASSESSMENT ACT 1997
Redemption or cancellation case


124-370.Redemption or cancellation of shares in one company for shares in another one
124-375.Other requirements to be satisfied
INCOME TAX ASSESSMENT ACT 1997
Rules applying to both cases


124-380.Requirements to be satisfied in both cases
INCOME TAX ASSESSMENT ACT 1997
Consequences for the interposed company unless consolidated group
continues


124-385.Consequences for the interposed company
INCOME TAX ASSESSMENT ACT 1997
Additional consequences for member if shares are trading stock or
revenue assets


124-390.Deferral of profit or loss on shares
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-H—Exchange of units in a unit trust for
shares in a company
Guide to Subdivision 124-H


124-435.What this Subdivision is about
124-440.Summary of rules
INCOME TAX ASSESSMENT ACT 1997
Disposal case


124-445.Disposal of units in a unit trust for shares in a company
124-450.Other requirements to be satisfied
INCOME TAX ASSESSMENT ACT 1997
Redemption or cancellation case


124-455.Redemption or cancellation of units in a unit trust for shares in a company
124-460.Other requirements to be satisfied
INCOME TAX ASSESSMENT ACT 1997
Rules applying to both cases


124-465.Requirements to be satisfied in both cases
INCOME TAX ASSESSMENT ACT 1997
Consequences for the company


124-470.Consequences for the company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-I—Conversion of a body to an incorporated
company


124-520.Conversion of a body to an incorporated company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-J—Crown leases
Guide to Subdivision 124-J


124-570.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


124-575.Extension or renewal of Crown lease
124-580.Meaning of Crown lease
124-585.Original right differs in area from new right
124-590.Part of original right excised
124-595.Treating parts of new right as separate assets
124-600.What is the roll-over?
124-605.Change of lessor
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-K—Depreciating assets

124-655.Roll-over for depreciating assets
124-660.Right granted to associate
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-L—Prospecting and mining entitlements
Guide to Subdivision 124-L


124-700.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


124-705.Extension or renewal of prospecting or mining entitlement
124-710.Meaning of prospecting entitlement and mining entitlement
124-715.Original entitlement differs in area from new entitlement
124-720.Part of original entitlement excised
124-725.Treating parts of new entitlement as separate assets
124-730.What is the roll-over?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-M—Scrip for scrip roll-over
Guide to Subdivision 124-M


124-775.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


124-780.Replacement of shares
124-781.Replacement of trust interests
124-782.Transfer or allocation of cost base of shares acquired by acquiring entity etc.
124-783.Meaning of significant stakeholder , common stakeholder , significant stake and common stake
124-784.Cost base of equity or debt given by acquiring entity to ultimate holding company
124-785.What is the roll-over?
124-790.Partial roll-over
124-795.Exceptions
124-800.Interest received for pre-CGT interest
124-810.Certain companies and trusts not regarded as having 300 members or beneficiaries
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-N—Disposal of assets by a trust to a company
Guide to Subdivision 124-N


124-850.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


124-855.What this Subdivision deals with
124-860.Requirements for roll-over
124-865.Entities both choose the roll-over
124-870.Roll-over for owner of units or interests in a trust
124-875.Effect on the transferor and transferee
INCOME TAX ASSESSMENT ACT 1997
Subdivision 124-O—FSR (financial services reform)
transitions

INCOME TAX ASSESSMENT ACT 1997
Same owner roll-overs


124-880.Old licence roll-over (same owner)
124-885.Qualified licence roll-over (same owner)
124-890.Rights roll-over (same owner)
124-895.Consequences of a same owner roll-over
INCOME TAX ASSESSMENT ACT 1997
New owner roll-overs


124-900.Old licence roll-over (new owner)
124-905.Qualified licence roll-over (new owner)
124-910.Rights roll-over (new owner)
124-915.Consequences of a new owner roll-over (where one CGT asset comes to an end)
124-920.Consequences of a new owner roll-over (where more than one CGT asset comes to an end)
INCOME TAX ASSESSMENT ACT 1997
Extension of FSR transition period


124-925.Special extension of the 10 March 2004 cut-off date (same owner roll-overs)
124-930.Special extension of the 10 March 2004 cut-off date (new owner roll-overs)
INCOME TAX ASSESSMENT ACT 1997
Division 125—Demerger relief

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 125


125-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 125-A—Object of this Division

125-5.Object of this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 125-B—Consequences for owners of interests
Guide to Subdivision 125-B


125-50.Guide to Subdivision 125-B
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


125-55.When a roll-over is available for a demerger
125-60.Meaning of ownership interest and related terms
125-65.Meanings of demerger group , head entity and demerger subsidiary
125-70.Meanings of demerger , demerged entity and demerging entity
125-75.Exceptions to subsection 125-70(2)
125-80.What is the roll-over?
125-85.Cost base adjustments where CGT event happens but no roll-over chosen
125-90.Cost base adjustments where no CGT event
125-95.No other cost base adjustment after demerger
125-100.No further demerger relief in some cases
INCOME TAX ASSESSMENT ACT 1997
Subdivision 125-C—Consequences for members of demerger group
Guide to Subdivision 125-C


125-150.Guide to Subdivision 125-C
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


125-155.Certain capital gains or losses disregarded for demerging entity
125-160.No CGT event J1
125-165.Adjusted capital loss for value shift under a demerger
125-170.Reduced cost base reduction if demerger asset subject to roll-over
INCOME TAX ASSESSMENT ACT 1997
Subdivision 125-D—Corporate unit trusts and public trading
trusts
Guide to Subdivision 125-D


125-225.Guide to Subdivision 125-D
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


125-230.Application of Division to corporate unit trusts and public trading trusts
INCOME TAX ASSESSMENT ACT 1997
Division 126—Same-asset roll-overs

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 126


126-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 126-A—Marriage breakdown

126-5.CGT event involving spouses
126-15.CGT event involving company or trustee
126-20.Subsequent CGT event happening to roll-over asset where transferor was a CFC or a non-resident trust
INCOME TAX ASSESSMENT ACT 1997
Subdivision 126-B—Companies in the same wholly-owned group
Guide to Subdivision 126-B


126-40.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


126-45.Roll-over for members of wholly-owned group
126-50.Requirements for roll-over
126-55.When there is a roll-over
126-60.Consequences of roll-over
126-75.Originating company is a CFC
126-85.Effect of roll-over on certain liquidations
INCOME TAX ASSESSMENT ACT 1997
Subdivision 126-C—Changes to trust deeds
Guide to Subdivision 126-C


126-125.What this Subdivision is about
126-130.Changes to trust deeds
126-135.Consequences of roll-over
INCOME TAX ASSESSMENT ACT 1997
Subdivision 126-D—Entitlement to shares after
demutualisation and scrip for scrip roll-over
Guide to Subdivision 126-D


126-185.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


126-190.When there is a roll-over
126-195.Consequences of roll-over
INCOME TAX ASSESSMENT ACT 1997
Subdivision 126-D—Small superannuation funds

126-140.CGT event involving small superannuation funds
INCOME TAX ASSESSMENT ACT 1997
Subdivision 126-F—Transfer of assets of superannuation funds
to meet licensing requirements
Guide to Subdivision 126-F


126-200.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


126-205.Object of this Subdivision
126-210.When there is a roll-over and what its effects are
INCOME TAX ASSESSMENT ACT 1997
Division 128—Effect of death


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 128


128-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
General rules


128-10.Capital gain or loss when you die is disregarded
128-15.Effect on the legal personal representative or beneficiary
128-20.When does an asset pass to a beneficiary?
128-25.The beneficiary is a trustee of a superannuation fund etc.
INCOME TAX ASSESSMENT ACT 1997
Special rules for joint tenants


128-50.Joint tenants
INCOME TAX ASSESSMENT ACT 1997
Division 130—Investments

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 130


130-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 130-A—Bonus shares and units
Guide to Subdivision 130-A

130-15.Acquisition time and cost base of bonus equities
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


130-20.Issue of bonus shares or units
INCOME TAX ASSESSMENT ACT 1997
Subdivision 130-B—Rights

130-40.Exercise of rights
130-45.Timing rules
130-50.Application to options
INCOME TAX ASSESSMENT ACT 1997
Subdivision 130-C—Convertible interests


130-60.Shares or units acquired by converting a convertible interest
INCOME TAX ASSESSMENT ACT 1997
Subdivision 130-D—Employee share schemes

130-80.Share or right acquired under employee share scheme
130-83.Qualifying shares and qualifying rights
130-85.Share or right acquired under employee share scheme involving your associate
130-90.Share or right acquired under an employee share trust—beneficiary absolutely entitled
130-95.Share or right acquired under an employee share trust—100% takeover or restructure
INCOME TAX ASSESSMENT ACT 1997
Subdivision 130-E—Exchangeable interests

130-100.Exchangeable interest
130-105.Shares acquired in exchange for the disposal or redemption of an exchangeable interest
INCOME TAX ASSESSMENT ACT 1997
Division 132—Leases

132-1.Lessee incurs expenditure to get lease term varied or waived
132-5.Lessor pays lessee for improvements
132-10.Grant of a long-term lease
132-15.Lessee of land acquires reversionary interest of lessor
INCOME TAX ASSESSMENT ACT 1997
Division 134—Options


134-1.Exercise of options
INCOME TAX ASSESSMENT ACT 1997
Division 136—Foreign residents

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 136


136-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 136-A—Making a capital gain or
loss

136-5.What if you are a foreign resident just before a CGT event
136-10.Making a capital gain or loss from most CGT events
136-15.Making a capital gain or loss from CGT events D1, E9 and K9
136-20.Those events you cannot make a capital gain or loss from
136-25.When an asset has the necessary connection with Australia
136-30.Reducing a capital gain or loss from a business asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 136-B—Becoming an Australian
resident

136-40.Individual or company becomes an Australian resident
136-45.Trust becomes a resident trust
136-50.CFC becomes an Australian resident
INCOME TAX ASSESSMENT ACT 1997
Division 149—When an asset stops being a pre-CGT
asset

INCOME TAX ASSESSMENT ACT 1997
Subdivision 149-A—Key concepts

149-10.What is a pre-CGT asset?
149-15.Majority underlying interests in a CGT asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 149-B—When asset of non-public entity stops
being a pre-CGT asset

149-25.Which entities are affected
149-30.Effects if asset no longer has same majority underlying ownership
149-35.Cost base elements of asset that stops being a pre-CGT asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 149-C—When asset of public entity stops being a
pre-CGT asset

149-50.Which entities are affected
149-55.Entity to give the Commissioner evidence periodically as to whether asset still has same majority underlying ownership
149-60.What the evidence must show
149-70.Effects if asset no longer has same majority underlying ownership
149-75.Cost base elements of asset that stops being a pre-CGT asset
149-80.No more evidence needed after asset stops being a pre-CGT asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 149-F—How to treat a "demutualised" public
entity

149-162.Subdivision applies only if entity gives sufficient evidence
149-165.Members treated as having underlying interests in assets until demutualisation
149-170.Effect of demutualisation of interposed company
INCOME TAX ASSESSMENT ACT 1997
Division 152—Small business relief


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 152


152-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 152-A—Basic conditions for relief under this
Division
Guide to Subdivision 152-A


152-5.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Basic conditions for relief


152-10.Basic conditions for relief
152-12.Special conditions for CGT event D1
INCOME TAX ASSESSMENT ACT 1997
Maximum net asset value test


152-15.Maximum net asset value test
152-20.Meaning of net value of the CGT assets
152-25.Meaning of small business CGT affiliate
152-30.Meaning of connected with the entity
INCOME TAX ASSESSMENT ACT 1997
Active asset test


152-35.Active asset test
152-40.Meaning of active asset
152-45.Continuing time periods for involuntary disposals
INCOME TAX ASSESSMENT ACT 1997
Controlling individual test


152-50.Controlling individual test
152-55.Meaning of controlling individual
INCOME TAX ASSESSMENT ACT 1997
CGT concession stakeholder


152-60.Meaning of CGT concession stakeholder
INCOME TAX ASSESSMENT ACT 1997
Subdivision 152-B—Small business 15-year exemption
Guide to Subdivision 152-B


152-100.What this Subdivision is about
152-105.15-year exemption for individuals
152-110.15-year exemption for companies and trusts
152-115.Continuing time periods for involuntary disposals
152-120.Discretionary trusts need not have a controlling individual in a loss year
152-125.Payments to company's or trust's CGT concession stakeholders are exempt
INCOME TAX ASSESSMENT ACT 1997
Subdivision 152-C—Small business 50% reduction
Guide to Subdivision 152-C


152-200.What this Subdivision is about
152-205.You get the small business 50% reduction
152-210.You may also get the small business retirement exemption and small business roll-over relief
152-215.15-year rule has priority
152-220.You may choose not to apply this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Subdivision 152-D—Small business retirement exemption
Guide to Subdivision 152-D


152-300.What this Subdivision is about
152-305.Choosing the exemption
152-310.Consequences of choice
152-315.Choosing the amount to disregard
152-320.Meaning of CGT retirement exemption limit
152-325.Company or trust conditions
152-330.15-year rule has priority
INCOME TAX ASSESSMENT ACT 1997
Subdivision 152-E—Small business roll-over
Guide to Subdivision 152-E


152-400.What this Subdivision is about
152-405.Basic principles for the small business roll-over
152-410.When you can obtain the roll-over
152-415.What the roll-over consists of
152-420.Replacement asset conditions
152-425.Rules where an individual who has obtained a roll-over dies
152-430.15-year rule has priority
INCOME TAX ASSESSMENT ACT 1997
Part 3-5—Corporate taxpayers and corporate distributions

INCOME TAX ASSESSMENT ACT 1997
Division 164—Non-share capital accounts for companies


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 164


164-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


164-5.Object
164-10.Non-share capital account
164-15.Credits to non-share capital account
164-20.Debits to non-share capital account
INCOME TAX ASSESSMENT ACT 1997
Division 165—Income tax consequences of changing ownership
or control of a company

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 165


165-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivis
ion 165-A—Deducting
tax losses of earlier income years
Guide to Subdivision 165-A


165-5.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


165-10.To deduct a tax loss
165-12.Company must maintain the same owners
165-13.Alternatively, company must carry on same business
165-15.Same people must control the voting power, or company must carry on same business
165-20.When company can deduct part of a tax loss
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-B—Working out the taxable income and tax
loss for the income year of the change
Guide to Subdivision 165-B


165-23.What this Subdivision is about
165-25.Summary of this Subdivision
165-30.Flow chart showing the application of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
When a company must work out its taxable income and tax loss under
this Subdivision


165-35.On a change of ownership, unless the company carries on the same business
165-37.Who has more than a 50% stake in the company during a period
165-40.On a change of control of voting power in the company, unless the company carries on the same business
INCOME TAX ASSESSMENT ACT 1997
Working out the company's taxable income


165-45.First, divide the income year into periods
165-50.Next, calculate the notional loss or notional taxable income for each period
165-55.How to attribute deductions to periods
165-60.How to attribute assessable income to periods
165-65.How to calculate the company's taxable income for the income year
INCOME TAX ASSESSMENT ACT 1997
Working out the company's tax loss


165-70.How to calculate the company's tax loss for the income year
INCOME TAX ASSESSMENT ACT 1997
Special rules that apply if the company is in partnership


165-75.How to calculate the company's notional loss or notional taxable income for a period when the company was a partner
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
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
165-90.Company's full year deductions include a share of partnership's full year deductions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-CA—Applying net capital losses of earlier
income years
Guide to Subdivision 165-CA


165-93.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


165-96.When a company cannot apply a net capital loss
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-CB—Working out the net capital gain and the
net capital loss for the income year of the change
Guide to Subdivision 165-CB


165-99.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
When a company must work out its net capital gain and net capital
loss under this Subdivision


165-102.On a change of ownership, or of control of voting power, unless the company carries on the same business
INCOME TAX ASSESSMENT ACT 1997
Working out the company's net capital gain and net capital loss


165-105.First, divide the income year into periods
165-108.Next, calculate the notional net capital gain or notional net capital loss for each period
165-111.How to work out the company's net capital gain
165-114.How to work out the company's net capital loss
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-CC—Change of ownership or control of company
that has an unrealised net loss
Guide to Subdivision 165-CC


165-115.What this Subdivision is about
165-115AA.Special rules to save compliance costs
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


165-115A.Application of Subdivision
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
165-115BA.What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock
165-115BB.Order of application of assets: residual unrealised net loss
165-115C.Changeover time—change in ownership of company
165-115D.Changeover time—change in control of company
165-115E.What is an unrealised net loss
165-115F.Notional gains and losses
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-CD—Reductions after alterations in ownership
or control of loss company
Guide to Subdivision 165-CD


165-115GA.What this Subdivision is about
165-115GB.When adjustments must be made
165-115GC.How adjustments are calculated
165-115H.How this Subdivision applies
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


165-115J.Object of Subdivision
165-115K.Application and interpretation
165-115L.Alteration time—alteration in ownership of company
165-115M.Alteration time—alteration in control of company
165-115N.Alteration time—declaration by liquidator or administrator
165-115P.Notional alteration time—disposal of interests in company within 12 months before alteration time
165-115Q.Notional alteration time—disposal of interests in company earlier than 12 months before alteration time
165-115R.When company is a loss company at first or only alteration time in income year
165-115S.When company is a loss company at second or later alteration time in income year
165-115T.Reduction of certain amounts included in company's overall loss at alteration time
165-115U.Adjusted unrealised loss
165-115V.Notional losses
165-115W.Calculation of trading stock decrease
165-115X.Relevant equity interest
165-115Y.Relevant debt interest
165-115Z.What constitutes a controlling stake in a company
165-115ZA.Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time
165-115ZB.Adjustment amounts for the purposes of section 165-115ZA
165-115ZC.Notices to be given
165-115ZD.Adjustment (or further adjustment) for interest realised at a loss after global method has been used
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-C—Deducting bad debts
Guide to Subdivision 165-C


165-117.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


165-119.Application of Subdivision
165-120.To deduct a bad debt
165-123.Company must maintain the same owners
165-126.Alternatively, company must carry on same business
165-129.Same people must control the voting power, or company must carry on same business
165-132.When tax losses resulting from bad debts cannot be deducted
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-D—Tests for finding out whether the company
has maintained the same owners

INCOME TAX ASSESSMENT ACT 1997
The primary and alternative tests


165-150.Who has more than 50% of the voting power in the company
165-155.Who has rights to more than 50% of the company's dividends
165-160.Who has rights to more than 50% of the company's capital distributions
165-165.Rules about tests for a condition or occurrence of a circumstance
165-175.Tests can be satisfied by a single person
INCOME TAX ASSESSMENT ACT 1997
Rules affecting the operation of the tests


165-180.Arrangements affecting beneficial ownership of shares
165-185.Shares treated as not having carried rights
165-190.Shares treated as always having carried rights
165-195.Disregard redeemable shares
165-200.Rules do not affect totals of shares, units in unit trusts or rights carried by shares and units
165-205.Death of beneficial owner
165-207.Trustee of family trust treated as beneficial owner
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-E—The same
business
test


165-210.The test
INCOME TAX ASSESSMENT ACT 1997
Subdivision 165-F—Special provisions relating to ownership
by non-fixed trusts

165-215.Special alternative to change of ownership test for Subdivision 165-A
165-220.Special alternative to change of ownership test for Subdivision 165-B
165-225.Special way of dividing the income year under Subdivision 165-B
165-230.Special alternative to change of ownership test for Subdivision 165-C
165-235.Information about non-fixed trusts with interests in company
165-240.Notices where requirements of section 165-235 are met
165-245.Meaning of expressions
INCOME TAX ASSESSMENT ACT 1997
Division 166—Income tax consequences of changing ownership
or control of a listed public company


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 166


166-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 166-A—Deducting tax losses of earlier income
years

166-5.How Subdivision 165-A applies to a listed public company
166-10.How Subdivision 165-A applies to a 100% subsidiary of a listed public company
166-15.Companies can choose that this Subdivision is not to apply to them
INCOME TAX ASSESSMENT ACT 1997
Subdivision 166-B—Working out the taxable income, tax loss,
net capital gain and net capital loss for the income year of the
change

166-20.How Subdivisions 165-B and 165-CB apply to a listed public company
166-25.How to work out the taxable income, tax loss, net capital gain and net capital loss
166-30.How Subdivisions 165-B and 165-CB apply to 100% subsidiary of a listed public company
166-35.Companies can choose that this Subdivision is not to apply to them
INCOME TAX ASSESSMENT ACT 1997
Subdivision 166-C—Deducting bad debts

166-40.How Subdivision 165-C applies to a listed public company
166-45.How Subdivision 165-C applies to a 100% subsidiary of a listed public company
166-50.Companies can choose that this Subdivision is not to apply to them
INCOME TAX ASSESSMENT ACT 1997
Subdivision 166-CA—Change of ownership or control of listed
public company

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


166-80.How Subdivision 165-CC or 165-CD applies to a listed public company
166-85.How Subdivision 165-CC or 165-CD applies to a 100% subsidiary of a listed public company
166-90.Companies can choose that this Subdivision is not to apply to them
INCOME TAX ASSESSMENT ACT 1997
Subdivision 166-D—Tests for finding out whether the listed
public company has maintained the same owners
Guide to Subdivision 166-D


166-140.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Substantial continuity of ownership


166-145.Substantial continuity of ownership
INCOME TAX ASSESSMENT ACT 1997
The ownership tests


166-150.Who has more than 50% of the voting power in the listed public company at a particular time
166-155.Who has rights to more than 50% of the listed public company's dividends at a particular time
166-160.Who has rights to more than 50% of the listed public company's capital distributions at a particular time
INCOME TAX ASSESSMENT ACT 1997
Rules affecting the operation of the ownership tests


166-165.Rules in Division 165 apply
166-170.Rules about substantial continuity of ownership of 100% subsidiary of listed public company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 166-F—How to treat shareholdings of less than 1%
Guide to Subdivision 166-F


166-215.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Special tracing rules for listed public companies


166-220.Shareholdings of less than 1% in the listed public company
166-225.Shareholdings of less than 1% in an interposed listed public company
166-230.Notional shareholder
166-235.Notional shareholder taken to have minimum voting control, dividend rights and capital rights
166-240.Voting, dividend and capital shareholding of less than 1%
166-245.Shares that are part of a substantial shareholding
INCOME TAX ASSESSMENT ACT 1997
When the rules in this Subdivision do not apply


166-250.Limit on listed public company splitting its shares into different classes
166-255.If listed public company would not have otherwise passed the ownership tests
INCOME TAX ASSESSMENT ACT 1997
Subdivision 166-G—How to treat interposed superannuation
funds, approved deposit funds and special companies
Guide to this Subdivision


166-260.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Special tracing rules for listed public companies


166-265.When fund or special company is taken to control voting power
166-270.When fund or special company is taken to have rights to dividends and capital
INCOME TAX ASSESSMENT ACT 1997
Division 170—Treatment of certain company groups for income
tax purposes

INCOME TAX ASSESSMENT ACT 1997
Subdivision 170-A—Transfer of tax losses within certain
wholly-owned groups of companies
Guide to Subdivision 170-A


170-1.What this Subdivision is about
170-5.Basic principles for transferring tax losses
INCOME TAX ASSESSMENT ACT 1997
Effect of transferring a tax loss


170-10.When a company can transfer a tax loss
170-15.Income company is taken to have incurred transferred loss
170-20.Who can deduct transferred loss
170-25.Tax treatment of consideration for transferred tax loss
INCOME TAX ASSESSMENT ACT 1997
Conditions for transfer


170-30.Companies must be in existence and members of the same wholly-owned group etc.
170-32.Tax loss incurred by the loss company because of a transfer under Subdivision 707-A
170-33.Alternative test of relations between the loss company and other companies
170-35.The loss company
170-40.The income company
170-42.If the income company has become the head company of a consolidated group or MEC group
170-45.Maximum amount that can be transferred
170-50.Transfer by written agreement
170-55.Losses must be transferred in order they are incurred
170-60.Income company cannot transfer transferred tax loss
INCOME TAX ASSESSMENT ACT 1997
Effect of agreement to transfer more than can be transferred


170-65.Agreement transfers as much as can be transferred
170-70.Amendment of assessments
INCOME TAX ASSESSMENT ACT 1997
Australian permanent establishments of foreign financial entities


170-75.Treatment like Australian branches of foreign banks
INCOME TAX ASSESSMENT ACT 1997
Subdivision 170-B—Transfer of net capital losses within
certain wholly-owned groups of companies
Guide to Subdivision 170-B


170-101.What this Subdivision is about
170-105.Basic principles for transferring a net capital loss
INCOME TAX ASSESSMENT ACT 1997
Effect of transferring a net capital loss


170-110.When a company can transfer a net capital loss
170-115.Who can apply transferred loss
170-120.Gain company is taken to have made transferred loss
170-125.Tax treatment of consideration for transferred tax loss
INCOME TAX ASSESSMENT ACT 1997
Conditions for transfer


170-130.Companies must be in existence and members of the same wholly-owned group etc.
170-132.Net capital loss made by the loss company because of a transfer under Subdivision 707-A
170-133.Alternative test of relations between the loss company and other companies
170-135.The loss company
170-140.The gain company
170-142.If the gain company has become the head company of a consolidated group or MEC group
170-145.Maximum amount that can be transferred
170-150.Transfer by written agreement
170-155.Losses must be transferred in order they are made
170-160.Gain company cannot transfer transferred net capital loss
INCOME TAX ASSESSMENT ACT 1997
Effect of agreement to transfer more than can be transferred


170-165.Agreement transfers as much as can be transferred
170-170.Amendment of assessments
INCOME TAX ASSESSMENT ACT 1997
Australian permanent establishments of foreign financial entities


170-174.Treatment like Australian branches of foreign banks
INCOME TAX ASSESSMENT ACT 1997
Subdivision 170-C—Provisions applying to both transfers of
tax losses and transfers of net capital losses within wholly-owned groups of
companies
Guide to Subdivision 170-C


170-201.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


170-205.Object of Subdivision
170-210.Transfer of tax loss: direct and indirect interests in the loss company
170-215.Transfer of tax loss: direct and indirect interests in the income company
170-220.Transfer of net capital loss: direct and indirect interests in the loss company
170-225.Transfer of net capital loss: direct and indirect interests in the gain company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 170-D—Transactions by a company that is a member
of a linked group
Guide to Subdivision 170-D


170-250.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


170-255.Application of Subdivision
170-260.Linked group
170-265.Connected entity
170-270.Immediate consequences for originating company
170-275.Subsequent consequences for originating company
170-280.What happens if certain events happen in respect of the asset
INCOME TAX ASSESSMENT ACT 1997
Division 175—Use of a company's tax losses or deductions to
avoid income tax

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 175


175-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 175-A—Tax benefits from unused tax
losses

175-5.When Commissioner can disallow deduction for tax loss
175-10.First case: income or capital gain injected into company because of available tax loss
175-15.Second case: someone else obtains a tax benefit because of tax loss available to company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 175-B—Tax benefits from unused
deductions

175-20.Income or capital gain injected into company because of available deductions
175-25.Deduction injected into company because of available income or capital gain
175-30.Someone else obtains a tax benefit because of a deduction, income or capital gain available to company
175-35.Tax loss resulting from disallowed deductions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 175-CA—Tax benefits from unused net capital
losses of earlier income years

175-40.When Commissioner can disallow net capital loss of earlier income year
175-45.First case: capital gain injected into company because of available net capital loss
175-50.Second case: someone else obtains a tax benefit because of net capital loss available to company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 175-CB—Tax benefits from unused capital losses
of the current year

175-55.When Commissioner can disallow capital loss of current year
175-60.Capital gain injected into company because of available capital loss
175-65.Capital loss injected into company because of available capital gain
175-70.Someone else obtains a tax benefit because of capital loss or gain available to company
175-75.Net capital loss resulting from disallowed capital losses
INCOME TAX ASSESSMENT ACT 1997
Subdivision 175-C—Tax benefits from unused bad debt
deductions

175-80.When Commissioner can disallow deduction for bad debt
175-85.First case: income or capital gain injected into company because of available bad debt
175-90.Second case: someone else obtains a tax benefit because of bad debt deduction available to company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 175-D—Shareholding interest in the
company

175-95.When a person has a shareholding interest in the company
INCOME TAX ASSESSMENT ACT 1997
Division 180—Information about family trusts with interests
in companies

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 180


180-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 180-A—Information relevant to
Division 165

180-5.Information about family trusts with interests in companies
180-10.Notice where requirements of section 180-5 are met
INCOME TAX ASSESSMENT ACT 1997
Subdivision 180-B—Information relevant to
Division 175

180-15.Information about family trusts with interests in companies
180-20.Notice where requirements of section 180-15 are met
INCOME TAX ASSESSMENT ACT 1997
Division 195—Special types of company

INCOME TAX ASSESSMENT ACT 1997
Subdivision 195-A—Pooled development funds (PDFs)
Guide to Subdivision 195-A


195-1.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Working out a PDF's taxable income and tax loss


195-5.Deductibility of PDF tax losses
195-10.PDF cannot transfer tax loss
195-15.Tax loss for year in which company becomes a PDF
INCOME TAX ASSESSMENT ACT 1997
Working out a PDF's net capital gain and net capital loss


195-25.Applying a PDF's net capital losses
195-30.PDF cannot transfer net capital loss
195-35.Net capital loss for year in which company becomes a PDF
INCOME TAX ASSESSMENT ACT 1997
Subdivision 195-B—Limited partnerships
Guide to Subdivision 195-B


195-60.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


195-65.Tax losses cannot be transferred to a VCLP, an AFOF or a VCMP
195-70.Previous tax losses can be deducted after ceasing to be a VCLP, an AFOF or a VCMP
195-75.Determinations to take account of income years of less than 12 months
INCOME TAX ASSESSMENT ACT 1997
Part 3-6—The imputation system

INCOME TAX ASSESSMENT ACT 1997
Division 200—Guide to Part 3-6

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 200


200-1.What this Division is about
200-5.The imputation system
200-10.Franking a distribution
200-15.The franking account
200-20.How a distribution is franked
200-25.A corporate tax entity must not give its members credit for more tax than the entity has paid
200-30.Benchmark rule
200-35.Effect of receiving a franked distribution
200-40.An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members
200-45.Special rules for franking by some entities
INCOME TAX ASSESSMENT ACT 1997
Division 201—Objects and application of
Part 3-6

201-1.Objects
201-5.Application of this Part
INCOME TAX ASSESSMENT ACT 1997
Division 202—Franking a distribution

INCOME TAX ASSESSMENT ACT 1997
Subdivision 202-A—Franking a distribution
Guide to Subdivision 202-A


202-1.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


202-5.Franking a distribution
INCOME TAX ASSESSMENT ACT 1997
Subdivision 202-B—Who can frank a distribution?
Guide to Subdivision 202-B


202-10.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


202-15.Franking entities
202-20.Residency requirement when making a distribution
INCOME TAX ASSESSMENT ACT 1997
Subdivision 202-C—Which distributions can be franked?
Guide to Subdivision 202-C


202-25.What this Subdivision is about
202-30.Frankable distributions
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


202-35.Object
202-40.Frankable distributions
202-45.Unfrankable distributions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 202-D—Amount of the franking credit on a
distribution
Guide to Subdivision 202-D


202-50.What this Subdivision is about
202-55.What is the maximum franking credit for a frankable distribution?
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


202-60.Amount of the franking credit on a distribution
202-65.Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution
INCOME TAX ASSESSMENT ACT 1997
Subdivision 202-E—Distribution statements
Guide to Subdivision 202-E


202-70.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


202-75.Obligation to give a distribution statement
202-80.Distribution statement
202-85.Changing the franking credit on a distribution by amending the distribution statement
INCOME TAX ASSESSMENT ACT 1997
Division 203—Benchmark rule

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 203


203-1.What this Division is about
203-5.Benchmark rule
203-10.Benchmark franking percentage
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


203-15.Object
203-20.Application of the benchmark rule
203-25.Benchmark rule
203-30.Setting a benchmark franking percentage
203-35.Franking percentage
203-40.Franking periods—where the entity is not a private company
203-45.Franking period—private companies
203-50.Consequences of breaching the benchmark rule
203-55.Commissioner's powers to permit a departure from the benchmark rule
INCOME TAX ASSESSMENT ACT 1997
Division 204—Anti-streaming rules

INCOME TAX ASSESSMENT ACT 1997
Subdivision 204-A—Objects and application

204-1.Objects
204-5.Application
INCOME TAX ASSESSMENT ACT 1997
Subdivision 204-B—Linked distributions
Guide to Subdivision 204-B


204-10.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


204-15.Linked distributions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 204-C—Substituting tax-exempt bonus share for
franked distributions
Guide to Subdivision 204-C


204-20.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


204-25.Substituting tax-exempt bonus shares for franked distributions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 204-D—Streaming distributions
Guide to Subdivision 204-D


204-26.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


204-30.Streaming distributions
204-35.When does a franking debit arise if the Commissioner makes a determination under paragraph 204-30(3)(a)
204-40.Amount of the franking debit
204-41.Amount of the exempting debit
204-45.Effect of a determination under paragraph 204-30(3)(b)
204-50.Assessment and notice of determination
204-55.Right to review where a determination made
INCOME TAX ASSESSMENT ACT 1997
Subdivision 204-E—Disclosure requirements
Guide to Subdivision 204-E


204-65.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


204-70.Application of this Subdivision
204-75.Notice to the Commissioner
204-80.Commissioner may require information where the Commissioner suspects streaming
INCOME TAX ASSESSMENT ACT 1997
Division 205—Franking accounts, franking deficit tax
liabilities and the related tax offset

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 205


205-1.What this Division is about
205-5.Franking accounts, franking deficit tax liabilities and the related tax offset
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


205-10.Each entity that is or has been a corporate tax entity has a franking account
205-15.Franking credits
205-20.Paying a PAYG instalment or income tax
205-25.Residency requirement for an event giving rise to a franking credit or franking debit
205-30.Franking debits
205-35.Refund of income tax
205-40.Franking surplus and deficit
205-45.Franking deficit tax
205-50.Deferring franking deficit
205-70.Tax offset arising from franking deficit tax liabilities
INCOME TAX ASSESSMENT ACT 1997
Division 207—Effect of receiving a franked
distribution

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 207

207-5.Overview
INCOME TAX ASSESSMENT ACT 1997
Subdivision 207-A—Effect of receiving a franked distribution
generally
Guide to Subdivision 207-A


207-10.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


207-15.Applying the general rule
207-20.General rule—gross-up and tax offset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 207-B—Franked distribution received through
certain partnerships and trustees
Guide to Subdivision 207-B


207-25.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Gross-up and tax offset


207-30.Applying this Subdivision
207-35.Gross-up—distribution made to, or flows indirectly through, a partnership or trustee
207-45.Tax offset—distribution flows indirectly to an entity
INCOME TAX ASSESSMENT ACT 1997
Key concepts


207-50.When a franked distribution flows indirectly to or through an entity
207-55.Share of a franked distribution
207-57.Share of the franking credit on a franked distribution
INCOME TAX ASSESSMENT ACT 1997
Subdivision 207-C—Residency requirements for the general rule
Guide to Subdivision 207-C


207-60.What this Subdivision is about
207-65.Satisfying the residency requirement
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


207-70.Gross-up and tax offset under section 207-20
207-75.Residency requirement
INCOME TAX ASSESSMENT ACT 1997
Subdivision 207-D—No gross-up or tax offset where
distribution would not be taxed
Guide to Subdivision 207-D


207-80.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


207-85.Applying this Subdivision
207-90.Distribution that is made to an entity
207-95.Distribution that flows indirectly to an entity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 207-E—Exceptions to the rules in
Subdivision 207-D
Guide to Subdivision 207-E


207-105.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


207-110.Exceptions to sections 207-90 and 207-95
INCOME TAX ASSESSMENT ACT 1997
Exempt institutions


207-115.Which exempt institutions are eligible for a refund?
207-117.Residency requirement
207-119.Entity not treated as exempt institution eligible for refund in certain circumstances
207-120.Entity may be ineligible because of a distribution event
207-122.Entity may be ineligible if distribution is in the form of property other than money
207-124.Entity may be ineligible if other money or property also acquired
207-126.Entity may be ineligible if distributions do not match trust share amounts
207-128.Reinvestment choice
207-130.Controller's liability
207-132.Treatment of benefits provided by an entity to a controller
207-134.Entity's present entitlement disregarded in certain circumstances
207-136.Review of certain decisions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 207-F—No gross-up or tax offset where the
imputation system has been manipulated
Guide to Subdivision 207-F


207-140.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


207-145.Distribution that is made to an entity
207-150.Distribution that flows indirectly to an entity
207-155.When is a distribution made as part of a dividend stripping operation?
207-160.Distribution that is treated as an interest payment
INCOME TAX ASSESSMENT ACT 1997
Division 208—Exempting entities and former exempting
entities

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 208

208-5.What is an exempting entity?
208-10.Former exempting entities
208-15.Distributions by exempting entities and former exempting entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-A—What are exempting entities and former
exempting entities?

208-20.Exempting entities
208-25.Effective ownership of entity by prescribed persons
208-30.Accountable membership interests
208-35.Accountable partial interests
208-40.Prescribed persons
208-45.Persons who are taken to be prescribed persons
208-50.Former exempting companies
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-B—Franking with an exempting credit
Guide to Subdivision 208-B


208-55.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


208-60.Franking with an exempting credit
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-C—Amount of the exempting credit on a
distribution
Guide to Subdivision 208-C


208-65.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


208-70.Amount of the exempting credit on a distribution
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-D—Distribution statements
Guide to Subdivision 208-D


208-75.Guide to Subdivision 208-D
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


208-80.Additional information to be included by a former exempting entity or exempting entity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-E—Distributions to be franked with exempting
credits to the same extent
Guide to Subdivision 208-E


208-85.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


208-90.All frankable distributions made within a franking period must be franked to the same extent with an exempting credit
208-95.Exempting percentage
208-100.Consequences of breaching the rule in section 208-90
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-F—Exempting accounts and franking accounts
of exempting entities and former exempting entities
Guide to Subdivision 208-F


208-105.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


208-110.Exempting account
208-115.Exempting credits
208-120.Exempting debits
208-125.Exempting surplus and deficit
208-130.Franking credits arising because of status as exempting entity or former exempting entity
208-135.Relationships that will give rise to a franking credit under item 5 of the table in section 208-130
208-140.Membership of the same effectively wholly-owned group
208-145.Franking debits arising because of status as exempting entity or former exempting entity
208-150.Residency requirement
208-155.Eligible continuing substantial member
208-160.Distributions that are affected by a manipulation of the imputation system
208-165.Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit
208-170.Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution
208-175.When does a distribution franked with an exempting credit flow indirectly to an entity?
208-180.What is an entity's share of the exempting credit on a distribution?
208-185.Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-G—Tax effects of distributions by exempting
entities
Guide to Subdivision 208-G


208-190.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


208-195.Division 207 does not generally apply
208-200.Distributions to exempting entities
208-205.Distributions to employees acquiring shares under an eligible employee share scheme
208-210.Subsidiaries
208-215.Eligible employee share scheme
INCOME TAX ASSESSMENT ACT 1997
Subdivision 208-H—Tax effect of a distribution franked with
an exempting credit
Guide to Subdivision 208-H


208-220.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


208-225.Division 207 does not generally apply
208-230.Distributions to exempting entities and former exempting entities
208-235.Distributions to employees acquiring shares under an eligible employee share scheme
208-240.Distributions to certain individuals
INCOME TAX ASSESSMENT ACT 1997
Division 210—Venture capital franking

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 210

210-1.Purpose of venture capital franking
210-5.How is this achieved?
210-10.What is a venture capital credit?
210-15.What does the PDF have to do to distribute the credits?
210-20.Limits on venture capital franking
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-A—Franking a distribution with a venture
capital credit
Guide to Subdivision 210-A


210-25.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-30.Franking a distribution with a venture capital credit
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-B—Participating PDFs
Guide to Subdivision 210-B


210-35.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-40.What is a participating PDF
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-C—Distributions that are frankable with a
venture capital credit
Guide to Subdivision 210-C


210-45.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-50.Which distributions can be franked with a venture capital credit?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-D—Amount of the venture capital credit on a
distribution
Guide to Subdivision 210-D


210-55.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-60.Amount of the venture capital credit on a distribution
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-E—Distribution statements
Guide to Subdivision 210-E


210-65.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-70.Additional information to be included when a distribution is franked with a venture capital credit
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-F—Rules affecting the allocation of venture
capital credits
Guide to Subdivision 210-F


210-75.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-80.Draining the venture capital surplus when a distribution frankable with venture capital credits is made
210-81.Distributions to be franked with venture capital credits to the same extent
210-82.Consequences of breaching the rule in section 210-81
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-G—Venture capital sub-account
Guide to Subdivision 210-G


210-85.What this Subdivision is about
210-90.The venture capital sub-account
210-95.Venture capital deficit tax
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-100.Venture capital sub-account
210-105.Venture capital credits
210-110.Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax
210-115.Participating PDF may elect to have venture capital credits arise on its assessment day
210-120.Venture capital debits
210-125.Venture capital debit where CGT limit is exceeded
210-130.Venture capital surplus and deficit
210-135.Venture capital deficit tax
210-140.Effect of a liability to pay venture capital deficit tax on franking deficit tax
210-145.Effect of a liability to pay venture capital deficit tax on the franking account
210-150.Deferring venture capital deficit
INCOME TAX ASSESSMENT ACT 1997
Subdivision 210-H—Effect of receiving a distribution franked
with a venture capital credit
Guide to Subdivision 210-H


210-155.What this Subdivision is about
210-160.The significance of a venture capital credit
210-165.Recipients for whom the venture capital credit is not significant
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


210-170.Tax offset for certain recipients of distributions franked with venture capital credits
210-175.Amount of the tax offset
210-180.Application of Division 207 where the recipient is entitled to a tax offset under section 210-170
INCOME TAX ASSESSMENT ACT 1997
Division 214—Administering the imputation
system

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 214

214-1.Purpose of the system
214-5.Key features
INCOME TAX ASSESSMENT ACT 1997
Subdivision 214-A—Franking returns
Guide to Subdivision 214-A


214-10.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


214-15.Notice to give a franking return—general notice
214-20.Notice to a specific corporate tax entity
214-25.Content and form of a franking return
214-30.Franking account balance
214-35.Venture capital sub-account balance
214-40.Meaning of franking tax
214-45.Effect of a refund on franking returns
214-50.Evidence
INCOME TAX ASSESSMENT ACT 1997
Subdivision 214-B—Franking assessments
Guide to Subdivision 214-B


214-55.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


214-60.Commissioner may make a franking assessment
214-65.Commissioner taken to have made a franking assessment on first return
214-70.Part-year assessment
214-75.Validity of assessment
214-80.Objections
214-85.Evidence
INCOME TAX ASSESSMENT ACT 1997
Subdivision 214-C—Amending franking assessments
Guide to Subdivision 214-C


214-90.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


214-95.Amendments within 3 years of the original assessment
214-100.Amended assessments are treated as franking assessments
214-105.Further return as a result of a refund affecting a franking deficit tax liability
214-110.Later amendments—on request
214-115.Later amendments—failure to make proper disclosure
214-120.Later amendments—fraud or evasion
214-125.Further amendment of an amended particular
214-130.Other later amendments
214-135.Amendment on review etc.
214-140.Notice of amendments
INCOME TAX ASSESSMENT ACT 1997
Subdivision 214-D—Collection and recovery
Guide to Subdivision 214-D


214-145.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


214-150.Due date for payment of franking tax
214-155.General interest charge
214-160.Refunds of amounts overpaid
214-165.Security for payment of tax
INCOME TAX ASSESSMENT ACT 1997
Subdivision 214-E—Records, information and tax agents
Guide to Subdivision 214-E


214-170.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


214-175.Record keeping
214-180.Power of Commissioner to obtain information
214-185.Tax agents
INCOME TAX ASSESSMENT ACT 1997
Division 215—Consequences of the debt/equity rules


INCOME TAX ASSESSMENT ACT 1997
Subdivision 215-A—Application of the imputation system to
non-share equity interests


215-1.Application of the imputation system to non-share equity interests
INCOME TAX ASSESSMENT ACT 1997
Subdivision 215-B—Non-share dividends that are unfrankable
to some extent
Guide to Subdivision 215-B


215-5.What this Subdivision is about
215-10.Certain non-share dividends by ADIs unfrankable
215-15.Non-share dividends are unfrankable if profits are unavailable
215-20.Working out the available frankable profits
215-25.Anticipating available frankable profits
INCOME TAX ASSESSMENT ACT 1997
Division 216—Cum dividend sales and securities lending
arrangements

INCOME TAX ASSESSMENT ACT 1997
Subdivision 216-A—Circumstances where a distribution to a
member of a corporate tax entity is treated as having been made to someone
else

216-1.When a distribution made to a member of a corporate tax entity is treated as having been made to someone else
216-5.First situation (cum dividend sales)
216-10.Second situation (securities lending arrangements)
216-15.Distribution closing time
INCOME TAX ASSESSMENT ACT 1997
Subdivision 216-B—Statements to be made where there is a cum
dividend sale or securities lending arrangement

216-20.Cum dividend sale—statement by securities dealer
216-25.Cum dividend sale—statement by party
216-30.Securities lending arrangements—statement by borrower
INCOME TAX ASSESSMENT ACT 1997
Division 218—Application of imputation rules to co-operative
companies

218-5.Application of imputation rules to co-operative companies
INCOME TAX ASSESSMENT ACT 1997
Division 219—Imputation for life insurance
companies

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 219


219-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 219-A—Application of imputation rules to life
insurance companies

219-10.Application of imputation rules to life insurance companies
INCOME TAX ASSESSMENT ACT 1997
Subdivision 219-B—Franking accounts of life insurance
companies

219-15.Franking credits
219-30.Franking debits
219-40.Residency requirement
219-45.Assessment day
219-50.Amount attributable to shareholders' share of income tax liability
219-55.Adjustment resulting from an amended assessment
219-70.Tax offset under section 205-70
219-75.Working out franking credits and franking debits where a tax offset under section 205-70 is applied
INCOME TAX ASSESSMENT ACT 1997
Division 220—Imputation for NZ resident companies and
related companies

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 220


220-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 220-A—Objects of this Division

220-15.Objects
220-20.What is an NZ resident ?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 220-B—NZ company treated as Australian resident
for imputation system if company chooses

220-25.Application of provisions of Part 3-6 outside this Division
220-30.What is an NZ franking company ?
220-35.Making an NZ franking choice
220-40.When is an NZ franking choice in force?
220-45.Revoking an NZ franking choice
220-50.Cancelling an NZ franking choice
INCOME TAX ASSESSMENT ACT 1997
Subdivision 220-C—Modifications of other Divisions of this
Part

INCOME TAX ASSESSMENT ACT 1997
Franking NZ franking companies' distributions


220-100.Residency requirement for franking
220-105.Unfrankable distributions by NZ franking companies
220-110.Maximum franking credit under section 202-60
INCOME TAX ASSESSMENT ACT 1997
NZ franking companies' franking accounts etc.


220-205.Franking credit for payment of NZ franking company's withholding tax liability
220-210.Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company
220-215.Effect on franking account if NZ franking choice ceases to be in force
INCOME TAX ASSESSMENT ACT 1997
Franking accounts of NZ franking company and some of its 100%
subsidiaries


220-300.NZ franking company's franking account affected by franking accounts of some of its 100% subsidiaries
INCOME TAX ASSESSMENT ACT 1997
Effects of supplementary dividend from NZ franking company


220-400.Gross-up and tax offset for distribution from NZ franking company reduced by supplementary dividend
220-405.Franked distribution and supplementary dividend flowing indirectly
220-410.Franking credit reduced if tax offset reduced
INCOME TAX ASSESSMENT ACT 1997
Rules about exempting entities


220-500.Publicly listed post-choice NZ franking company and its 100% subsidiaries are not exempting entities
220-505.Post-choice NZ franking company is not automatically prescribed person
220-510.Parent company's status as prescribed person sets status of all other members of same wholly-owned group
INCOME TAX ASSESSMENT ACT 1997
NZ franking companies' exempting accounts


220-605.Effect on exempting account if NZ franking choice ceases to be in force
INCOME TAX ASSESSMENT ACT 1997
Tax effect of distribution franked by NZ franking company with an
exempting credit


220-700.Tax effect of distribution franked by NZ franking company with an exempting credit
INCOME TAX ASSESSMENT ACT 1997
Joint and several liability for NZ resident company's unmet
franking liabilities


220-800.Joint and several liability for NZ resident company's franking tax etc.
INCOME TAX ASSESSMENT ACT 1997
Part 3-10—Financial transactions

INCOME TAX ASSESSMENT ACT 1997
Division 240—Arrangements treated as a sale and
loan

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 240


240-1.What this Division is about
240-3.How the recharacterisation affects the notional seller
240-7.How the recharacterisation affects the notional buyer
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-A—Application and scope of
Division

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-10.Application of this Division
240-15.Scope of Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-B—The notional sale and notional
loan

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-17.Who is the notional seller and the notional buyer?
240-20.Notional sale of property by notional seller and notional acquisition of property by notional buyer
240-25.Notional loan by notional seller to notional buyer
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-C—Amounts to be included in notional
seller's assessable income
Guide to Subdivision 240-C


240-30.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-35.Amounts to be included in notional seller's assessable income
240-40.Arrangement payments not to be included in notional seller's assessable income
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-D—Deductions allowable to notional buyer
Guide to Subdivision 240-D


240-45.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-50.Extent to which deductions are allowable to notional buyer
240-55.Arrangement payments not to be allowable deductions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-E—Notional interest and arrangement
payments

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-60.Notional interest
240-65.Arrangement payments
240-70.Arrangement payment periods
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-F—The end of the arrangement

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-75.When is the end of the arrangement?
240-78.Termination amounts
240-80.What happens if the arrangement is extended or renewed
240-85.What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
240-90.What happens if the notional buyer ceases to have the right to use the property
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-G—Adjustments if total amount assessed to
notional seller differs from amount of finance charge
Guide to Subdivision 240-G


240-100.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-105.Adjustments for notional seller
240-110.Adjustments for notional buyer
INCOME TAX ASSESSMENT ACT 1997
Subdivision H—Application of Division 16E to certain
arrangements


240-112.Division 16E applies to certain arrangements
INCOME TAX ASSESSMENT ACT 1997
Subdivision 240-I—Provisions applying to hire purchase
agreements

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


240-115.Another person, or no person taken to own property in certain cases
INCOME TAX ASSESSMENT ACT 1997
Division 243—Limited recourse debt

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 243


243-10.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 243-A—Circumstances in which Division
operates

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


243-15.When does this Division apply?
243-20.What is limited recourse debt?
243-25.When is a debt arrangement terminated?
243-30.What is the financed property and the debt property?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 243-B—Working out the excessive
deductions

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


243-35.Working out the excessive deductions
INCOME TAX ASSESSMENT ACT 1997
Subdivision 243-C—Amounts included in assessable income and
deductions

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


243-40.Amount included in debtor's assessable income
243-45.Deduction for later payments in respect of debt
243-50.Deduction for payments for replacement debt
243-55.Effect of Division on later capital allowance deductions
243-57.Effect of Division on later capital allowance balancing adjustments
243-58.Adjustment where debt only partially used for expenditure
INCOME TAX ASSESSMENT ACT 1997
Subdivision 243-D—Special provisions

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


243-60.Application of Division to partnerships
243-65.Application where partner reduces liability
243-70.Application of Division to companies ceasing to be 100% subsidiary
243-75.Application of Division where debt forgiveness rules also apply
INCOME TAX ASSESSMENT ACT 1997
Part 3-35—Insurance business

INCOME TAX ASSESSMENT ACT 1997
Division 320—Life insurance companies

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 320


320-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions
Subdivision 320-A—Preliminary


320-5.Object of Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 320-B—What is included in a life insurance
company's assessable income
Guide to Subdivision 320-B


320-10.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


320-15.Assessable income—various amounts
320-30.Assessable income—special provision for certain income years
320-35.Exempt income
320-37.Non-assessable non-exempt income
320-40.One-third of certain management fees received under contracts made before 1 July 2000 are non-assessable non-exempt income
320-45.Tax treatment of gains or losses from CGT events in relation to virtual PST assets
INCOME TAX ASSESSMENT ACT 1997
Subdivision 320-C—Deductions and capital losses
Guide to Subdivision 320-C


320-50.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


320-55.Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from virtual PST assets
320-60.Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets
320-65.Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits
320-70.No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability
320-75.Deduction for ordinary investment policies
320-80.Deduction for certain claims paid under life insurance policies
320-85.Deduction for increase in value of liabilities under net risk components of life insurance policies
320-87.Deduction for assets transferred from or to virtual PST
320-100.Deduction for life insurance premiums paid under certain contracts of reinsurance
320-105.Deduction for assets transferred to segregated exempt assets
320-110.Deduction for interest credited to income bonds
320-111.Deduction for funeral policy payout
320-112.Deduction for scholarship plan payout
320-115.No deduction for amounts credited to RSAs
320-120.Capital losses from assets other than virtual PST assets or segregated exempt assets
320-125.Capital losses from virtual PST assets
INCOME TAX ASSESSMENT ACT 1997
Subdivision 320-D—Income tax, taxable income and tax loss of
life insurance companies
Guide to Subdivision 320-D


320-130.What this Subdivision is about
320-131.Overview of Subdivision
INCOME TAX ASSESSMENT ACT 1997
General rules


320-133.Object of Subdivision
320-134.Income tax of a life insurance company
320-135.Taxable income and tax loss of each of the 2 classes
INCOME TAX ASSESSMENT ACT 1997
Taxable income and tax loss of life insurance companies


320-137.Taxable income—complying superannuation class
320-139.Taxable income—ordinary class
320-141.Tax loss—complying superannuation class
320-143.Tax loss—ordinary class
320-149.Provisions that apply only in relation to the ordinary class
INCOME TAX ASSESSMENT ACT 1997
Subdivision 320-F—Virtual PST
Guide to Subdivision 320-F


320-165.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


320-170.Establishment of virtual PST
320-175.Valuations of virtual PST assets and virtual PST liabilities for each valuation time
320-180.Consequences of a valuation under section 320-175
320-185.Transfer of assets to virtual PST otherwise than as a result of a valuation under section 320-175
320-190.Virtual PST liabilities
320-195.Transfer of assets and payment of amounts from a virtual PST otherwise than as a result of a valuation under section 320-175
320-200.Consequences of transfer of assets to or from virtual PST
INCOME TAX ASSESSMENT ACT 1997
Subdivision 320-H—Segregation of assets to discharge exempt
life insurance policy liabilities
Guide to Subdivision 320-H


320-220.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


320-225.Segregation of assets for purpose of discharging exempt life insurance policy liabilities
320-230.Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time
320-235.Consequences of a valuation under section 320-230
320-240.Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320-230
320-245.Exempt life insurance policy liabilities
320-246.Exempt life insurance policy
320-247.Policy split into an exempt life insurance policy and another life insurance policy
320-250.Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section 320-230
320-255.Consequences of transfer of assets to or from segregated exempt assets
INCOME TAX ASSESSMENT ACT 1997
Subdivision 320-I—Transfers of business
Guide to Subdivision 320-I


320-300.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


320-305.When this Subdivision applies
320-310.Special deductions and amounts of assessable income
320-315.Virtual PST and segregated exempt assets
320-320.Certain amounts treated as life insurance premiums
320-325.Friendly societies
320-330.Immediate annuities
320-335.Parts of assets treated as separate assets
320-340.Continuous disability policies
320-345.Exemption of management fees
INCOME TAX ASSESSMENT ACT 1997
Division 322—HIH rescue package


INCOME TAX ASSESSMENT ACT 1997
Guide to Division 322


322-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


322-5.Rescue payments treated as insurance payments by HIH
322-10.HIH Trust exempt from tax
322-15.Certain capital gains and capital losses disregarded
INCOME TAX ASSESSMENT ACT 1997
Part 3-45—Rules for particular industries and occupations

INCOME TAX ASSESSMENT ACT 1997
Division 328—STS taxpayers

INCOME TAX ASSESSMENT ACT 1997
Subdivision 328-A—Guide to Division 328

328-5.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 328-B—Objects of this Division


328-50.Objects of this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 328-D—Capital allowances for STS taxpayers
Guide to Subdivision 328-D


328-170.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


328-175.Calculations for depreciating assets
328-180.Low cost assets
328-185.Pooling
328-190.Calculation
328-195.Opening pool balance
328-200.Closing pool balance
328-205.Estimate of taxable use
328-210.Low pool value
328-215.Disposal etc. of depreciating assets
328-220.What happens when you stop being an STS taxpayer
328-225.Change in business use
328-230.Estimate where deduction denied
328-235.Interaction with Divisions 85 and 86
328-243.Roll-over relief
328-245.Consequences of roll-over
328-247.Pool deductions
328-250.Deductions for assets first used in BAE year
328-253.Deductions for cost addition amounts
328-255.Closing pool balance etc. below zero
328-257.Taxable use
INCOME TAX ASSESSMENT ACT 1997
Subdivision 328-E—Trading stock for STS taxpayers
Guide to Subdivision 328-E


328-280.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


328-285.Trading stock for STS taxpayers
328-290.Adjustments in certain cases
328-295.Value of trading stock on hand
INCOME TAX ASSESSMENT ACT 1997
Subdivision 328-F—Entities eligible to be STS taxpayers
Guide to Subdivision 328-F


328-360.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


328-365.Eligibility to be an STS taxpayer
328-370.Meaning of STS average turnover
328-375.Meaning of STS group turnover
328-380.Grouped entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 328-G—Entering and leaving the STS
Guide to Subdivision 328-G


328-430.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


328-435.Entering the STS
328-440.Leaving the STS
INCOME TAX ASSESSMENT ACT 1997
Division 375—Australian films

INCOME TAX ASSESSMENT ACT 1997
Subdivision 375-G—Film losses
Guide to Subdivision 375-G


375-800.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


375-805.Does your tax loss have a film component?
375-810.What is a film loss?
375-815.Deductibility of film losses
375-820.Order in which tax losses are to be deducted
INCOME TAX ASSESSMENT ACT 1997
Subdivision 375-H—Deductions for shares in a film licensed
investment company


375-850.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Provisions affecting you if you own shares in a film licensed
investment company


375-855.What can you deduct?
375-860.When can you claim the deduction?
375-865.How can you lose your entitlement?
375-870.How this Subdivision applies to partners and partnerships
375-872.Distribution of FLIC concessional capital is instead taken to be a dividend
INCOME TAX ASSESSMENT ACT 1997
Provisions affecting film licensed investment companies


375-875.Tax losses cannot be transferred to or from FLICs
375-880.FLIC cannot claim deductions for concessional capital
INCOME TAX ASSESSMENT ACT 1997
Division 376—Films generally (tax offset for Australian
production expenditure)

INCOME TAX ASSESSMENT ACT 1997
Subdivision 376-A—Guide to Division 376


376-1.What this Division is about
376-2.Structure of this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 376-B—Tax offset for Australian expenditure in
making a film

376-5.Film production company entitled to refundable tax offset
376-10.Amount of the tax offset
376-15.Minister may issue certificate for a film
376-20.Company may nominate one person whose remuneration is to be disregarded
INCOME TAX ASSESSMENT ACT 1997
Subdivision 376-C—Production expenditure and qualifying
Australian production expenditure

INCOME TAX ASSESSMENT ACT 1997
Production expenditure


376-25.Production expenditure—general test
376-30.Production expenditure—special qualifying Australian production expenditure
376-35.Production expenditure—specific exclusions
INCOME TAX ASSESSMENT ACT 1997
Qualifying Australian production expenditure


376-40.Qualifying Australian production expenditure—general test
376-45.Qualifying Australian production expenditure—specific inclusions
376-50.Qualifying Australian production expenditure—specific exclusions
376-55.Qualifying Australian production expenditure—treatment of services embodied in goods
INCOME TAX ASSESSMENT ACT 1997
Expenditure generally


376-65.Expenditure to be worked out on an arm's length basis
376-70.Expenditure incurred by prior production companies
INCOME TAX ASSESSMENT ACT 1997
Subdivision 376-D—Certificates for films

376-75.Production company may apply for certificate
376-80.Refusal to issue certificate
376-85.Issue of certificate
376-90.Revocation of certificate
376-95.Notice of decision
376-100.Review of decisions by the Administrative Appeals Tribunal
376-105.Minister may make rules
INCOME TAX ASSESSMENT ACT 1997
Subdivision 376-E—Review of operation of this Division


376-110.Review of operation of this Division
INCOME TAX ASSESSMENT ACT 1997
Division 385—Primary production

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 385


385-1.What this Division is about
385-5.Where to find some other rules relevant to primary producers
INCOME TAX ASSESSMENT ACT 1997
Subdivision 385-E—Primary producer can elect to spread or
defer tax on profit from forced disposal or death of live stock
Guide to Subdivision 385-E


385-90.What this Subdivision is about
385-95.Basic principles for elections under this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


385-100.Cases where you can make an election
385-105.Election to spread tax profit over 5 years
385-110.Alternative election to defer tax profit and reduce cost of replacement live stock
385-115.Your assessable income includes an amount for replacement live stock you breed
385-120.Purchase price of replacement live stock is reduced
385-125.Alternative election because of bovine tuberculosis has effect over 10 years not 5
INCOME TAX ASSESSMENT ACT 1997
Subdivision 385-F—Insurance for loss of live stock or
trees

385-130.Insurance for loss of live stock or trees
INCOME TAX ASSESSMENT ACT 1997
Subdivision 385-G—Double wool clips

385-135.Election to defer including profit on second wool clip
INCOME TAX ASSESSMENT ACT 1997
Subdivision 385-H—Rules that apply to all elections made
under Subdivisions 385-E, 385-F and 385-G

385-145.Partnerships and trusts
385-150.Time for making election
385-155.Amounts are assessable income from carrying on the primary production business
385-160.Effect of certain events on election
385-163.Disentitling events
385-165.New partnership can elect to be treated as same entity as old partnership
385-170.New partnership can elect to take advantage of election made by former owner of the business
INCOME TAX ASSESSMENT ACT 1997
Division 392—Long-term averaging of primary producers' tax
liability

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 392


392-1.What this Division is about
392-5.Overview of averaging process
INCOME TAX ASSESSMENT ACT 1997
Subdivision 392-A—Is your income tax affected by
averaging?

392-10.Individuals who carry on a primary production business
392-15.Meaning of basic taxable income
392-20.Trust beneficiaries taken to be carrying on primary production business
392-25.Choosing not to have your income tax averaged
INCOME TAX ASSESSMENT ACT 1997
Subdivision 392-B—What kind of averaging adjustment must you
make?
Guide to Subdivision 392-B


392-30.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Tax offset or extra income tax


392-35.Will you get a tax offset or have to pay extra income tax?
INCOME TAX ASSESSMENT ACT 1997
How to work out the comparison rate


392-40.Identify income years for averaging your basic taxable income
392-45.Work out your average income for those years
392-50.Work out the income tax on your average income at basic rates
392-55.Work out the comparison rate
INCOME TAX ASSESSMENT ACT 1997
Subdivision 392-C—How big is your averaging adjustment?
Guide to Subdivision 392-C


392-60.What this Subdivision is about
392-65.What your averaging adjustment reflects
INCOME TAX ASSESSMENT ACT 1997
Your gross averaging amount


392-70.Working out your gross averaging amount
INCOME TAX ASSESSMENT ACT 1997
Your averaging adjustment


392-75.Working out your averaging adjustment
INCOME TAX ASSESSMENT ACT 1997
How to work out your averaging component


392-80.Work out your taxable primary production income
392-85.Work out your taxable non-primary production income
392-90.Work out your averaging component
INCOME TAX ASSESSMENT ACT 1997
Subdivision 392-D—Effect of permanent reduction of your
basic taxable income

392-95.You are treated as if you had not carried on business before
INCOME TAX ASSESSMENT ACT 1997
Division 396—Land transport facilities
borrowings

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 396


396-5.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 396-A—Key operative provisions
Guide to Subdivision 396-A


396-10.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


396-15.Tax offset for LTF interest on land transport facilities borrowings
396-20.Maximum cost to Commonwealth
396-25.Borrower cannot deduct LTF interest for which lender has tax offset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 396-B—What LTF interest is covered?
Guide to Subdivision 396-B

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


396-30.What is LTF interest ?
396-35.Interest covered by land transport facilities borrowings agreement
396-40.Interest ceasing to be covered by a land transport facilities borrowings agreement
INCOME TAX ASSESSMENT ACT 1997
Subdivision 396-C—Projects, borrowers and lenders
Guide to Subdivision 396-C

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


396-45.What projects can be approved?
396-50.Who can be approved as a borrower?
396-55.Who can be a lender?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 396-D—Application, approval and agreement process
Guide to Subdivision 396-D

INCOME TAX ASSESSMENT ACT 1997
Operative provisions


396-60.Applications
396-65.Minister or Commissioner may seek more information
396-70.Minister for Transport and Regional Development to consider applications
396-75.Selection criteria
396-80.Land transport facilities borrowings agreements
396-85.Conditions to be in all agreements
396-90.Variation of agreements
INCOME TAX ASSESSMENT ACT 1997
Subdivision 396-E—Miscellaneous


396-95.Provision of information
396-100.Publication of information about approvals and agreements
396-105.Delegation by Minister for Transport and Regional Development
396-110.Decision by Minister for Transport and Regional Development not reviewable by AAT
INCOME TAX ASSESSMENT ACT 1997
Division 405—Above-average special professional income of
authors, inventors, performing artists, production associates and
sportspersons

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 405


405-1.What this Division is about
405-5.Special rate of income tax on your above-average special professional income
405-10.Overview of the Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 405-A—Above-average special professional
income

405-15.When do you have above-average special professional income?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 405-B—Assessable professional
income

405-20.What you count as assessable professional income
405-25.Meaning of special professional , performing artist , production associate , sportsperson and sporting competition
405-30.What you cannot count as assessable professional income
405-35.Limits on counting amounts as assessable professional income
405-40.Joint author or inventor treated as sole author or inventor
INCOME TAX ASSESSMENT ACT 1997
Subdivision 405-C—Taxable professional income and average
taxable professional income

405-45.Working out your taxable professional income
405-50.Working out your average taxable professional income
INCOME TAX ASSESSMENT ACT 1997
Division 410—Copyright collecting societies


410-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provision


410-5.Copyright collecting society must give a notice to a member of the society
INCOME TAX ASSESSMENT ACT 1997
Part 3-90—Consolidated groups

INCOME TAX ASSESSMENT ACT 1997
Division 700—Guide and objects

INCOME TAX ASSESSMENT ACT 1997
Guide


700-1.What this Part is about
700-5.Overview of this Part
INCOME TAX ASSESSMENT ACT 1997
Objects


700-10.Objects of this Part
INCOME TAX ASSESSMENT ACT 1997
Division 701—Core rules

INCOME TAX ASSESSMENT ACT 1997
Common rule


701-1.Single entity rule
INCOME TAX ASSESSMENT ACT 1997
Head company rules


701-5.Entry history rule
701-10.Cost to head company of assets of joining entity
701-15.Cost to head company of membership interests in entity that leaves group
701-20.Cost to head company of assets consisting of certain liabilities owed by entity that leaves group
701-25.Tax-neutral consequence for head company of ceasing to hold assets when entity leaves group
INCOME TAX ASSESSMENT ACT 1997
Entity rules


701-30.Where entity not subsidiary member for whole of income year
701-35.Tax-neutral consequence for entity of ceasing to hold assets when it joins group
701-40.Exit history rule
701-45.Cost of assets consisting of liabilities owed to entity by members of the group
701-50.Cost of certain membership interests of which entity becomes holder on leaving group
INCOME TAX ASSESSMENT ACT 1997
Supporting provisions


701-55.Setting the tax cost of an asset
701-58.Effect of setting the tax cost of an asset that the head company does not hold under the single entity rule
701-60.Tax cost setting amount
701-65.Net income and losses for trusts and partnerships
INCOME TAX ASSESSMENT ACT 1997
Exceptions


701-70.Adjustments to taxable income where identities of parties to arrangement merge on joining group
701-75.Adjustments to taxable income where identities of parties to arrangement re-emerge on leaving group
701-80.Accelerated depreciation
701-85.Other exceptions etc. to the rules
INCOME TAX ASSESSMENT ACT 1997
Division 703—Consolidated groups and their
members

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 703


703-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Basic concepts


703-5.What is a consolidated group ?
703-10.What is a consolidatable group ?
703-15.Members of a consolidated group or consolidatable group
703-20.Certain entities that cannot be members of a consolidated group or consolidatable group
703-25.Australian residence requirements for trusts
703-30.When is one entity a wholly-owned subsidiary of another?
703-33.Transfer time for sale of shares in company
703-35.Treating entities as wholly-owned subsidiaries by disregarding employee shares
703-40.Treating entities held through non-fixed trusts as wholly-owned subsidiaries
703-45.Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group
INCOME TAX ASSESSMENT ACT 1997
Choice to consolidate a consolidatable group


703-50.Choice to consolidate a consolidatable group
INCOME TAX ASSESSMENT ACT 1997
Consolidated group created when MEC group ceases to exist


703-55.Creating consolidated groups from certain MEC groups
INCOME TAX ASSESSMENT ACT 1997
Notice of events affecting consolidated group


703-60.Notice of events affecting consolidated group
INCOME TAX ASSESSMENT ACT 1997
Effects of choice to continue group after shelf company becomes
new head company


703-65.Application
703-70.Consolidated group continues in existence with interposed company as head company and original company as a subsidiary member
703-75.Interposed company treated as substituted for original company at all times before the completion time
703-80.Effects on the original company's tax position
INCOME TAX ASSESSMENT ACT 1997
Division 705—Tax cost setting amount for assets where
entities become subsidiary members of consolidated groups

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 705


705-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 705-A—Basic case: a single entity joining an
existing consolidated group
Guide to Subdivision 705-A


705-5.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Application and object


705-10.Application and object of this Subdivision
705-15.Cases where this Subdivision does not have effect
INCOME TAX ASSESSMENT ACT 1997
Tax cost setting amount for assets that joining entity brings into
joined group


705-20.Tax cost setting amount worked out under this Subdivision
705-25.Tax cost setting amount for retained cost base assets
705-30.What is the joining entity's terminating value for an asset?
705-35.Tax cost setting amount for reset cost base assets
705-40.Tax cost setting amount for reset cost base assets held on revenue account
705-45.Reduction in tax cost setting amount for accelerated depreciation assets
705-47.Reduction in tax cost setting amount for some privatised assets
705-50.Reduction in tax cost setting amount for over-depreciated assets
705-55.Order of application of sections 705-40, 705-45, 705-47 and 705-50
705-56.Modification for tax cost setting in relation to finance leases
705-57.Adjustment to tax cost setting amount where loss of pre-CGT status of membership interests in joining entity
705-58.Assets and liabilities not set off against each other
705-59.Exception: treatment of linked assets and liabilities
INCOME TAX ASSESSMENT ACT 1997
How to work out the allocable cost amount


705-60.What is the joined group's allocable cost amount for the joining entity?
705-65.Cost of membership interests in the joining entity—step 1 in working out allocable cost amount
705-70.Liabilities of the joining entity—step 2 in working out allocable cost amount
705-75.Liabilities of the joining entity—reductions for purposes of step 2 in working out allocable cost amount
705-80.Liabilities of the joining entity—reductions/increases for purposes of step 2 in working out allocable cost amount
705-85.Liabilities of the joining entity—increases for purposes of step 2 in working out allocable cost amount
705-90.Undistributed, taxed profits accruing to joined group before joining time—step 3 in working out allocable cost amount
705-93.If pre-joining time roll-over from foreign resident company—step 3A in working out allocable cost amount
705-95.Pre-joining time distributions out of certain profits—step 4 in working out allocable cost amount
705-100.Losses accruing to joined group before joining time—step 5 in working out allocable cost amount
705-105.Continuity of holding membership interests—steps 3 to 5 in working out allocable cost amount
705-110.If joining entity transfers a loss to the head company—step 6 in working out allocable cost amount
705-115.If head company becomes entitled to certain deductions—step 7 in working out allocable cost amount
INCOME TAX ASSESSMENT ACT 1997
How to work out a pre-CGT factor for assets of joining entity


705-125.Pre-CGT factor for assets of joining entity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 705-B—Case of group formation
Guide to Subdivision 705-B


705-130.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Application and object


705-135.Application and object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Modified application of Subdivision 705-A


705-140.Subdivision 705-A has effect with modifications
705-145.Order in which tax cost setting amounts are to be worked out where subsidiary members have membership interests in other subsidiary members
705-147.Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by subsidiary members in other such members
705-150.Adjustment to result of step 3A in working out allocable cost amount where pre-formation time roll-over from head company to member of wholly-owned group
705-155.Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests
705-160.Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain entities that become subsidiary members
705-163.Modified application of section 705-57
705-165.Working out pre-CGT factors where subsidiary members have membership interests in other subsidiary members
INCOME TAX ASSESSMENT ACT 1997
Subdivision 705-C—Case where a consolidated group is
acquired by another
Guide to Subdivision 705-C


705-170.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Application and object


705-175.Application and object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Modified application of Division 701 in relation to acquired
group etc.


705-180.Modifications of Division 701
INCOME TAX ASSESSMENT ACT 1997
Modified application of Subdivision 705-A in relation to
acquiring group


705-185.Subdivision 705-A has effect with modifications
INCOME TAX ASSESSMENT ACT 1997
Modifications of Subdivision 705-A for the purposes of this
Subdivision


705-190.Modified application of section 705-50
705-195.Modified application of subsection 705-65(6)
705-200.Modified application of section 705-85
705-205.Modified application of section 705-125
INCOME TAX ASSESSMENT ACT 1997
Subdivision 705-D—Where multiple entities are linked by
membership interests
Guide to Subdivision 705-D


705-210.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Application and object


705-215.Application and object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Modified application of Subdivision 705-A


705-220.Subdivision 705-A has effect with modifications
705-225.Order in which tax cost setting amounts are to be worked out where linked entities have membership interests in other linked entities
705-227.Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by linked entities in other linked entities
705-230.Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests
705-235.Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain linked entities
705-240.Modified application of section 705-57
705-245.Working out pre-CGT factors where subsidiary members have membership interests in other subsidiary members
INCOME TAX ASSESSMENT ACT 1997
Subdivision 705-E—Adjustments for errors etc.
Guide to Subdivision 705-E


705-300.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


705-305.Object of this Subdivision
705-310.Operation of Part IVA of the Income Tax Assessment Act 1936
705-315.Errors that attract special adjustment action
705-320.Tax cost setting amounts taken to be correct
INCOME TAX ASSESSMENT ACT 1997
Division 707—Losses for head companies when entities become
members etc.

INCOME TAX ASSESSMENT ACT 1997
Subdivision 707-A—Transfer of previously unutilised losses
to head company
Guide to Subdivision 707-A


707-100.What this Subdivision is about
707-105.Who can utilise the loss?
INCOME TAX ASSESSMENT ACT 1997
Objects


707-110.Objects of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Application


707-115.What losses this Subdivision applies to
INCOME TAX ASSESSMENT ACT 1997
Transfer of loss from joining entity to head company


707-120.Transfer of loss from joining entity to head company
707-125.Modified same business test for companies' post-1999 losses
707-130.Modified pattern of distributions test
707-135.Transferring loss transferred to joining entity because same business test was passed
INCOME TAX ASSESSMENT ACT 1997
Effect of transfer of loss


707-140.Effect of transfer of loss
INCOME TAX ASSESSMENT ACT 1997
Cancelling the transfer of the loss


707-145.Cancelling the transfer of the loss
INCOME TAX ASSESSMENT ACT 1997
What happens if the loss is not transferred?


707-150.Loss cannot be utilised for income year ending after the joining time
INCOME TAX ASSESSMENT ACT 1997
Subdivision 707-B—Can a transferred loss be utilised?
Guide to Subdivision 707-B


707-200.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


707-205.Modified period for test for maintaining same ownership
707-210.Utilisation of certain losses transferred from a company depends on company that made the losses earlier
INCOME TAX ASSESSMENT ACT 1997
Subdivision 707-C—Amount of transferred losses that can be
utilised
Guide to Subdivision 707-C


707-300.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Object


707-305.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
How much of a transferred loss can be utilised?


707-310.How much of a transferred loss can be utilised?
707-315.What is a bundle of losses?
707-320.What is the available fraction for a bundle of losses?
707-325.Modified market value of an entity becoming a member of a consolidated group
707-330.Losses transferred from former head company
707-335.Limit on utilising transferred losses if circumstances change during income year
707-340.Utilising transferred losses while exempt income remains
707-345.Other provisions are subject to this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Subdivision 707-D—Special rules about losses

707-400.Head company's business before and after consolidation not compared
707-410.Exit history rule does not treat entity as having made a loss
INCOME TAX ASSESSMENT ACT 1997
Division 709—Other rules applying when entities become
subsidiary members etc.

INCOME TAX ASSESSMENT ACT 1997
Subdivision 709-A—Franking accounts
Guide to Subdivision 709-A


709-50.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Object


709-55.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Treatment of franking accounts at joining time


709-60.Nil balance franking account for joining entity
INCOME TAX ASSESSMENT ACT 1997
Treatment of subsidiary member's franking account


709-65.Subsidiary member's franking account does not operate
INCOME TAX ASSESSMENT ACT 1997
Treatment of head company's franking account


709-70.Credits arising in head company's franking account
709-75.Debits arising in head company's franking account
INCOME TAX ASSESSMENT ACT 1997
Franking distributions by subsidiary member


709-80.Subsidiary member's distributions on employee shares taken to be distributions by head company
709-85.Non-share distributions by subsidiary members taken to be distributions by head company
709-90.Subsidiary member's distributions to foreign resident taken to be distributions by head company
INCOME TAX ASSESSMENT ACT 1997
Payment of group liability by former subsidiary member


709-95.Payment of group liability by former subsidiary member
709-100.Refund of income tax to former subsidiary member
INCOME TAX ASSESSMENT ACT 1997
Subdivision 709-B—Imputation issues
Guide to Subdivision 709-B


709-150.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


709-155.Testing consolidated groups
709-160.Subsidiary member is exempting entity
709-165.Subsidiary member is former exempting entity
709-170.Head company and subsidiary are exempting entities
709-175.Head company is former exempting entity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 709-C—Treatment of excess franking deficit tax
offsets when entity becomes a subsidiary member of a consolidated group
Guide to Subdivision 709-C


709-180.What this Subdivision is about
709-185.Joining entity's excess franking deficit tax offsets transferred to head company
709-190.Exit history rule not to treat leaving entity as having a franking deficit tax offset excess
INCOME TAX ASSESSMENT ACT 1997
Subdivision 709-D—Deducting bad debts
Guide to Subdivision 709-D


709-200.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Application and object


709-205.Application of this Subdivision
709-210.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Limit on deduction of bad debt


709-215.Limit on deduction of bad debt
INCOME TAX ASSESSMENT ACT 1997
Division 711—Tax cost setting amount for membership
interests where entities cease to be subsidiary members of consolidated
groups

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 711


711-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Application and object of this Division


711-5.Application and object of this Division
INCOME TAX ASSESSMENT ACT 1997
Tax cost setting amount for membership interests etc.


711-10.Tax cost setting amount worked out under this Division
711-15.Tax cost setting amount where no multiple exit
711-20.What is the old group's allocable cost amount for the leaving entity?
711-25.Terminating values of assets that the leaving entity takes with it—step 1 in working out allocable cost amount
711-30.What is the head company's terminating value for an asset?
711-35.If head company becomes entitled to certain deductions—step 2 in working out allocable cost amount
711-40.Liabilities owed to the leaving entity by members of the old group—step 3 in working out allocable cost amount
711-45.Liabilities etc. owed by the leaving entity—step 4 in working out allocable cost amount
711-55.Tax cost setting amount for membership interests where multiple exit
711-65.Membership interests treated as having been acquired before 20 September 1985—simple case
711-70.Membership interests treated as having been acquired before 20 September 1985—multiple exit case
INCOME TAX ASSESSMENT ACT 1997
Division 713—Rules for particular kinds of
entities

INCOME TAX ASSESSMENT ACT 1997
Subdivision 713-A—Trusts

INCOME TAX ASSESSMENT ACT 1997
Working out a joined group's allocable cost amount for a joining
trust


713-20.Increasing the step 1 amount for settled capital that could be distributed tax free in respect of discretionary interests
713-25.Undistributed, realised profits that accrue to joined group before joining time and could be distributed tax free—step 3 in working out allocable cost amount
INCOME TAX ASSESSMENT ACT 1997
Determining destination of distribution by non-fixed trust


713-50.Factors to consider
INCOME TAX ASSESSMENT ACT 1997
Subdivision 713-C—Some unit trusts treated like head
companies of consolidated groups
Guide to Subdivision 713-C


713-120.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Object of this Subdivision


713-125.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Choice to form a consolidated group


713-130.Choosing to form a consolidated group
INCOME TAX ASSESSMENT ACT 1997
Effects of choice


713-135.Effects of choice
713-140.Modifications of the applied law
INCOME TAX ASSESSMENT ACT 1997
Subdivision 713-E—Partnerships
Guide to Subdivision 713-E


713-200.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Objects


713-205.Objects of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Partnership cost setting interests etc.


713-210.Partnership cost setting interests
713-215.Terminating value for partnership cost setting interest
INCOME TAX ASSESSMENT ACT 1997
Setting tax cost of partnership cost setting interests


713-220.Set tax cost of partnership cost setting interests if partner joins consolidated group
713-225.Tax cost setting amount for partnership cost setting interest
713-230.Reduction in allocable cost amount if partnership asset is over-depreciated
INCOME TAX ASSESSMENT ACT 1997
Special rules where partnership joins consolidated group


713-235.Partnership joins group—set tax cost of partnership assets
713-240.Partnership joins group—tax cost setting amount for partnership asset
713-245.Partnership joins group—pre-CGT factor for partnership asset
INCOME TAX ASSESSMENT ACT 1997
Special rules where partnership leaves consolidated group


713-250.Partnership leaves group—standard provisions modified
713-255.Partnership leaves group—tax cost setting amount for partnership cost setting interests
713-260.Partnership leaves group—tax cost setting amount for assets consisting of being owed certain liabilities
713-265.Partnership leaves group—adjustments to leaving partner's allocable cost amount
713-270.Partnership leaves group—certain partnership cost setting interests treated as having been acquired before 20 September 1985
INCOME TAX ASSESSMENT ACT 1997
Subdivision 713-L—Life insurance companies
Guide to Subdivision 713-L


713-500.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
General modifications for life insurance companies


713-505.Head company treated as a life insurance company
713-510.Certain subsidiaries of life insurance companies cannot be members of consolidated group
INCOME TAX ASSESSMENT ACT 1997
Life insurance companies' liabilities on joining consolidated group


713-511.Treatment of certain liabilities for income year when life insurance company joins consolidated group
INCOME TAX ASSESSMENT ACT 1997
Tax cost setting rules for life insurance companies joining
consolidated group


713-515.Certain assets taken to be retained cost base assets where life insurance company joins group
713-520.Valuing certain liabilities where life insurance company joins group
713-525.Obligation to value certain assets and liabilities at joining time
INCOME TAX ASSESSMENT ACT 1997
Losses of life insurance companies joining consolidated group


713-530.Treatment of certain losses of life insurance company
INCOME TAX ASSESSMENT ACT 1997
Losses of life insurance companies' subsidiaries joining
consolidated group


713-535.Losses of entities whose membership interests are virtual PST assets of life insurance company
713-540.Losses of entities whose membership interests are segregated exempt assets of life insurance company
INCOME TAX ASSESSMENT ACT 1997
Imputation rules for life insurance companies joining consolidated
group


713-545.Treatment of franking surplus in franking account of life insurance subsidiary joining group
713-550.Treatment of head company's franking account after joining
INCOME TAX ASSESSMENT ACT 1997
Annuity payable by life insurance company to another member of a
consolidated group


713-553.Special rules relating to segregated exempt assets
713-555.Transfer from segregated exempt assets because policyholder and life insurance company are in group
713-560.If valuation of segregated exempt assets is delayed
INCOME TAX ASSESSMENT ACT 1997
Liabilities for life insurance companies leaving consolidated group


713-565.Treatment of certain liabilities for income year when life insurance company leaves consolidated group
INCOME TAX ASSESSMENT ACT 1997
Losses for life insurance companies leaving consolidated group


713-570.Certain losses transferred to leaving company
INCOME TAX ASSESSMENT ACT 1997
Tax cost setting rules for life insurance companies leaving
consolidated group


713-575.Terminating value of certain assets where life insurance company leaves group
713-580.Valuing certain liabilities where life insurance company leaves group
713-585.Obligation to value certain assets and liabilities at leaving time
INCOME TAX ASSESSMENT ACT 1997
Subdivision 713-M—General insurance companies
Guide to Subdivision 713-M


713-700.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Tax cost setting rules for general insurance companies joining
consolidated group


713-705.Certain assets taken to be retained cost base assets where general insurance company joins group
INCOME TAX ASSESSMENT ACT 1997
Liabilities and reserves of general insurance companies joining
and leaving consolidated groups


713-710.Treatment of liabilities and reserves for income year when general insurance company joins or leaves group
713-715.If general insurance company joins consolidated group
713-720.If general insurance company leaves consolidated group
INCOME TAX ASSESSMENT ACT 1997
Division 715—Interactions between this Part and other areas
of the income tax law

INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-A—Treatment of unrealised losses existing
when ownership or control of a company changes before or during
consolidation

INCOME TAX ASSESSMENT ACT 1997
Object


715-15.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Effect on Subdivision 165-CC of a company becoming a member
of a consolidated group


715-25.Subdivision 165-CC stops applying to earlier changeover time
715-30.Meaning of 165-CC tagged asset
715-35.Meaning of final RUNL
INCOME TAX ASSESSMENT ACT 1997
165-CC tagged assets that affect tax cost setting amounts


715-50.Step 1 amount is reduced if membership interest in subsidiary member is 165-CC tagged asset and same business test is failed
715-55.Step 2 amount is affected if liability of subsidiary member is 165-CC tagged asset of another group member and same business test is failed
INCOME TAX ASSESSMENT ACT 1997
165-CC tagged assets that form loss denial pools of head company
when consolidated group is formed


715-60.Assets that the head company already owns
715-70.Assets of subsidiary member that become those of head company
INCOME TAX ASSESSMENT ACT 1997
How Subdivision 165-CC applies to consolidated groups


715-75.Extension of single entity rule and entry history rule
INCOME TAX ASSESSMENT ACT 1997
Effect on Subdivision 165-CC of entity leaving consolidated
group


715-80.Application of sections 715-85 to 715-110
715-85.First changeover time for leaving company at or after leaving time
715-90.How same business test applies if leaving time is changeover time for leaving company
715-95.If ownership and control of leaving entity have not changed since head company's last changeover time
715-100.First choice: adjustable values of leaving assets reduced to nil
715-105.Second choice: head company's final RUNL applied in reducing adjustable values of leaving assets that are loss assets
715-110.Third choice: loss denial pool of leaving entity created
INCOME TAX ASSESSMENT ACT 1997
Effect of assets in loss denial pool of head company becoming
assets of leaving entity


715-120.What happens
715-125.First choice: adjustable values of leaving assets reduced to nil
715-130.Second choice: pool's loss denial balance applied in reducing adjustable values of leaving assets that are loss assets
715-135.Third choice: loss denial pool of leaving entity created
INCOME TAX ASSESSMENT ACT 1997
Effect of first and second choices on various kinds of assets


715-145.Effect of choice on adjustable value of leaving asset
INCOME TAX ASSESSMENT ACT 1997
General provisions about loss denial pools


715-155.When asset leaves pool
715-160.How loss denial balance is applied to losses realised on assets in pool
715-165.When pool ceases to exist
INCOME TAX ASSESSMENT ACT 1997
Choices under this Subdivision


715-175.When choice must be made
715-180.Head company to notify leaving entity of choice
715-185.Leaving entity may choose to cancel loss denial pool by reducing adjustable values of assets in the pool
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-B—How Subdivision 165-CD applies to
consolidated groups and leaving entities

INCOME TAX ASSESSMENT ACT 1997
How Subdivision 165-CD applies to consolidated groups


715-215.Extension of single entity rule and entry history rule
715-225.Working out adjusted unrealised loss using individual asset method
715-230.No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
INCOME TAX ASSESSMENT ACT 1997
How Subdivision 165-CD applies to leaving entity that is a
company


715-240.Application of sections 715-245 to 715-260
715-245.If ownership or control of leaving entity has altered since head company's last alteration time or formation of group
715-250.If head company has had an alteration time but ownership and control of leaving entity have not altered since
715-255.Consequences if leaving entity is a loss company at the leaving time
715-260.If neither of sections 715-245 and 715-250 applies
INCOME TAX ASSESSMENT ACT 1997
How Subdivision 165-CD applies to leaving entity that is a
trust


715-270.Subdivision 165-CD applies
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-C—Common rules for the purposes of
Subdivisions 715-A and 715-B


715-290.Additional assumptions to be made when using reference time
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-D—Treatment of company's deferred losses
under Subdivision 170-D on joining a consolidated group

INCOME TAX ASSESSMENT ACT 1997
Key terminology


715-310.What is a 170-D deferred loss , and when it revives
INCOME TAX ASSESSMENT ACT 1997
Deferred loss on 165-CC tagged asset


715-355.Head company's own deferred losses at formation time
715-360.Deferred losses brought in by subsidiary member
715-365.How loss denial balance is applied when 170-D deferred loss revives
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-G—How value shifting rules apply to a
consolidated group

715-410.Extension of single entity rule and entry history rule
715-450.No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-H—Cancelling loss on realisation event for
direct or indirect interest in a subsidiary member of a consolidated
group

715-610.Cancellation of loss
715-615.Exception for interests in entity leaving consolidated group
715-620.Exception if loss attributable to certain matters
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-J—Entry history rule and
choices

INCOME TAX ASSESSMENT ACT 1997
Head company's choice overriding entry history rule


715-660.Head company's choice overriding entry history rule
INCOME TAX ASSESSMENT ACT 1997
Choices head company can make ignoring entry history rule to
override inconsistencies


715-665.Head company's choice to override inconsistency
INCOME TAX ASSESSMENT ACT 1997
Choices with ongoing effect


715-670.Ongoing effect of choices made by entities before joining group
715-675.Head company adopting choice with ongoing effect
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-K—Exit history rule and
choices

INCOME TAX ASSESSMENT ACT 1997
Choices leaving entity can make ignoring exit history rule


715-700.Choices leaving entity can make ignoring exit history rule
INCOME TAX ASSESSMENT ACT 1997
Choices leaving entity can make ignoring exit history rule to
overcome inconsistencies


715-705.Choices leaving entity can make ignoring exit history rule to overcome inconsistencies
INCOME TAX ASSESSMENT ACT 1997
Subdivision 715-V—Entity ceasing to be exempt from income
tax on becoming subsidiary member of consolidated group

715-900.Transition time taken to be just before joining time
INCOME TAX ASSESSMENT ACT 1997
Division 716—Miscellaneous special rules


INCOME TAX ASSESSMENT ACT 1997
Subdivision 716-A—Assessable income and deductions spread
over several membership or non-membership periods
Guide to Subdivision 716-A


716-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


716-15.Assessable income spread over 2 or more income years
716-25.Deductions spread over 2 or more income years
716-70.Capital expenditure that is fully deductible in one income year
INCOME TAX ASSESSMENT ACT 1997
Assessable income and deductions arising from share of net income
of a partnership or trust, or from share of partnership loss


716-75.Application
716-80.Head company's assessable income and deductions
716-85.Entity's assessable income and deductions for a non-membership period
716-90.Entity's share of assessable income or deductions of partnership or trust
716-95.Special rule if not all partnership or trust's assessable income or deductions taken into account in working out amount
716-100.Spreading period
INCOME TAX ASSESSMENT ACT 1997
Subdivision 716-E—Tax cost setting for exploration and
prospecting assets

716-300.Prime cost method of working out decline in value
INCOME TAX ASSESSMENT ACT 1997
Subdivision 716-G—Low-value and software development
pools

INCOME TAX ASSESSMENT ACT 1997
Assets in joining entity's low-value pool


716-330.Head company's deductions for decline in value of assets in joining entity's low-value pool
INCOME TAX ASSESSMENT ACT 1997
Entity leaving group with asset allocated to head company's
low-value pool


716-335.Entity leaving group with asset allocated to head company's low-value pool
INCOME TAX ASSESSMENT ACT 1997
Depreciating assets arising from expenditure in joining entity's
software development pool


716-340.Depreciating assets arising from expenditure in joining entity's software development pool
INCOME TAX ASSESSMENT ACT 1997
Software development pools if entity leaves consolidated group


716-345.Head company taken not to have incurred expenditure
INCOME TAX ASSESSMENT ACT 1997
Subdivision 716-Z—Other

716-800.Allocating amounts to periods if head company and subsidiary member have different income years
716-850.Grossing up threshold amounts for periods of less than 365 days
716-855.Working out the cost base or reduced cost base of a pre-CGT asset after certain roll-overs
INCOME TAX ASSESSMENT ACT 1997
Division 717—International tax rules

INCOME TAX ASSESSMENT ACT 1997
Subdivision 717-A—Foreign tax credits
Guide to Subdivision 717-A


717-1.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Objects


717-5.Objects of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Foreign tax on amounts in head company's assessable income


717-10.Head company taken to be liable for subsidiary member's foreign tax
INCOME TAX ASSESSMENT ACT 1997
Foreign tax on amounts not in head company's assessable income


717-15.Transferring subsidiary member's excess foreign tax credits from earlier years to head company
717-20.Where entity not subsidiary member for whole of income year
717-22.Excess foreign tax credits from non-membership period ending before head company's income year starts
717-28.Excess foreign tax credits lost on joining consolidated group
717-30.Exit history rule does not treat leaving entity as having foreign tax credits
INCOME TAX ASSESSMENT ACT 1997
Subdivision 717-D—Transfer of certain surpluses under CFC,
FIF and FLP provisions: entry rules
Guide to Subdivision 717-D


717-200.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Object


717-205.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Transfers


717-210.Attribution surpluses
717-215.Attributed tax account surpluses
717-220.FIF attribution surpluses
717-225.FIF attributed tax account surpluses
717-227.Deferred attribution credits
717-230.Calculating FIF income where a company joins the group
INCOME TAX ASSESSMENT ACT 1997
Subdivision 717-E—Transfer of certain surpluses under CFC,
FIF and FLP provisions: exit rules
Guide to Subdivision 717-E


717-235.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Object


717-240.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Transfers


717-245.Attribution surpluses
717-250.Attributed tax account surpluses
717-255.FIF attribution surpluses
717-260.FIF attributed tax account surpluses
717-262.Deferred attribution credits
717-265.Calculating FIF income where a company leaves the group
INCOME TAX ASSESSMENT ACT 1997
Subdivision 717-J—Foreign dividend accounts
Guide to Subdivision 717-J


717-500.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Object


717-505.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Treatment of foreign dividend accounts around joining time


717-510.No FDA surplus for joining company
INCOME TAX ASSESSMENT ACT 1997
Single entity rule for foreign dividend accounts


717-515.Single entity rule for FDA credits and FDA debits
INCOME TAX ASSESSMENT ACT 1997
FDA declaration for dividend paid by subsidiary member


717-520.Head company may make FDA declaration
717-525.Multiple FDA declarations for dividends paid on same day
717-530.Extended operation of sections 717-520 and 717-525
INCOME TAX ASSESSMENT ACT 1997
Subdivision 717-O—Offshore banking units
Guide to Subdivision 717-O


717-700.What this Subdivision is about
717-705.Object of this Subdivision
717-710.Head company treated as OBU
INCOME TAX ASSESSMENT ACT 1997
Division 719—MEC groups

INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-A—Modified application of Part 3-90 to
MEC groups


719-2.Modified application of Part 3-90 to MEC groups
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-B—MEC groups and their members


719-4.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Basic concepts


719-5.What is a MEC group ?
719-10.What is a potential MEC group?
719-15.What is an eligible tier-1 company ?
719-20.What is a top company and a tier-1 company ?
719-25.Head company and subsidiary members of a MEC group
719-30.Treating entities as wholly-owned subsidiaries by disregarding employee shares
719-35.Treating entities held through non-fixed trusts as wholly-owned subsidiaries
719-40.Special conversion event—potential MEC group
719-45.Application of sections 703-20 and 703-25
INCOME TAX ASSESSMENT ACT 1997
Choice to consolidate a potential MEC group


719-50.Eligible tier-1 companies may choose to consolidate a potential MEC group
719-55.When choice starts to have effect
INCOME TAX ASSESSMENT ACT 1997
Provisional head company


719-60.Appointment of provisional head company
719-65.Qualifications for the provisional head company of a MEC group
719-70.Income year of new provisional head company to be the same as that of former provisional head company
INCOME TAX ASSESSMENT ACT 1997
Head company


719-75.Head company
INCOME TAX ASSESSMENT ACT 1997
Notice of events affecting group


719-80.Notice of events affecting MEC group
INCOME TAX ASSESSMENT ACT 1997
Effects of change of head company


719-85.Application
719-90.New head company treated as substituted for old head company at all times before the transition time
719-95.No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-C—MEC group cost setting rules: joining cases
Guide to Subdivision 719-C


719-150.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Application and object


719-155.Object of this Subdivision
INCOME TAX ASSESSMENT ACT 1997
Modified application of tax cost setting rules for joining


719-160.Tax cost setting rules for joining have effect with modifications
719-165.Trading stock value not set for assets of eligible tier-1 companies
719-170.Modified effect of subsections 705-175(1) and 705-185(1)
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-F—Losses
Guide to Subdivision 719-F


719-250.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Maintaining the same ownership to be able to utilise loss


719-255.Special rules
719-260.Special test for utilising a loss because a company maintains the same owners
719-265.What is the test company?
719-270.Assumptions about the test company having made the loss for an income year
719-275.Assumptions about nothing happening to affect direct and indirect ownership of the test company
719-280.Assumptions about the test company failing to meet the conditions in section 165-12
INCOME TAX ASSESSMENT ACT 1997
Same business test and change of head company


719-285.Same business test and change of head company
INCOME TAX ASSESSMENT ACT 1997
Bundles of losses and their available fractions


719-300.Application
719-305.Subdivision 707-C affects utilisation of losses made by ongoing head company while it was head company
719-310.Adjustment of available fractions for bundles of losses previously transferred to ongoing head company
719-315.Further adjustment of available fractions for all bundles
719-320.Limit on utilising losses other than the prior group losses
719-325.Cancellation of all losses in a bundle
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-H—Imputation issues


719-425.Guide to Subdivision 719-H
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


719-430.Transfer of franking account balance on cessation event
719-435.Distributions by subsidiary members of MEC group taken to be distributions by head company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-J—MEC group cost setting rules: leaving cases
Guide to Subdivision 719-J


719-500.What this Subdivision is about
719-505.Application and object of this Subdivision
719-510.Modified operation of paragraphs 711-15(1)(b) and (c)
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-K—MEC group cost setting rules: pooling cases
Guide to Subdivision 719-K


719-550.What this Subdivision is about
719-555.Application and object of this Subdivision
719-560.Pooled interests
719-565.Setting cost of reset interests
719-570.Cost setting amount
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-T—Interactions between this Part and other
areas of the income tax law: special rules for MEC groups

INCOME TAX ASSESSMENT ACT 1997
How Subdivision 165-CC applies to MEC groups


719-700.Changeover times under section 165-115C or 165-115D
719-705.Additional changeover times for head company of MEC group
INCOME TAX ASSESSMENT ACT 1997
How Subdivision 165-CD applies to MEC groups


719-720.Alteration times under section 165-115L or 165-115M
719-725.Additional alteration times for head company of MEC group
719-730.Some alteration times only affect interests in top company
719-735.Some alteration times affect only pooled interests
INCOME TAX ASSESSMENT ACT 1997
How indirect value shifting rules apply to a MEC group


719-755.Effect on MEC group cost setting rules if head company is losing entity or gaining entity for indirect value shift
INCOME TAX ASSESSMENT ACT 1997
Cancelling loss on realisation event for direct or indirect
interest in a subsidiary member of a MEC group


719-775.Cancellation of loss
719-780.Exception for pooled interests in eligible tier-1 companies
719-785.Exception for interests in top company
719-790.Exception for interests in entity leaving MEC group
719-795.Exception if loss attributable to certain matters
INCOME TAX ASSESSMENT ACT 1997
Subdivision 719-X—International tax rules

INCOME TAX ASSESSMENT ACT 1997
Foreign dividend accounts


719-900.General rules about foreign dividend accounts
719-903.Special rules for certain FDA credits and FDA debits
719-905.Transfer of balance of foreign dividend accounts on change in identity of provisional head company
INCOME TAX ASSESSMENT ACT 1997
Division 721—Liability for payment of tax where head company
fails to pay on time

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 721


721-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Object


721-5.Object of this Division
INCOME TAX ASSESSMENT ACT 1997
When this Division operates


721-10.When this Division operates
INCOME TAX ASSESSMENT ACT 1997
Joint and several liability of contributing member


721-15.Head company and contributing members jointly and severally liable to pay group liability
721-17.Notice of joint and several liability for general interest charge
721-20.Limit on liability where group first comes into existence
INCOME TAX ASSESSMENT ACT 1997
Tax sharing agreements


721-25.When a group liability is covered by a tax sharing agreement
721-30.TSA contributing members liable for contribution amounts
721-32.Notice of general interest charge liability under TSA
721-35.When a TSA contributing member has left the group clear of the group liability
721-40.TSA liability and group liability are linked
INCOME TAX ASSESSMENT ACT 1997
Part 3-95—Value shifting

INCOME TAX ASSESSMENT ACT 1997
Division 723—Direct value shifting by creating right over
non-depreciating asset

INCOME TAX ASSESSMENT ACT 1997
Subdivision 723-A—Reduction in loss from realising
non-depreciating asset

723-1.Object
723-10.Reduction in loss from realising non-depreciating asset over which right has been created
723-15.Reduction in loss from realising non-depreciating asset at the same time as right is created over it
723-20.Exceptions
723-25.Realisation event that is only a partial realisation
723-35.Multiple rights created to take advantage of the $50,000 threshold
723-40.Application to CGT asset that is also trading stock or revenue asset
723-50.Effects if right created over underlying asset is also trading stock or a revenue asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 723-B—Reducing reduced cost base of interests in
entity that acquires non-depreciating asset under roll-over

723-105.Reduced cost base of interest reduced when interest realised at a loss
723-110.Direct and indirect roll-over replacement for underlying asset
INCOME TAX ASSESSMENT ACT 1997
Division 725—Direct value shifting affecting interests in
companies and trusts

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 725


725-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 725-A—Scope of the direct value shifting rules


725-45.Main object
725-50.When a direct value shift has consequences under this Division
725-55.Controlling entity test
725-65.Cause of the value shift
725-70.Consequences for down interest only if there is a material decrease in its market value
725-80.Who is an affected owner of a down interest?
725-85.Who is an affected owner of an up interest?
725-90.Direct value shift that will be reversed
725-95.Direct value shift resulting from reversal
INCOME TAX ASSESSMENT ACT 1997
Subdivision 725-B—What is a direct value shift


725-145.When there is a direct value shift
725-150.Issue of equity or loan interests at a discount
725-155.Meaning of down interests , decrease time , up interests and increase time
725-160.What is the nature of a direct value shift?
725-165.If market value decrease or increase is only partly attributable to the scheme
INCOME TAX ASSESSMENT ACT 1997
Subdivision 725-C—Consequences of a direct value shift


INCOME TAX ASSESSMENT ACT 1997
General


725-205.Consequences depend on character of down interests and up interests
725-210.Consequences for down interests depend on pre-shift gains and losses
INCOME TAX ASSESSMENT ACT 1997
Special cases


725-220.Neutral direct value shifts
725-225.Issue of bonus shares or units
725-230.Off-market buy-backs
INCOME TAX ASSESSMENT ACT 1997
Subdivision 725-D—Consequences for down interest or up
interest as CGT asset


725-240.CGT consequences; meaning of adjustable value
725-245.Table of taxing events generating a gain for interests as CGT assets
725-250.Table of consequences for adjustable values of interests as CGT assets
725-255.Multiple CGT consequences for the same down interest or up interest
INCOME TAX ASSESSMENT ACT 1997
Subdivision 725-E—Consequences for down interest or up
interest as trading stock or a revenue asset


725-310.Consequences for down interest or up interest as trading stock
725-315.Adjustable value of trading stock
725-320.Consequences for down interest or up interest as a revenue asset
725-325.Adjustable value of revenue asset
725-335.How to work out those consequences
725-340.Multiple trading stock or revenue asset consequences for the same down interest or up interest
INCOME TAX ASSESSMENT ACT 1997
Subdivision 725-F—Value adjustments and taxed gains


725-365.Decreases in adjustable values of down interests (with pre-shift gains), and taxing events generating a gain
725-370.Uplifts in adjustable values of up interests under certain table items
725-375.Uplifts in adjustable values of up interests under other table items
725-380.Decreases in adjustable value of down interests (with pre-shift losses)
INCOME TAX ASSESSMENT ACT 1997
Division 727—Indirect value shifting affecting interests in
companies and trusts, and arising from non-arm's length dealings

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 727


727-1.What this Division is about
727-5.What is an indirect value shift?
727-10.How does this Division deal with indirect value shifts?
727-15.When does an indirect value shift have consequences under this Division?
727-25.Effect of this Division on realisations at a loss that occur before the nature or extent of an indirect value shift can be fully determined
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-A—Scope of the indirect value shifting rules


727-95.Main object
727-100.When an indirect value shift has consequences under this Division
727-105.Ultimate controller test
727-110.Common-ownership nexus test (if both losing and gaining entities are closely held)
727-125.No consequences if losing entity is a superannuation entity
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-B—What is an indirect value shift


727-150.How to determine whether a scheme results in an indirect value shift
727-155.Providing economic benefits
727-160.When an economic benefit is provided in connection with a scheme
727-165.Preventing double-counting of economic benefits
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-C—Exclusions
Guide to Subdivision 727-C


727-200.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
General


727-215.Amount does not exceed $50,000
727-220.Disposal of asset at cost, or at undervalue if full value is not reflected in adjustable values of equity or loan interests in the losing entity
INCOME TAX ASSESSMENT ACT 1997
Indirect value shifts involving services


727-230.Services provided by losing entity to gaining entity for at least their direct cost
727-235.Services provided by gaining entity to losing entity for no more than a commercially realistic price
727-240.What services certain provisions apply to
727-245.How to work out certain amounts for the purposes of sections 727-230 and 727-235
INCOME TAX ASSESSMENT ACT 1997
Anti-overlap provisions


727-250.Distribution by an entity to a member or beneficiary
INCOME TAX ASSESSMENT ACT 1997
Miscellaneous


727-260.Shift down a wholly-owned chain of entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-D—Working out the market value of economic
benefits


727-300.What the rules in this Subdivision are for
727-315.Transfer, for its adjustable value, of depreciating asset acquired for less than $1,500,000
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-E—Key concepts


INCOME TAX ASSESSMENT ACT 1997
Ultimate controller


727-350.Ultimate controller
727-355.Control (for value shifting purposes) of a company
727-360.Control (for value shifting purposes) of a fixed trust
727-365.Control (for value shifting purposes) of a non-fixed trust
727-370.Preventing double counting for percentage stake tests
727-375.Tests in this Subdivision are exhaustive
INCOME TAX ASSESSMENT ACT 1997
Common-ownership nexus and ultimate stake of a particular percentage


727-400.When 2 entities have a common-ownership nexus within a period
727-405.Ultimate stake of a particular percentage in a company
727-410.Ultimate stake of a particular percentage in a fixed trust
727-415.Rules for tracing
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-F—Consequences of an indirect value shift
Guide to Subdivision 727-F


727-450.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


727-455.Consequences of the indirect value shift
INCOME TAX ASSESSMENT ACT 1997
Affected interests


727-460.Affected interests in the losing entity
727-465.Affected interests in the gaining entity
727-470.Exceptions
727-520.Equity or loan interest and related terms
727-525.Indirect equity or loan interest
INCOME TAX ASSESSMENT ACT 1997
Affected owners


727-530.Who are the affected owners
INCOME TAX ASSESSMENT ACT 1997
Choices about method to be used


727-550.Choosing the adjustable value method
727-555.Giving other affected owners information about the choice
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-G—The realisation time method


727-600.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


727-610.Consequences of indirect value shift
727-615.Reduction of loss on realisation event for affected interest in losing entity
727-620.Reduction of gain on realisation event for affected interest in gaining entity
727-625.Total gain reductions not to exceed total loss reductions
727-630.How cap in section 727-625 applies if affected interest is also trading stock or a revenue asset
727-635.Splitting an equity or loan interest
727-640.Merging equity or loan interests
727-645.Effect of CGT roll-over
INCOME TAX ASSESSMENT ACT 1997
Further exclusion for certain 95% services indirect value shifts
if realisation time method must be used


727-700.When 95% services indirect value shift is excluded
INCOME TAX ASSESSMENT ACT 1997
95% services indirect value shifts that are not excluded


727-705.Another provision of the income tax law affects amount related to services by at least $100,000
727-710.Ongoing or recent service arrangement reduces value of losing entity by at least $100,000
727-715.Service arrangements reduce value of losing entity that is a group service provider by at least $500,000
727-720.Abnormal service arrangement reduces value of losing entity that is not a group service provider by at least $500,000
727-725.Meaning of predominantly-services indirect value shift
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-H—The adjustable value method
Guide to Subdivision 727-H


727-750.What this Subdivision is about
727-755.Consequences of indirect value shift
INCOME TAX ASSESSMENT ACT 1997
Reductions of adjustable value


727-770.Reduction under the adjustable value method
727-775.Has there been a disaggregated attributable decrease?
727-780.Working out the reduction on a loss-focussed basis
INCOME TAX ASSESSMENT ACT 1997
Uplifts of adjustable value


727-800.Uplift under the attributable increase method
727-805.Has there been a disaggregated attributable increase?
727-810.Scaling-down formula
INCOME TAX ASSESSMENT ACT 1997
Consequences of the method for various kinds of assets


727-830.CGT assets
727-835.Trading stock
727-840.Revenue assets
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-K—Reduction of loss on equity or loan
interests realised before the IVS time

727-850.Consequences of scheme under this Subdivision
727-855.Presumed indirect value shift
727-860.Conditions about the prospective gaining entity
727-865.How other provisions of this Division apply to support this Subdivision
727-870.Effect of CGT roll-over
727-875.Application to CGT asset that is also trading stock or revenue asset
INCOME TAX ASSESSMENT ACT 1997
Subdivision 727-L—Indirect value shift resulting from a
direct value shift


727-905.How this Subdivision affects the rest of this Division
727-910.Treatment of value shifted under the direct value shift
INCOME TAX ASSESSMENT ACT 1997
Part 4-5—General

INCOME TAX ASSESSMENT ACT 1997
Division 768—Exempt foreign income and gains

INCOME TAX ASSESSMENT ACT 1997
Subdivision 768-G—Reduction in capital gains and losses
arising from CGT events in relation to non-portfolio interests in active
foreign companies
Guide to Subdivision 768-G


768-500.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


768-505.Reducing a capital gain or loss from certain CGT events in relation to non-portfolio interests
INCOME TAX ASSESSMENT ACT 1997
Active foreign business asset percentage


768-510.Active foreign business asset percentage
768-515.Choices to apply market value method or book value method
768-520.Market value method—choice made under subsection 768-515(1)
768-525.Book value method—choice made under subsection 768-515(2)
768-530.Active foreign business asset percentage—modifications for foreign life insurance companies and foreign general insurance companies
768-535.Modified rules for foreign wholly-owned groups
INCOME TAX ASSESSMENT ACT 1997
Types of assets of a foreign company


768-540.Active foreign business assets of a foreign company
768-545.Assets included in the total assets of a foreign company
INCOME TAX ASSESSMENT ACT 1997
Voting percentages in a company


768-550.Direct voting percentage in a company
768-555.Indirect voting percentage in a company
768-560.Total voting percentage in a company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 768-H—Capital gains and losses of foreign
residents through fixed trusts

768-600.Purpose of this Subdivision
768-605.Effect of capital gain or loss from underlying fixed trust assets
768-610.Conditions
768-615.Foreign resident companies
INCOME TAX ASSESSMENT ACT 1997
Division 775—Foreign currency gains and losses

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 775


775-5.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 775-A—Objects of this Division

775-10.Objects of this Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 775-B—Realisation of forex gains or
losses

775-15.Forex realisation gains are assessable
775-20.Certain forex realisation gains are exempt income
775-25.Certain forex realisation gains are non-assessable non-exempt income
775-30.Forex realisation losses are deductible
775-35.Certain forex realisation losses are disregarded
775-40.Disposal of foreign currency or right to receive foreign currency—forex realisation event 1
775-45.Ceasing to have a right to receive foreign currency—forex realisation event 2
775-50.Ceasing to have an obligation to receive foreign currency—forex realisation event 3
775-55.Ceasing to have an obligation to pay foreign currency—forex realisation event 4
775-60.Ceasing to have a right to pay foreign currency—forex realisation event 5
775-65.Only one forex realisation event to be counted
775-70.Tax consequences of certain short-term forex realisation gains
775-75.Tax consequences of certain short-term forex realisation losses
775-80.You may choose not to have sections 775-70 and 775-75 apply to you
775-85.Forex cost base of a right to receive foreign currency
775-90.Forex entitlement base of a right to pay foreign currency
775-95.Proceeds of assuming an obligation to pay foreign currency
775-100.Net costs of assuming an obligation to receive foreign currency
775-105.Currency exchange rate effect
775-110.Constructive receipts and payments
775-115.Economic set-off to be treated as legal set-off
775-120.Non-arm's length transactions
775-125.CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3
775-130.Certain deductions not allowable
775-135.Right to receive or pay foreign currency
775-140.Obligation to pay or receive foreign currency
775-145.Application of forex realisation events to currency and fungible rights and obligations
775-150.Transitional election
775-155.Applicable commencement date
775-160.Exception—event happens before the applicable commencement date
775-165.Exception—currency or right acquired, or obligation incurred, before the applicable commencement date
775-170.Exemption for ADIs and non-ADI financial institutions
775-175.Application to things happening before commencement
INCOME TAX ASSESSMENT ACT 1997
Subdivision 775-C—Roll-over relief for facility agreements
Guide to Subdivision 775-C


775-180.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


775-185.What is a facility agreement ?
775-190.What is an eligible security ?
775-195.You may choose roll-over relief for a facility agreement
775-200.Forex realisation event 4 does not apply
775-205.What is a roll-over ?
775-210.Notional loan
775-215.Discharge of obligation to pay the principal amount of a notional loan under a facility agreement—forex realisation event 6
775-220.Material variation of a facility agreement—forex realisation event 7
INCOME TAX ASSESSMENT ACT 1997
Subdivision 775-D—Qualifying forex accounts that pass the
limited balance test
Guide to Subdivision 775-D


775-225.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


775-230.Election to have this Subdivision apply to one or more qualifying forex accounts
775-235.Variation of election
775-240.Withdrawal of election
775-245.When does a qualifying forex account pass the limited balance test ?
775-250.Tax consequences of passing the limited balance test
775-255.Notional realisation when qualifying forex account starts to pass the limited balance test
775-260.Modification of tax recognition time
INCOME TAX ASSESSMENT ACT 1997
Subdivision 775-E—Retranslation for qualifying forex accounts
Guide to Subdivision 775-E


775-265.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


775-270.You may choose retranslation for a qualifying forex account
775-275.Withdrawal of choice
775-280.Tax consequences of choosing retranslation for an account
775-285.Retranslation of gains and losses relating to a qualifying forex account—forex realisation event 8
INCOME TAX ASSESSMENT ACT 1997
Division 820—Thin capitalisation rules

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 820


820-1.What this Division is about
820-5.Does this Division apply to an entity?
820-10.Map of Division
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-A—Preliminary

820-30.Object of Division
820-32.Exemption for private or domestic assets and non-debt liabilities
820-35.Application—$250,000 threshold
820-37.Application—assets threshold
820-39.Exemption of certain special purpose entities
820-40.Meaning of debt deduction
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-B—Thin capitalisation rules for outward
investing entities (non-ADI)
Guide to Subdivision 820-B


820-65.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


820-85.Thin capitalisation rule for outward investing entities (non-ADI)
820-90.Maximum allowable debt
820-95.Safe harbour debt amount—outward investor (general)
820-100.Safe harbour debt amount—outward investor (financial)
820-105.Arm's length debt amount
820-110.Worldwide gearing debt amount
820-115.Amount of debt deduction disallowed
820-120.Application to part year periods
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-C—Thin capitalisation rules for inward
investing entities (non-ADI)
Guide to Subdivision 820-C


820-180.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


820-185.Thin capitalisation rule for inward investing entities (non-ADI)
820-190.Maximum allowable debt
820-195.Safe harbour debt amount—inward investment vehicle (general)
820-200.Safe harbour debt amount—inward investment vehicle (financial)
820-205.Safe harbour debt amount—inward investor (general)
820-210.Safe harbour debt amount—inward investor (financial)
820-215.Arm's length debt amount
820-220.Amount of debt deduction disallowed
820-225.Application to part year periods
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-D—Thin capitalisation rules for outward
investing entities (ADI)
Guide to Subdivision 820-D


820-295.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


820-300.Thin capitalisation rule for outward investing entities (ADI)
820-305.Minimum capital amount
820-310.Safe harbour capital amount
820-315.Arm's length capital amount
820-320.Worldwide capital amount
820-325.Amount of debt deduction disallowed
820-330.Application to part year periods
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-E—Thin capitalisation rules for inward
investing entities (ADI)
Guide to Subdivision 820-E


820-390.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


820-395.Thin capitalisation rule for inward investing entities (ADI)
820-400.Minimum capital amount
820-405.Safe harbour capital amount
820-410.Arm's length capital amount
820-415.Amount of debt deduction disallowed
820-420.Application to part year periods
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-EA—Some financial entities may choose to be
treated as ADIs

820-430.When choice can be made, and what effect it has
820-435.Conditions
820-440.Revocation of choice
820-445.How this Subdivision interacts with Subdivisions 820-F and 820-FA
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-F—Thin capitalisation rules for resident TC
groups
Guide to Subdivision 820-F


820-450.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


820-455.Removal of grouping under this Subdivision
820-456.Income year starts on or after cut-off day but before 1 July 2003
820-457.Income year includes, but does not start on, cut-off day
820-458.Choice by foreign bank to include its Australian permanent establishments in the resident TC group
820-460.Application
820-465.Effect on entities in group if debt deduction disallowed
820-470.Values to be based on what would be in consolidated accounts for group
INCOME TAX ASSESSMENT ACT 1997
How to construct a resident TC group for an income year


820-500.Choice to be made by top entity of a maximum TC group
820-505.Single group
820-510.Multiple groups
820-515.Partnerships, trusts, and Australian permanent establishments of foreign banks, included in a resident TC group
820-520.No grouping
820-525.Effect of choice
820-530.Entities making up group before end of income year
INCOME TAX ASSESSMENT ACT 1997
How this Division applies to a resident TC group


820-550.Classification of the resident TC group
820-552.Treatment of exempt special purpose entities
820-555.Rest of Division not to apply to group headed by foreign-controlled Australian ADI or its holding company
820-560.Application of Subdivisions 820-B and 820-C to group
820-562.Application of Subdivision 820-D to group
820-565.Additional application of Subdivision 820-D to group that includes foreign-controlled Australian ADI
820-570.Effect on safe harbour capital amount if foreign-controlled Australian ADI in the group on-lends section 128F amounts
820-575.Additional application of Subdivision 820-E to group that includes Australian permanent establishment of foreign bank
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-FA—How the thin capitalisation rules apply
to consolidated groups and MEC groups
Guide to Subdivision 820-FA


820-579.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


820-581.How this Division applies to head company for income year in which group comes into existence or ceases to exist
820-583.Classification of head company
820-584.Exempt special purpose entities treated as not being member of group
820-585.Exemption for consolidated group headed by foreign-controlled Australian ADI or its holding company
820-587.Additional application of Subdivision 820-D to MEC group that includes foreign-controlled Australian ADI
820-589.How Subdivision 820-D applies to a MEC group
820-591.Effect on safe harbour capital amount if group member is foreign-controlled Australian ADI and on-lends section 128F amounts
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-FB—Grouping branches of foreign banks and
foreign financial entities with a consolidated group, MEC group or single
Australian resident company
Guide to Subdivision 820-FB


820-595.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Choice to group with branches of foreign banks and foreign
financial entities


820-597.Choice by head company of consolidated group or MEC group
820-599.Choice by Australian resident company outside consolidatable group and MEC group
INCOME TAX ASSESSMENT ACT 1997
Effect of choice


820-601.Application
820-603.General
820-605.Effect on establishment entity if certain debt deductions disallowed
820-607.Effect on test periods under this Division
820-609.Effect on classification of head company or single company
820-611.Values to be based on what would be in consolidated accounts for group
820-613.How Subdivision 820-D applies
820-615.How Subdivision 820-E applies
820-617.Effect on safe harbour capital amount if single company is foreign-controlled Australian ADI and on-lends section 128F amounts
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-G—Calculating the average values
Guide to Subdivision 820-G


820-625.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
How to calculate the average values


820-630.Methods of calculating average values
820-635.The opening and closing balances method
820-640.The 3 measurement days method
820-645.The frequent measurement method
INCOME TAX ASSESSMENT ACT 1997
Special rules about values and valuation


820-675.Amount to be expressed in Australian currency
820-680.Valuation of assets, liabilities and equity capital
820-685.Valuation of debt capital
820-690.Commissioner's power
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-H—Control of entities
Guide to Subdivision 820-H


820-740.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Australian controller of a foreign entity


820-745.What is an Australian controlled foreign entity?
820-750.What is an Australian controller of a controlled foreign company?
820-755.What is an Australian controller of a controlled foreign trust?
820-760.What is an Australian controller of a controlled foreign corporate limited partnership?
INCOME TAX ASSESSMENT ACT 1997
Foreign controlled Australian entity


820-780.What is a foreign controlled Australian entity?
820-785.What is a foreign controlled Australian company?
820-790.What is a foreign controlled Australian trust?
820-795.What is a foreign controlled Australian partnership?
INCOME TAX ASSESSMENT ACT 1997
Thin capitalisation control interest


820-815.General rule about thin capitalisation control interest in a company, trust or partnership
820-820.Special rules about calculating TC control interest held by an entity
820-825.Special rules about calculating TC control interests held by a group of entities
820-830.Special rules about determining percentage of TC control interest
820-835.Commissioner's power
INCOME TAX ASSESSMENT ACT 1997
TC direct control interest, TC indirect control interest and TC
control tracing interest


820-855.TC direct control interest in a company
820-860.TC direct control interest in a trust
820-865.TC direct control interest in a partnership
820-870.TC indirect control interest in a company, trust or partnership
820-875.TC control tracing interest in a company, trust or partnership
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-HA—Controlled foreign entity debt and
controlled foreign entity equity
Guide to Subdivision 820-HA


820-880.What this Subdivision is about
820-881.Application
820-885.What is controlled foreign entity debt ?
820-890.What is controlled foreign entity equity ?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-I—Associate entities
Guide to Subdivision 820-I


820-900.What this Subdivision is about
820-905.Associate entity
820-910.Associate entity debt
820-915.Associate entity equity
820-920.Associate entity excess amount
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-J—Equity interest in a trust or partnership
Guide to Subdivision 820-J


820-925.What this Subdivision is about
820-930.Equity interest in a trust or partnership
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-K—Zero-capital amount
Guide to Subdivision 820-K


820-940.What this Subdivision is about
820-942.How to work out the zero-capital amount
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-KA—Cost-free debt capital and excluded
equity interests
Guide to Subdivision 820-KA


820-945.What this Subdivision is about
820-946.Cost-free debt capital and excluded equity interest
INCOME TAX ASSESSMENT ACT 1997
Subdivision 820-L—Record keeping requirements
Guide to Subdivision 820-L


820-950.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Records about Australian permanent establishments


820-960.Records about Australian permanent establishments
820-965.Review of Commissioner's decision
INCOME TAX ASSESSMENT ACT 1997
Records about arm's length amounts


820-980.Records about arm's length debt amount and arm's length capital amount
INCOME TAX ASSESSMENT ACT 1997
Records about asset revaluations


820-985.Methodology of revaluation and independence of valuer
INCOME TAX ASSESSMENT ACT 1997
Offences committed by certain entities


820-990.Offences—treatment of partnerships
820-995.Offences—treatment of unincorporated companies
INCOME TAX ASSESSMENT ACT 1997
Division 830—Foreign hybrids

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 830


830-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 830-A—Meaning of "foreign hybrid"

830-5.Foreign hybrid
830-10.Foreign hybrid limited partnership
830-15.Foreign hybrid company
INCOME TAX ASSESSMENT ACT 1997
Subdivision 830-B—Extension of normal partnership provisions
to foreign hybrid companies

830-20.Treatment of company as a partnership
830-25.Partners are the shareholders in the company
830-30.Individual interest of a partner in net income etc. equals percentage of notional distribution of company's profits
830-35.Partner's interest in assets
830-40.Control and disposal of share in partnership income
INCOME TAX ASSESSMENT ACT 1997
Subdivision 830-C—Special rules applicable while an entity
is a foreign hybrid

830-45.Partner's revenue and net capital losses from foreign hybrid not to exceed partner's loss exposure amount
830-50.Deduction etc. where partner's foreign hybrid revenue loss amount and foreign hybrid net capital loss amount are less than partner's loss exposure amount
830-55.Meaning of foreign hybrid net capital loss amount
830-60.Meaning of loss exposure amount
830-65.Meaning of outstanding foreign hybrid revenue loss amount
830-70.Meaning of outstanding foreign hybrid net capital loss amount
830-75.Extended meaning of subject to tax
INCOME TAX ASSESSMENT ACT 1997
Subdivision 830-D—Special rules applicable when an entity
becomes or ceases to be a foreign hybrid

830-80.Setting the tax cost of partners' interests in the assets of an entity that becomes a foreign hybrid
830-85.Setting the tax cost of assets of an entity when it ceases to be a foreign hybrid
830-90.What the expression tax cost is set means
830-95.What the expression tax cost setting amount means
830-100.What the expression tax cost means
830-105.What the expression asset-based income tax regime means
830-110.No disposal of assets etc. on entity becoming or ceasing to be a foreign hybrid
830-115.Tax losses cannot be transferred to a foreign hybrid
830-120.End of CFC's last statutory accounting period
830-125.How long interest in asset, or asset, held
INCOME TAX ASSESSMENT ACT 1997
Chapter 5—Administration

INCOME TAX ASSESSMENT ACT 1997
Part 5-30—Record-keeping and other obligations

INCOME TAX ASSESSMENT ACT 1997
Division 900—Substantiation rules

INCOME TAX ASSESSMENT ACT 1997
Guide to Division 900


900-1.What this Division is about
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-A—Application of Division

900-5.Application of the requirements of Division 900
900-10.Substantiation requirement
900-12.Application to recipients and payers of certain withholding payments
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-B—Substantiating work expenses

900-15.Getting written evidence
900-20.Keeping travel records
900-25.Retaining the written evidence and travel records
900-30.Meaning of work expense
900-35.Exception for small total of expenses
900-40.Exception for laundry expenses below a certain limit
900-45.Exception for work expense related to award transport payment
900-50.Exception for domestic travel allowance expenses
900-55.Exception for overseas travel allowance expenses
900-60.Exception for reasonable overtime meal allowance
900-65.Crew members on international flights need not keep travel records
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-C—Substantiating car expenses

900-70.Getting written evidence
900-75.Retaining the written evidence and odometer records
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-D—Substantiating business travel
expenses

900-80.Getting written evidence
900-85.Keeping travel records
900-90.Retaining the written evidence and travel records
900-95.Meaning of business travel expense
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-E—Written evidence
Guide to Subdivision 900-E


900-100.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


900-105.Ways of getting written evidence
900-110.Time limits
900-115.Written evidence from supplier
900-120.Written evidence of depreciating asset expense
900-125.Evidence of small expenses
900-130.Evidence of expenses considered otherwise too hard to substantiate
900-135.Evidence on a payment summary
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-F—Travel records
Guide to Subdivision 900-F


900-140.What this Subdivision is about
900-145.Purpose of a travel record
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


900-150.Recording activities in travel records
900-155.Showing which of your activities were income-producing activities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-G—Retaining and producing records
Guide to Subdivision 900-G


900-160.What this Subdivision is about
900-165.The retention period
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


900-170.Extending the retention period if an expense is disputed
900-175.Commissioner may tell you to produce your records
900-180.How to comply with a notice
900-185.What happens if you don't comply
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-H—Relief from effects of failing to
substantiate

900-195.Commissioner's discretion to review failure to substantiate
900-200.Reasonable expectation that substantiation would not be required
900-205.What if your documents are lost or destroyed?
INCOME TAX ASSESSMENT ACT 1997
Subdivision 900-I—Award transport payments
Guide to Subdivision 900-I


900-210.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


900-215.Deducting an expense related to an award transport payment
900-220.Definition of award transport payment
900-225.Substituted industrial instruments
900-230.Changes to industrial instruments applied for before 29 October 1986
900-235.Changes to industrial instruments solely referable to matters in the instrument
900-240.Deducting in anticipation of receiving award transport payment
900-245.Effect of exception in this Subdivision on exception for small total of expenses
900-250.Effect of exception in this Subdivision on methods of calculating car expense deductions
INCOME TAX ASSESSMENT ACT 1997
Part 5-35—Miscellaneous

INCOME TAX ASSESSMENT ACT 1997
Division 905—Offences


905-5.Application of the Criminal Code
INCOME TAX ASSESSMENT ACT 1997
Division 909—Regulations


909-1.Regulations
INCOME TAX ASSESSMENT ACT 1997
Chapter 6—The Dictionary

INCOME TAX ASSESSMENT ACT 1997
Part 6-1—Concepts and topics

INCOME TAX ASSESSMENT ACT 1997
Division 950—Rules for interpreting this Act

950-100.What forms part of this Act
950-105.What does not form part of this Act
950-150.Guides, and their role in interpreting this Act
INCOME TAX ASSESSMENT ACT 1997
Division 960—General


INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-C—Foreign currency

960-49.Objects of this Subdivision
960-50.Translation of amounts into Australian currency
960-55.Application of translation rules
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-D—Functional currency
Guide to Subdivision 960-D


960-56.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


960-59.Object of this Subdivision
960-60.You may choose a functional currency
960-65.Backdated startup choice
960-70.What is the applicable functional currency ?
960-75.What is a transferor trust ?
960-80.Translation rules
960-85.Special rule about translation—events that happened before the current choice took effect
960-90.Withdrawal of choice
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-E—Entities

960-100.Entities
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-F—Distribution by corporate tax
entities

960-115.Meaning of corporate tax entity
960-120.Meaning of distribution
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-G—Membership of entities

960-130.Members of entities
960-135.Membership interest in an entity
960-140.Ordinary membership interest
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-H—Abnormal trading in shares or
units

960-220.Meaning of trading
960-225.Abnormal trading
960-230.Abnormal trading—5% of shares or units in one transaction
960-235.Abnormal trading—suspected 5% of shares or units in a series of transactions
960-240.Abnormal trading—suspected acquisition or merger
960-245.Abnormal trading—20% of shares or units traded over 60 day period
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-M—Indexation
Guide to Subdivision 960-M


960-260.What this Subdivision is about
960-265.The provisions for which indexation is relevant
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


960-270.Indexing amounts
960-275.Indexation factor
960-280.Index number
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-Q—Small business taxpayers
Guide to Subdivision 960-Q


960-330.What this Subdivision is about
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


960-335.Meaning of small business taxpayer
960-340.Meaning of average turnover
960-345.Meaning of group turnover
960-350.Recalculating average turnover for opening years
960-355.Winding up a business
INCOME TAX ASSESSMENT ACT 1997
Subdivision 960-R—Pre-GST annual turnover


960-370.Meaning of pre-GST annual turnover
INCOME TAX ASSESSMENT ACT 1997
Division 974—Debt and equity interests

INCOME TAX ASSESSMENT ACT 1997
Subdivision 974-A—General
Guide to Division 974


974-1.What this Division is about
974-5.Overview of Division
INCOME TAX ASSESSMENT ACT 1997
Operative provisions


974-10.Object
INCOME TAX ASSESSMENT ACT 1997
Subdivision 974-B—Debt interests

974-15.Meaning of debt interest
974-20.The test for a debt interest
974-25.Exceptions to the debt test
974-30.Providing a financial benefit
974-35.Valuation of financial benefits—general rules
974-40.Valuation of financial benefits—rights and options to terminate early
974-45.Valuation of financial benefits—convertible interests
974-50.Valuation of financial benefits—value in present value terms
974-55.The debt interest and its issue
974-60.Debt interest arising out of obligations owed by a number of entities
974-65.Commissioner's power
INCOME TAX ASSESSMENT ACT 1997
Subdivision 974-C—Equity interests in
companies

974-70.Meaning of equity interest in a company
974-75.The test for an equity interest
974-80.Equity interest arising from arrangement funding return through connected entities
974-85.Right or return contingent on economic performance
974-90.Right or return at discretion of company or connected entity
974-95.The equity interest
INCOME TAX ASSESSMENT ACT 1997
Subdivision 974-D—Common provisions

974-100.Treatment of convertible and converting interests
974-105.Effect of action taken in relation to interest arising from related schemes
974-110.Effect of material change
974-112.Determinations by Commissioner
INCOME TAX ASSESSMENT ACT 1997
Subdivision 974-E—Non-share distributions by a
company

974-115.Meaning of non-share distribution
974-120.Meaning of non-share dividend
974-125.Meaning of non-share capital return
INCOME TAX ASSESSMENT ACT 1997
Subdivision 974-F—Related concepts

974-130.Financing arrangement
974-135.Effectively non-contingent obligation
974-140.Ordinary debt interest
974-145.Benchmark rate of return
974-150.Schemes
974-155.Related schemes
974-160.Financial benefit
974-165.Convertible and converting interests
INCOME TAX ASSESSMENT ACT 1997
Division 975—Concepts about companies

INCOME TAX ASSESSMENT ACT 1997
Subdivision 975-A—General

975-150.Position to affect rights in relation to a company
975-155.When is an entity a controller (for CGT purposes) of a company?
975-160.When an entity has an associate-inclusive control interest
INCOME TAX ASSESSMENT ACT 1997
Subdivision 975-W—Wholly-owned groups of companies


975-500.Wholly-owned groups
975-505.What is a 100% subsidiary?
INCOME TAX ASSESSMENT ACT 1997
Division 976—Imputation

976-1.Franked part of a distribution
976-5.Unfranked part of a distribution
976-10.The part of a distribution that is franked with an exempting credit
976-15.The part of a distribution that is franked with a venture capital credit
INCOME TAX ASSESSMENT ACT 1997
Division 977—Realisation events, and the gains and losses
they realise for income tax purposes

INCOME TAX ASSESSMENT ACT 1997
CGT assets


977-5.Realisation event
977-10.Loss realised for income tax purposes
977-15.Gain realised for income tax purposes
INCOME TAX ASSESSMENT ACT 1997
Trading stock


977-20.Realisation event
977-25.Disposal of trading stock: loss realised for income tax purposes
977-30.Ending of an income year: loss realised for income tax purposes
977-35.Disposal of trading stock: gain realised for income tax purposes
977-40.Ending of an income year: gain realised for income tax purposes
INCOME TAX ASSESSMENT ACT 1997
Revenue assets


977-50.Meaning of revenue asset
977-55.Loss or gain realised for income tax purposes
INCOME TAX ASSESSMENT ACT 1997
Part 6-5—Dictionary definitions

INCOME TAX ASSESSMENT ACT 1997
Division 995—Definitions


995-1.Definitions
INCOME TAX ASSESSMENT ACT 1997
Notes to the Income Tax Assessment Act 1997

INCOME TAX ASSESSMENT ACT 1997
Table of Amendments

Table A

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