Legal database - View: Income Tax Assessment Act 1997

Income Tax Assessment Act 1997
CHAPTER 1 - INTRODUCTION AND CORE PROVISIONS
PART 1-1 - PRELIMINARY
Division 1 - Preliminary
SECTION 1-1 Short title
SECTION 1-2 Commencement
SECTION 1-3 Differences in style not to affect meaning
SECTION 1-4 Application
SECTION 1-7 Administration of this Act
PART 1-2 - A GUIDE TO THIS ACT
Division 2 - How to use this Act
Subdivision 2-A - How to find your way around
SECTION 2-1 The design
Subdivision 2-B - How the Act is arranged
SECTION 2-5 The pyramid
Subdivision 2-C - How to identify defined terms and find the definitions
SECTION 2-10 When defined terms are identified
SECTION 2-15 When terms are not identified
SECTION 2-20 Identifying the defined term in a definition
Subdivision 2-D - The numbering system
SECTION 2-25 Purposes
SECTION 2-30 Gaps in the numbering
Subdivision 2-E - Status of Guides and other non-operative material
SECTION 2-35 Non-operative material
SECTION 2-40 Guides
SECTION 2-45 Other material
Division 3 - What this Act is about
### (Repealed) SECTION 3-1 What this Act is about
SECTION 3-5 Annual income tax
SECTION 3-10 Your other obligations as a taxpayer
SECTION 3-15 Your obligations other than as a taxpayer
PART 1-3 - CORE PROVISIONS
Division 4 - How to work out the income tax payable on your taxable income
SECTION 4-1 Who must pay income tax
SECTION 4-5 Meaning of you
SECTION 4-10 How to work out how much income tax you must pay
SECTION 4-15 How to work out your taxable income
SECTION 4-25 Special provisions for working out your basic income tax liability
Division 5 - How to work out when to pay your income tax
Guide to Division 5
SECTION 5-1 What this Division is about
Subdivision 5-A - How to work out when to pay your income tax
SECTION 5-5 When income tax is payable
SECTION 5-10 When shortfall interest charge is payable
SECTION 5-15 General interest charge payable on unpaid income tax or shortfall interest charge
Division 6 - Assessable income and exempt income
Guide to Division 6
SECTION 6-1 Diagram showing relationships among concepts in this Division
SECTION 6-5 Income according to ordinary concepts ( ordinary income )
SECTION 6-10 Other assessable income ( statutory income )
SECTION 6-15 What is not assessable income
SECTION 6-20 Exempt income
SECTION 6-23 Non-assessable non-exempt income
SECTION 6-25 Relationships among various rules about ordinary income
Division 8 - Deductions
SECTION 8-1 General deductions
SECTION 8-5 Specific deductions
SECTION 8-10 No double deductions
PART 1-4 - CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS
Division 9 - Entities that must pay income tax
SECTION 9-1A Effect of this Division
SECTION 9-1 List of entities
SECTION 9-5 Entities that work out their income tax by reference to something other than taxable income
Division 10 - Particular kinds of assessable income
SECTION 10-1 Effect of this Division
SECTION 10-5 List of provisions about assessable income
Division 11 - Particular kinds of non-assessable income
Subdivision 11-A - Lists of classes of exempt income
SECTION 11-1A Effect of this Subdivision
SECTION 11-1 Overview
SECTION 11-5 Entities that are exempt, no matter what kind of ordinary or statutory income they have
### (Repealed) SECTION 11-10 Ordinary or statutory income which is exempt, no matter whose it is
SECTION 11-15 Ordinary or statutory income which is exempt
Subdivision 11-B - Particular kinds of non-assessable non-exempt income
SECTION 11-50 Effect of this Subdivision
SECTION 11-55 List of non-assessable non-exempt income provisions
Division 12 - Particular kinds of deductions
SECTION 12-1 Effect of this Division
SECTION 12-5 List of provisions about deductions
Division 13 - Tax offsets
SECTION 13-1A Effect of this Division
SECTION 13-1 List of tax offsets
CHAPTER 2 - LIABILITY RULES OF GENERAL APPLICATION
PART 2-1 - ASSESSABLE INCOME
Division 15 - Some items of assessable income
SECTION 15-1 What this Division is about
Operative provisions
SECTION 15-2 Allowances and other things provided in respect of employment or services
SECTION 15-3 Return to work payments
SECTION 15-5 Accrued leave transfer payments
SECTION 15-10 Bounties and subsidies
SECTION 15-15 Profit-making undertaking or plan
SECTION 15-20 Royalties
SECTION 15-22 Payments made to members of a copyright collecting society
SECTION 15-23 Payments of resale royalties by resale royalty collecting society
SECTION 15-25 Amount received for lease obligation to repair
SECTION 15-30 Insurance or indemnity for loss of assessable income
SECTION 15-35 Interest on overpayments and early payments of tax
SECTION 15-40 Providing mining, quarrying or prospecting information or geothermal exploration information
SECTION 15-45 Amounts paid under forestry agreements
SECTION 15-46 Amounts paid under forestry managed investment schemes
SECTION 15-50 Work in progress amounts
SECTION 15-55 Certain amounts paid under funeral policy
SECTION 15-60 Certain amounts paid under scholarship plan
### (Repealed) SECTION 15-65 Sugar industry exit grants
SECTION 15-70 Reimbursed car expenses
SECTION 15-75 Bonuses
SECTION 15-80 Franked distributions entitled to a foreign income tax deduction - Additional Tier 1 capital exception
### (Repealed) SECTION 15-85 Refunded excess rehabilitation tax offset
Division 17 - Effect of GST etc. on assessable income
SECTION 17-1 What this Division is about
SECTION 17-5 GST and increasing adjustments
SECTION 17-10 Certain decreasing adjustments
SECTION 17-15 Elements in calculation of amounts
SECTION 17-20 GST groups and GST joint ventures
SECTION 17-30 Special credits because of indirect tax transition
SECTION 17-35 Certain sections not to apply to certain assets or expenditure
Division 20 - Amounts included to reverse the effect of past deductions
Guide to Division 20
SECTION 20-1 What this Division is about
SECTION 20-5 Other provisions that reverse the effect of deductions
Subdivision 20-A - Insurance, indemnity or other recoupment for deductible expenses
SECTION 20-10 What this Subdivision is about
SECTION 20-15 How to use this Subdivision
SECTION 20-20 Assessable recoupments
SECTION 20-25 What is recoupment ?
SECTION 20-30 Tables of deductions for which recoupments are assessable
SECTION 20-35 If the expense is deductible in a single income year
SECTION 20-40 If the expense is deductible over 2 or more income years
SECTION 20-45 Effect of balancing charge
SECTION 20-50 If the expense is only partially deductible
SECTION 20-55 Meaning of previous recoupment law
SECTION 20-60 If you are the only entity that can deduct an amount for the loss or outgoing
SECTION 20-65 If 2 or more entities can deduct amounts for the loss or outgoing
Subdivision 20-B - Disposal of a car for which lease payments have been deducted
SECTION 20-100 What this Subdivision is about
SECTION 20-105 Map of this Subdivision
SECTION 20-110 Disposal of a leased car for profit
SECTION 20-115 Working out the profit on the disposal
SECTION 20-120 Meaning of notional depreciation
SECTION 20-125 Disposal of a leased car for profit
SECTION 20-130 Successive leases
SECTION 20-135 No amount included if earlier disposal for market value
SECTION 20-140 Reducing the amount to be included if there has been an earlier disposal
SECTION 20-145 No amount included if you inherited the car
SECTION 20-150 Reducing the amount to be included if another provision requires you to include an amount for the disposal
SECTION 20-155 Exception for particular cars taken on hire
SECTION 20-157 Exception for small business entities
SECTION 20-160 Disposal of an interest in a car
(Repealed) Division 22 - Amounts you must repay are not assessable income
PART 2-5 - RULES ABOUT DEDUCTIBILITY OF PARTICULAR KINDS OF AMOUNTS
Division 25 - Some amounts you can deduct
SECTION 25-1 What this Division is about
Operative provisions
SECTION 25-5 Tax-related expenses
### (Repealed) SECTION 25-7 Advice about family tax benefit
SECTION 25-10 Repairs
SECTION 25-15 Amount paid for lease obligation to repair
SECTION 25-20 Lease document expenses
SECTION 25-25 Borrowing expenses
SECTION 25-30 Expenses of discharging a mortgage
SECTION 25-35 Bad debts
SECTION 25-40 Loss from profit-making undertaking or plan
SECTION 25-45 Loss by theft etc.
SECTION 25-47 Misappropriation where a balancing adjustment event occurs
SECTION 25-50 Payments of pensions, gratuities or retiring allowances
SECTION 25-55 Payments to associations
SECTION 25-60 Parliament election expenses
SECTION 25-65 Local government election expenses
SECTION 25-70 Deduction for election expenses does not extend to entertainment
SECTION 25-75 Rates and land taxes on premises used to produce mutual receipts
SECTION 25-85 Certain returns in respect of debt interests
SECTION 25-90 Deduction relating to foreign non-assessable non-exempt income
SECTION 25-95 Deduction for work in progress amounts
SECTION 25-100 Travel between workplaces
### (Repealed) SECTION 25-105 Deductions for United Medical Protection Limited support payments
SECTION 25-110 Capital expenditure to terminate lease etc.
SECTION 25-115 Deduction for payment of rent from land investment by operating entity to asset entity in relation to approved economic infrastructure facility
SECTION 25-120 Transitional - deduction for payment of rent from land investment by operating entity to asset entity
SECTION 25-125 COVID-19 tests
Division 26 - Some amounts you cannot deduct, or cannot deduct in full
Guide to Division 26
SECTION 26-1 What this Division is about
Operative provisions
SECTION 26-5 Penalties
SECTION 26-10 Leave payments
SECTION 26-15 Franchise fees windfall tax
SECTION 26-17 Commonwealth places windfall tax
### (Repealed) SECTION 26-18 Unit shortfall charge - clean energy
SECTION 26-19 Rebatable benefits
SECTION 26-20 Assistance to students
SECTION 26-22 Political contributions and gifts
SECTION 26-25 Interest or royalty
SECTION 26-25A Payments to employees - labour mobility programs
SECTION 26-26 Non-share distributions and dividends
SECTION 26-30 Relative ' s travel expenses
SECTION 26-31 Travel related to use of residential premises as residential accommodation
SECTION 26-35 Reducing deductions for amounts paid to related entities
SECTION 26-40 Maintaining your family
SECTION 26-45 Recreational club expenses
SECTION 26-47 Non-business boating activities
SECTION 26-50 Expenses for a leisure facility
SECTION 26-52 Bribes to foreign public officials
SECTION 26-53 Bribes to public officials
SECTION 26-54 Expenditure relating to illegal activities
SECTION 26-55 Limit on deductions
SECTION 26-60 Superannuation contributions surcharge
### (Repealed) SECTION 26-65 Termination payments surcharge
SECTION 26-68 Loss from disposal of eligible venture capital investments
SECTION 26-70 Loss from disposal of venture capital equity
### (Repealed) SECTION 26-74 Excess concessional contributions charge cannot be deducted
SECTION 26-75 Excess non-concessional contributions tax cannot be deducted
SECTION 26-80 Financing costs on loans to pay superannuation contribution
SECTION 26-85 Borrowing costs on loans to pay life insurance premiums
SECTION 26-90 Superannuation supervisory levy
SECTION 26-95 Superannuation guarantee charge
SECTION 26-96 Laminaria and Corallina decommissioning levy cannot be deducted
SECTION 26-97 National Disability Insurance Scheme expenditure
SECTION 26-98 Division 293 tax cannot be deducted
SECTION 26-99 Excess transfer balance tax cannot be deducted
SECTION 26-100 Expenditure attributable to water infrastructure improvement payments
SECTION 26-102 Expenses associated with holding vacant land
SECTION 26-105 Non-compliant payments for work and services
Division 27 - Effect of input tax credits etc. on deductions
SECTION 27-1 What this Division is about
Subdivision 27-A - General
SECTION 27-5 Input tax credits and decreasing adjustments
SECTION 27-10 Certain increasing adjustments
SECTION 27-15 GST payments
SECTION 27-20 Elements in calculation of amounts
SECTION 27-25 GST groups and GST joint ventures
SECTION 27-35 Certain sections not to apply to certain assets or expenditure
Subdivision 27-B - Effect of input tax credits etc. on capital allowances
SECTION 27-80 Cost or opening adjustable value of depreciating assets reduced for input tax credits
SECTION 27-85 Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments
SECTION 27-87 Certain decreasing adjustments included in assessable income
SECTION 27-90 Cost or opening adjustable value of depreciating assets increased: increasing adjustments
SECTION 27-92 Certain increasing adjustments can be deducted
SECTION 27-95 Balancing adjustment events
SECTION 27-100 Pooling
SECTION 27-105 Other Division 40 expenditure
SECTION 27-110 Input tax credit etc. relating to 2 or more things
Division 28 - Car expenses
SECTION 28-1 What this Division is about
SECTION 28-5 Map of this Division
Subdivision 28-A - Deductions for car expenses
SECTION 28-10 Application of Division 28
SECTION 28-12 Car expenses
SECTION 28-13 Meaning of car expense
Subdivision 28-B - Choosing which method to use
SECTION 28-14 What this Subdivision is about
SECTION 28-15 Choosing between the 2 methods
SECTION 28-20 Rules governing choice of method
Subdivision 28-C - The ' cents per kilometre ' method
SECTION 28-25 How to calculate your deduction
SECTION 28-30 Capital allowances
SECTION 28-35 Substantiation
(Repealed) Subdivision 28-D - The ' 12% of original value ' method
### (Repealed) SECTION 28-45 How to calculate your deduction
### (Repealed) SECTION 28-50 Eligibility
### (Repealed) SECTION 28-55 Capital allowances
### (Repealed) SECTION 28-60 Substantiation
(Repealed) Subdivision 28-E - The ' one-third of actual expenses ' method
### (Repealed) SECTION 28-70 How to calculate your deduction
### (Repealed) SECTION 28-75 Eligibility
### (Repealed) SECTION 28-80 Substantiation
Subdivision 28-F - The ' log book ' method
SECTION 28-90 How to calculate your deduction
SECTION 28-95 Eligibility
SECTION 28-100 Substantiation
Subdivision 28-G - Keeping a log book
SECTION 28-105 What this Subdivision is about
SECTION 28-110 Steps for keeping a log book
SECTION 28-115 Income years for which you need to keep a log book
SECTION 28-120 Choosing the 12 week period for a log book
SECTION 28-125 How to keep a log book
SECTION 28-130 Replacing one car with another
Subdivision 28-H - Odometer records for a period
SECTION 28-135 What this Subdivision is about
SECTION 28-140 How to keep odometer records for a car for a period
Subdivision 28-I - Retaining the log book and odometer records
SECTION 28-150 Retaining the log book for the retention period
SECTION 28-155 Retaining odometer records
Subdivision 28-J - Situations where you cannot use, or do not need to use, one of the 2 methods
SECTION 28-160 What this Subdivision is about
SECTION 28-165 Exception for particular cars taken on hire
SECTION 28-170 Exception for particular cars used in particular ways
SECTION 28-175 Further miscellaneous exceptions
SECTION 28-180 Car expenses related to award transport payments
SECTION 28-185 Application of Subdivision 28-J to recipients and payers of certain withholding payments
Division 30 - Gifts or contributions
Guide to Division 30
SECTION 30-1 What this Division is about
SECTION 30-5 How to find your way around this Division
SECTION 30-10 Index
Subdivision 30-A - Deductions for gifts or contributions
SECTION 30-15 Table of gifts or contributions that you can deduct
SECTION 30-17 Requirements for certain recipients
Subdivision 30-B - Tables of recipients for deductible gifts
SECTION 30-20 Health
SECTION 30-25 Education
SECTION 30-30 Gifts that must be for certain purposes
SECTION 30-35 Rural schools hostel buildings
SECTION 30-37 Scholarship etc. funds
SECTION 30-40 Research
SECTION 30-45 Welfare and rights
SECTION 30-45A Australian disaster relief funds - declarations by Minister
SECTION 30-46 Australian disaster relief funds - declarations under State and Territory law
SECTION 30-50 Defence
SECTION 30-55 The environment
SECTION 30-60 Gifts to a National Parks body or conservation body must satisfy certain requirements
SECTION 30-65 Industry, trade and design
SECTION 30-70 The family
SECTION 30-75 Marriage education organisations must be approved
SECTION 30-80 International affairs
SECTION 30-85 Developing country relief funds
SECTION 30-86 Developed country disaster relief funds
SECTION 30-90 Sports and recreation
SECTION 30-95 Philanthropic trusts
SECTION 30-100 Cultural organisations
SECTION 30-102 Fire and emergency services
SECTION 30-105 Other recipients
SECTION 30-110 Community charities
Subdivision 30-BA - Endorsement of deductible gift recipients
SECTION 30-115 What this Subdivision is about
SECTION 30-120 Endorsement by Commissioner
SECTION 30-125 Entitlement to endorsement
SECTION 30-130 Maintaining a gift fund
### (Repealed) SECTION 30-135 Dealing with an application for endorsement
### (Repealed) SECTION 30-140 Notifying outcome of application for endorsement
### (Repealed) SECTION 30-145 Date of effect of endorsement
### (Repealed) SECTION 30-150 Review of refusal of endorsement
### (Repealed) SECTION 30-155 Checking entitlement to endorsement
### (Repealed) SECTION 30-160 Telling Commissioner of loss of entitlement to endorsement
### (Repealed) SECTION 30-165 Partnerships and unincorporated bodies
### (Repealed) SECTION 30-170 Revoking endorsement
### (Repealed) SECTION 30-175 Review of revocation of endorsement
SECTION 30-180 How this Subdivision applies to government entities
Subdivision 30-C - Rules applying to particular gifts of property
SECTION 30-200 Getting written valuations
SECTION 30-205 Proceeds of the sale would have been assessable
SECTION 30-210 Approved valuers
SECTION 30-212 Valuations by the Commissioner
SECTION 30-215 How much you can deduct
SECTION 30-220 Reducing the amount you can deduct
SECTION 30-225 Gift of property by joint owners
Subdivision 30-CA - Administrative requirements relating to ABNs
SECTION 30-226 What this Subdivision is about
SECTION 30-227 Entities to which this Subdivision applies
SECTION 30-228 Content of receipt for gift or contribution
SECTION 30-229 Australian Business Register must show deductibility of gifts to deductible gift recipient
(Repealed) Subdivision 30-D - Testamentary gifts under the Cultural Bequests Program
Subdivision 30-DA - Donations to political parties and independent candidates and members
SECTION 30-241 What this Subdivision is about
SECTION 30-242 Deduction for political contributions and gifts
SECTION 30-243 Amount of the deduction
SECTION 30-244 When an individual is an independent candidate
SECTION 30-245 When an individual is an independent member
Subdivision 30-DB - Spreading certain gift and covenant deductions over up to 5 income years
SECTION 30-246 What this Subdivision is about
SECTION 30-247 Gifts and covenants for which elections can be made
SECTION 30-248 Making an election
SECTION 30-249 Effect of election
SECTION 30-249A Requirements - environmental property gifts
SECTION 30-249B Requirements - heritage property gifts
### (Repealed) SECTION 30-249C Requirements - certain cultural property gifts
SECTION 30-249D Requirements - conservation covenants
(Repealed) Subdivision 30-E - Register of environmental organisations
### (Repealed) SECTION 30-250 What this Subdivision is about
### (Repealed) SECTION 30-255 Establishing the register
### (Repealed) SECTION 30-260 Meaning of environmental organisation
### (Repealed) SECTION 30-265 Its principal purpose must be protecting the environment
### (Repealed) SECTION 30-270 Other requirements it must satisfy
### (Repealed) SECTION 30-275 Further requirement for a body corporate or a co-operative society
### (Repealed) SECTION 30-280 What must be on the register
### (Repealed) SECTION 30-285 Removal from the register
(Repealed) Subdivision 30-EA - Register of harm prevention charities
### (Repealed) SECTION 30-286 What this Subdivision is about
### (Repealed) SECTION 30-287 Establishing the register
### (Repealed) SECTION 30-288 Meaning of harm prevention charity
### (Repealed) SECTION 30-289 Principal activity - promoting the prevention or control of harm or abuse
### (Repealed) SECTION 30-289A Other requirements
### (Repealed) SECTION 30-289B What must be on the register
### (Repealed) SECTION 30-289C Removal from the register
(Repealed) Subdivision 30-F - Register of cultural organisations
### (Repealed) SECTION 30-290 What this Subdivision is about
### (Repealed) SECTION 30-295 Establishing the register
### (Repealed) SECTION 30-300 Meaning of cultural organisation
### (Repealed) SECTION 30-305 What must be on the register
### (Repealed) SECTION 30-310 Removal from the register
Subdivision 30-G - Index to this Division
SECTION 30-315 Index
SECTION 30-320 Effect of this Subdivision
Division 31 - Conservation covenants
SECTION 31-1 What this Division is about
Operative provisions
SECTION 31-5 Deduction for entering into conservation covenant
SECTION 31-10 Requirements for fund, authority or institution
SECTION 31-15 Valuations by the Commissioner
Division 32 - Entertainment expenses
SECTION 32-1 What this Division is about
Subdivision 32-A - No deduction for entertainment expenses
SECTION 32-5 No deduction for entertainment expenses
SECTION 32-10 Meaning of entertainment
SECTION 32-15 No deduction for property used for providing entertainment
Subdivision 32-B - Exceptions
SECTION 32-20 The main exception - fringe benefits
SECTION 32-25 The tables set out the other exceptions
SECTION 32-30 Employer expenses
SECTION 32-35 Seminar expenses
SECTION 32-40 Entertainment industry expenses
SECTION 32-45 Promotion and advertising expenses
SECTION 32-50 Other expenses
Subdivision 32-C - Definitions relevant to the exceptions
SECTION 32-55 In-house dining facility (employer expenses table items 1.1 and 1.2)
SECTION 32-60 Dining facility (employer expenses table item 1.3)
SECTION 32-65 Seminars (seminar expenses table item 2.1)
Subdivision 32-D - In-house dining facilities (employer expenses table item 1.2)
SECTION 32-70 $30 is assessable for each meal provided to non-employee in an in-house dining facility
Subdivision 32-E - Anti-avoidance
SECTION 32-75 Commissioner may treat you as having incurred entertainment expense
Subdivision 32-F - Special rules for companies and partnerships
SECTION 32-80 Company directors
SECTION 32-85 Directors, employees and property of wholly-owned group company
SECTION 32-90 Partnerships
Division 34 - Non-compulsory uniforms
Guide to Division 34
SECTION 34-1 What this Division is about
SECTION 34-3 What you need to read
Subdivision 34-A - Application of Division 34
SECTION 34-5 This Division applies to employees and others
SECTION 34-7 This Division applies to employers and others
Subdivision 34-B - Deduction for your non-compulsory uniform
SECTION 34-10 What you can deduct
SECTION 34-15 What is a non-compulsory uniform?
SECTION 34-20 What are occupation specific clothing and protective clothing ?
Subdivision 34-C - Registering the design of a non-compulsory uniform
SECTION 34-25 Application to register the design
SECTION 34-30 Industry Secretary's decision on application
SECTION 34-33 Written notice of decision
SECTION 34-35 When uniform becomes registered
Subdivision 34-D - Appeals from Industry Secretary's decision
SECTION 34-40 Review of decisions by the Administrative Review Tribunal
Subdivision 34-E - The Register of Approved Occupational Clothing
SECTION 34-45 Keeping of the Register
SECTION 34-50 Changes to the Register
Subdivision 34-F - Approved occupational clothing guidelines
SECTION 34-55 Approved occupational clothing guidelines
Subdivision 34-G - The Industry Secretary
SECTION 34-60 Industry Secretary to give Commissioner information about entries
SECTION 34-65 Delegation of powers by Industry Secretary
Division 35 - Deferral of losses from non-commercial business activities
SECTION 35-1 What this Division is about
Operative provisions
SECTION 35-5 Object
SECTION 35-10 Deferral of deductions from non-commercial business activities
SECTION 35-15 Modification if you have exempt income
SECTION 35-20 Modification if you become bankrupt
SECTION 35-25 Application of Division to certain partnerships
SECTION 35-30 Assessable income test
SECTION 35-35 Profits test
SECTION 35-40 Real property test
SECTION 35-45 Other assets test
SECTION 35-50 Apportionment
SECTION 35-55 Commissioner ' s discretion
Division 36 - Tax losses of earlier income years
SECTION 36-1 What this Division is about
Subdivision 36-A - Deductions for tax losses of earlier income years
SECTION 36-10 How to calculate a tax loss for an income year
SECTION 36-15 How to deduct tax losses of entities other than corporate tax entities
SECTION 36-17 How to deduct tax losses of corporate tax entities
SECTION 36-20 Net exempt income
SECTION 36-25 Special rules about tax losses
Subdivision 36-B - Effect of you becoming bankrupt
SECTION 36-30 What this Subdivision is about
SECTION 36-35 No deduction for tax loss incurred before bankruptcy
SECTION 36-40 Deduction for amounts paid for debts incurred before bankruptcy
SECTION 36-45 Limit on deductions for amounts paid
Subdivision 36-C - Excess franking offsets
SECTION 36-50 What this Subdivision is about
SECTION 36-55 Converting excess franking offsets into tax loss
PART 2-10 - CAPITAL ALLOWANCES: RULES ABOUT DEDUCTIBILITY OF CAPITAL EXPENDITURE
Division 40 - Capital allowances
SECTION 40-1 What this Division is about
SECTION 40-10 Simplified outline of this Division
Subdivision 40-A - Objects of Division
SECTION 40-15 Objects of Division
Subdivision 40-B - Core provisions
SECTION 40-20 What this Subdivision is about
SECTION 40-25 Deducting amounts for depreciating assets
SECTION 40-27 Further reduction of deduction for second-hand assets in residential property
SECTION 40-30 What a depreciating asset is
SECTION 40-35 Jointly held depreciating assets
SECTION 40-40 Meaning of hold a depreciating asset
SECTION 40-42 When mining, quarrying or prospecting rights are used
SECTION 40-45 Assets to which this Division does not apply
SECTION 40-50 Assets for which you deduct under another Subdivision
SECTION 40-53 Alterations etc. to certain depreciating assets
SECTION 40-55 Use of the ' cents per kilometre ' car expense deduction method
SECTION 40-60 When a depreciating asset starts to decline in value
SECTION 40-65 Choice of methods to work out the decline in value
SECTION 40-70 Diminishing value method
SECTION 40-72 Diminishing value method for post-9 May 2006 assets
SECTION 40-75 Prime cost method
SECTION 40-80 When you can deduct the asset ' s cost
SECTION 40-82 Assets costing less than $150,000 - medium sized businesses - assets first acquired between 2 April 2019 and 31 December 2020
SECTION 40-85 Meaning of adjustable value and opening adjustable value of a depreciating asset
SECTION 40-90 Debt forgiveness
SECTION 40-95 Choice of determining effective life
SECTION 40-100 Commissioner ' s determination of effective life
SECTION 40-102 Capped life of certain depreciating assets
SECTION 40-103 Effective life and remaining effective life of certain vessels
SECTION 40-105 Self-assessing effective life
SECTION 40-110 Recalculating effective life
SECTION 40-115 Splitting a depreciating asset
SECTION 40-120 Replacement spectrum licences
SECTION 40-122 Partial conversions of mining, quarrying or prospecting rights
SECTION 40-125 Merging depreciating assets
SECTION 40-130 Choices
SECTION 40-135 Certain anti-avoidance provisions
SECTION 40-140 Getting tax information from associates
### (Repealed) SECTION 40-145 Application of Criminal Code
Subdivision 40-C - Cost
SECTION 40-170 What this Subdivision is about
SECTION 40-175 Cost
SECTION 40-180 First element of cost
SECTION 40-185 Amount you are taken to have paid to hold a depreciating asset or to receive a benefit
SECTION 40-190 Second element of cost
SECTION 40-195 Apportionment of cost
SECTION 40-200 Exclusion from cost
SECTION 40-205 Cost of a split depreciating asset
SECTION 40-210 Cost of merged depreciating assets
SECTION 40-215 Adjustment: double deduction
SECTION 40-217 Cost of partial continuations of mining, quarrying or prospecting rights
SECTION 40-220 Cost reduced by amounts not of a capital nature
SECTION 40-222 Cost reduced by water infrastructure improvement expenditure
SECTION 40-225 Adjustment: acquiring a car at a discount
SECTION 40-230 Adjustment: car limit
SECTION 40-235 Adjustment: National Disability Insurance Scheme costs
Subdivision 40-D - Balancing adjustments
SECTION 40-280 What this Subdivision is about
SECTION 40-285 Balancing adjustments
SECTION 40-290 Reduction for non-taxable use
SECTION 40-291 Reduction for second-hand assets used in residential property
SECTION 40-292 Adjustments - assets used for both general tax purposes and R & D activities
SECTION 40-293 Adjustments - partnership assets used for both general tax purposes and R & D activities
SECTION 40-295 Meaning of balancing adjustment event
SECTION 40-300 Meaning of termination value
SECTION 40-305 Amount you are taken to have received under a balancing adjustment event
SECTION 40-310 Apportionment of termination value
### (Repealed) SECTION 40-315 Expenses of balancing adjustment event
SECTION 40-320 Car to which section 40-225 applies
SECTION 40-325 Adjustment: car limit
SECTION 40-335 Deduction for in-house software where you will never use it
SECTION 40-340 Roll-over relief
SECTION 40-345 What the roll-over relief is
SECTION 40-350 Additional consequences
SECTION 40-360 Notice to allow transferee to work out how this Division applies
SECTION 40-362 Roll-over relief for holders of vessels covered by certificates under the Shipping Reform (Tax Incentives) Act 2012
SECTION 40-363 Roll-over relief for interest realignment arrangements
SECTION 40-364 Interest realignment adjustments
SECTION 40-365 Involuntary disposals
SECTION 40-370 Balancing adjustments where there has been use of different car expense methods
Subdivision 40-E - Low-value and software development pools
SECTION 40-420 What this Subdivision is about
SECTION 40-425 Allocating assets to a low-value pool
SECTION 40-430 Rules for assets in low-value pools
SECTION 40-435 Private or exempt use of assets
SECTION 40-440 How you work out the decline in value of assets in low-value pools
SECTION 40-445 Balancing adjustment events
SECTION 40-450 Software development pools
SECTION 40-455 How to work out your deduction
SECTION 40-460 Your assessable income includes consideration for pooled software
Subdivision 40-F - Primary production depreciating assets
SECTION 40-510 What this Subdivision is about
SECTION 40-515 Water facilities, horticultural plants, fodder storage assets and fencing assets
SECTION 40-520 Meaning of water facility , horticultural plant , fodder storage asset and fencing asset
SECTION 40-525 Conditions
SECTION 40-530 When declines in value start
SECTION 40-535 Meaning of horticulture and commercial horticulture
SECTION 40-540 How you work out the decline in value for water facilities
SECTION 40-545 How you work out the decline in value for horticultural plants
SECTION 40-548 How you work out the decline in value for fodder storage assets
### (Repealed) SECTION 40-550 How you work out the decline in value for grapevines
SECTION 40-551 How you work out the decline in value for fencing assets
SECTION 40-555 Amounts you cannot deduct
SECTION 40-560 Non-arm's length transactions
SECTION 40-565 Extra deduction for destruction of a horticultural plant
SECTION 40-570 How this Subdivision applies to partners and partnerships
SECTION 40-575 Getting tax information if you acquire a horticultural plant
Subdivision 40-G - Capital expenditure of primary producers and other landholders
SECTION 40-625 What this Subdivision is about
SECTION 40-630 Landcare operations
SECTION 40-635 Meaning of landcare operation
SECTION 40-640 Meaning of approved management plan
SECTION 40-645 Electricity and telephone lines
SECTION 40-650 Amounts you cannot deduct under this Subdivision
SECTION 40-655 Meaning of connecting power to land or upgrading the connection and metering point
SECTION 40-660 Non-arm's length transactions
SECTION 40-665 How this Subdivision applies to partners and partnerships
SECTION 40-670 Approval of persons as farm consultants
SECTION 40-675 Review of decisions relating to approvals
Subdivision 40-H - Capital expenditure that is immediately deductible
SECTION 40-725 What this Subdivision is about
SECTION 40-730 Deduction for expenditure on exploration or prospecting
SECTION 40-735 Deduction for expenditure on mining site rehabilitation
SECTION 40-740 Meaning of ancillary mining activities and mining building site
SECTION 40-745 No deduction for certain expenditure
SECTION 40-750 Deduction for payments of petroleum resource rent tax
### (Repealed) SECTION 40-751 Deduction for payments of minerals resource rent tax
SECTION 40-755 Environmental protection activities
SECTION 40-760 Limits on deductions from environmental protection activities
SECTION 40-765 Non-arm's length transactions
Subdivision 40-I - Capital expenditure that is deductible over time
SECTION 40-825 What this Subdivision is about
SECTION 40-830 Project pools
SECTION 40-832 Project pools for post-9 May 2006 projects
SECTION 40-835 Reduction of deduction
SECTION 40-840 Meaning of project amount
SECTION 40-845 Project life
SECTION 40-855 When you start to deduct amounts for a project pool
SECTION 40-860 Meaning of mining capital expenditure
SECTION 40-865 Meaning of transport capital expenditure
SECTION 40-870 Meaning of transport facility
SECTION 40-875 Meaning of processed minerals and minerals treatment
SECTION 40-880 Business related costs
SECTION 40-885 Non-arm's length transactions
Subdivision 40-J - Capital expenditure for the establishment of trees in carbon sink forests
SECTION 40-1000 What this Subdivision is about
SECTION 40-1005 Deduction for expenditure for establishing trees in carbon sink forests
SECTION 40-1010 Expenditure for establishing trees in carbon sink forests
SECTION 40-1015 Carbon sequestration by trees
SECTION 40-1020 Certain expenditure disregarded
SECTION 40-1025 Non-arm ' s length transactions
SECTION 40-1030 Extra deduction for destruction of trees in carbon sink forest
SECTION 40-1035 Getting information if you acquire a carbon sink forest
Subdivision 40-K - Farm-in farm-out arrangements
SECTION 40-1095 What this Subdivision is about
SECTION 40-1100 Meaning of farm-in farm-out arrangement and exploration benefit
SECTION 40-1105 Treatment of certain exploration benefits received under farm-in farm-out arrangements
SECTION 40-1110 Cost of split interests resulting from farm-in farm-out arrangements
SECTION 40-1115 Deductions relating to receipt of exploration benefits
SECTION 40-1120 Cost base and reduced cost base of exploration benefits etc.
SECTION 40-1125 Effect of exploration benefits on the cost of mining, quarrying or prospecting information
SECTION 40-1130 Consequences of certain exploration benefits provided under farm-in farm-out arrangements
(Former) Division 41 - Common rules for capital allowances
Division 41 - Additional deduction for certain new business investment
Guide to Division 41
SECTION 41-1 What this Division is about
Operative provisions
SECTION 41-5 Object of Division
SECTION 41-10 Entitlement to deduction for investment
SECTION 41-15 Amount of deduction
SECTION 41-20 Recognised new investment amount
SECTION 41-25 Investment commitment time
SECTION 41-30 First use time
SECTION 41-35 New investment threshold
(Repealed) Division 42 - Depreciation of plant
Division 43 - Deductions for capital works
SECTION 43-1 What this Division is about
SECTION 43-2 Key concepts used in this Division
Subdivision 43-A - Key operative provisions
SECTION 43-5 What this Subdivision is about
SECTION 43-10 Deductions for capital works
SECTION 43-15 Amount you can deduct
SECTION 43-20 Capital works to which this Division applies
SECTION 43-25 Rate of deduction
SECTION 43-30 No deduction until construction is complete
SECTION 43-35 Requirement for registration under the Industry Research and Development Act
SECTION 43-40 Deduction for destruction of capital works
SECTION 43-45 Certain anti-avoidance provisions
SECTION 43-50 Links and signposts to other parts of the Act
SECTION 43-55 Anti-avoidance - arrangement etc. with tax-exempt entity
Subdivision 43-B - Establishing the deduction base
SECTION 43-60 What this Subdivision is about
SECTION 43-65 Explanatory material
SECTION 43-70 What is construction expenditure?
SECTION 43-72 Meaning of forestry road, timber operation and timber mill building
SECTION 43-75 Construction expenditure area
SECTION 43-80 When capital works begin
SECTION 43-85 Pools of construction expenditure
SECTION 43-90 Table of intended use at time of completion of construction
SECTION 43-95 Meaning of hotel building and apartment building
SECTION 43-100 Certificates by Industry Innovation and Science Australia
Subdivision 43-C - Your area and your construction expenditure
SECTION 43-105 What this Subdivision is about
SECTION 43-110 Explanatory material
SECTION 43-115 Your area and your construction expenditure - owners
SECTION 43-120 Your area and your construction expenditure - lessees and quasi-ownership right holders
SECTION 43-125 Lessees' or right holders' pools can revert to owner
SECTION 43-130 Identifying your area on acquisition or disposal
Subdivision 43-D - Deductible uses of capital works
SECTION 43-135 What this Subdivision is about
SECTION 43-140 Using your area in a deductible way
SECTION 43-145 Using your area in the 4% manner
SECTION 43-150 Meaning of industrial activities
Subdivision 43-E - Special rules about uses
SECTION 43-155 What this Subdivision is about
SECTION 43-160 Your area is used for a purpose if it is maintained ready for use for the purpose
SECTION 43-165 Temporary cessation of use
SECTION 43-170 Own use - capital works other than hotel and apartment buildings
SECTION 43-175 Own use - hotel and apartment buildings
SECTION 43-180 Special rules for hotel and apartment buildings
SECTION 43-185 Residential or display use
SECTION 43-190 Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house
SECTION 43-195 Use for R & D activities must be in connection with a business
Subdivision 43-F - Calculation of deduction
SECTION 43-200 What this Subdivision is about
SECTION 43-205 Explanatory material
SECTION 43-210 Deduction for capital works begun after 26 February 1992
SECTION 43-215 Deduction for capital works begun before 27 February 1992
SECTION 43-220 Capital works taken to have begun earlier for certain purposes
Subdivision 43-G - Undeducted construction expenditure
SECTION 43-225 What this Subdivision is about
SECTION 43-230 Calculating undeducted construction expenditure - common step
SECTION 43-235 Post-26 February 1992 undeducted construction expenditure
SECTION 43-240 Pre-27 February 1992 undeducted construction expenditure
Subdivision 43-H - Balancing deduction on destruction of capital works
SECTION 43-245 What this Subdivision is about
SECTION 43-250 The amount of the balancing deduction
SECTION 43-255 Amounts received or receivable
SECTION 43-260 Apportioning amounts received for destruction
(Repealed) Division 44 - IRUs and submarine cable systems
Division 45 - Disposal of leases and leased plant
SECTION 45-1 What this Division is about
Operative provisions
SECTION 45-5 Disposal of leased plant or lease
SECTION 45-10 Disposal of interest in partnership
SECTION 45-15 Disposal of shares in 100% subsidiary that leases plant
SECTION 45-20 Disposal of shares in 100% subsidiary that leases plant in partnership
SECTION 45-25 Group members liable to pay outstanding tax
SECTION 45-30 Reduction for certain plant acquired before 21.9.99
SECTION 45-35 Limit on amount included for plant for which there is a CGT exemption
SECTION 45-40 Meaning of plant and written down value
(Repealed) Division 46 - Software
PART 2-15 - NON-ASSESSABLE INCOME
Division 50 - Exempt entities
Subdivision 50-A - Various exempt entities
SECTION 50-1 Entities whose ordinary income and statutory income is exempt
SECTION 50-5 Charity, education and science
SECTION 50-10 Community service
SECTION 50-15 Employees and employers
### (Repealed) SECTION 50-20 Funds contributing to other funds
SECTION 50-25 Government
SECTION 50-30 Health
SECTION 50-35 Mining
SECTION 50-40 Primary and secondary resources, and tourism
SECTION 50-45 Sports, culture and recreation
SECTION 50-47 Special condition for all items
SECTION 50-50 Special conditions for item 1.1
SECTION 50-52 Special condition for item 1.1
SECTION 50-55 Special conditions for items 1.3, 1.4, 6.1 and 6.2
### (Repealed) SECTION 50-57 Special condition for item 1.5
### (Repealed) SECTION 50-60 Special conditions for items 1.5A and 1.5B
SECTION 50-65 Special conditions for item 1.6
SECTION 50-70 Special conditions for items 1.7, 2.1, 9.1 and 9.2
SECTION 50-72 Special condition for item 4.1
SECTION 50-75 Certain distributions may be made overseas
### (Repealed) SECTION 50-80 Testamentary trusts may be treated as 2 trusts
Subdivision 50-B - Endorsing charitable entities as exempt from income tax
SECTION 50-100 What this Subdivision is about
SECTION 50-105 Endorsement by Commissioner
SECTION 50-110 Entitlement to endorsement
### (Repealed) SECTION 50-115 Applying for endorsement
### (Repealed) SECTION 50-120 Dealing with an application for endorsement
### (Repealed) SECTION 50-125 Notifying outcome of application for endorsement
### (Repealed) SECTION 50-130 Date of effect of endorsement
### (Repealed) SECTION 50-135 Review of refusal of endorsement
### (Repealed) SECTION 50-140 Checking entitlement to endorsement
### (Repealed) SECTION 50-145 Telling Commissioner of loss of entitlement to endorsement
### (Repealed) SECTION 50-150 Partnerships and unincorporated bodies
### (Repealed) SECTION 50-155 Revoking endorsement
### (Repealed) SECTION 50-160 Review of revocation of endorsement
Division 51 - Exempt amounts
SECTION 51-1 Amounts of ordinary income and statutory income that are exempt
SECTION 51-5 Defence
SECTION 51-10 Education and training
### (Repealed) SECTION 51-15 Vice-regal representatives
### (Repealed) SECTION 51-25 Mining
SECTION 51-30 Welfare
SECTION 51-32 Compensation payments for loss of tax exempt payments
SECTION 51-33 Compensation payments for loss of pay and/or allowances as a Defence reservist
SECTION 51-35 Payments to a full-time student at a school, college or university
SECTION 51-40 Payments to a secondary student
SECTION 51-42 Bonuses for early completion of an apprenticeship
SECTION 51-43 Income collected or derived by copyright collecting society
SECTION 51-45 Income collected or derived by resale royalty collecting society
### (Repealed) SECTION 51-48 Taxable amounts relating to franchise fees windfall tax
### (Repealed) SECTION 51-49 Taxable amounts relating to Commonwealth places windfall tax
SECTION 51-50 Maintenance payments to a spouse or child
SECTION 51-52 Income derived from eligible venture capital investments by ESVCLPs
SECTION 51-54 Gain or profit from disposal of eligible venture capital investments
SECTION 51-55 Gain or profit from disposal of venture capital equity
SECTION 51-57 Interest on judgment debt relating to personal injury
SECTION 51-60 Prime Minister ' s Prizes
### (Repealed) SECTION 51-65 Government co-contribution towards low income earner ' s superannuation
SECTION 51-100 Shipping
SECTION 51-105 Shipping activities
SECTION 51-110 Core shipping activities
SECTION 51-115 Incidental shipping activities
SECTION 51-120 Interest on unclaimed money and property
SECTION 51-125 2018 storms - relief payments
Division 52 - Certain pensions, benefits and allowances are exempt from income tax
SECTION 52-1 What this Division is about
Subdivision 52-A - Exempt payments under the Social Security Act 1991
SECTION 52-5 What this Subdivision is about
SECTION 52-10 How much of a social security payment is exempt?
SECTION 52-15 Supplementary amounts of payments
SECTION 52-20 Tax-free amount of an ordinary payment after the death of your partner
SECTION 52-25 Tax-free amount of certain bereavement lump sum payments
SECTION 52-30 Tax-free amount of certain other bereavement lump sum payments
SECTION 52-35 Tax-free amount of a lump sum payment made because of the death of a person you are caring for
SECTION 52-40 Provisions of the Social Security Act 1991 under which payments are made
Subdivision 52-B - Exempt payments under the Veterans ' Entitlements Act 1986
SECTION 52-60 What this Subdivision is about
SECTION 52-65 How much of a veterans ' affairs payment is exempt?
SECTION 52-70 Supplementary amounts of payments
SECTION 52-75 Provisions of the Veterans ' Entitlements Act 1986 under which payments are made
Subdivision 52-C - Exempt payments made because of the Veterans' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986
SECTION 52-100 What this Subdivision is about
SECTION 52-105 Supplementary amount of a payment made under the Repatriation Act 1920 is exempt
SECTION 52-110 Other exempt payments
Subdivision 52-CA - Exempt payments under the Military Rehabilitation and Compensation Act 2004
SECTION 52-112 What this Subdivision is about
SECTION 52-114 How much of a payment under the Military Rehabilitation and Compensation Act is exempt?
Subdivision 52-CB - Exempt payments under the Australian Participants in British Nuclear Tests and British Commonwealth Occupation Force (Treatment) Act 2006
SECTION 52-117 Payments of travelling expenses and pharmaceutical supplement are exempt
Subdivision 52-CC - Exempt payments under the Treatment Benefits (Special Access) Act 2019
SECTION 52-120 Payments of travelling expenses and pharmaceutical supplement are exempt
(Repealed) Subdivision 52-D - Exempt payments made by the Commonwealth to reimburse certain expenditure
### (Repealed) SECTION 52-120 Child care assistance and child care rebate are exempt
### (Repealed) SECTION 52-125 Private health insurance incentive payments are exempt
Subdivision 52-E - Exempt payments under the ABSTUDY scheme
SECTION 52-130 What this Subdivision is about
SECTION 52-131 Payments under ABSTUDY scheme
SECTION 52-132 Supplementary amount of payment
SECTION 52-133 Tax-free amount of ordinary payment on death of partner if no bereavement payment payable
SECTION 52-134 Tax-free amount if you receive a bereavement lump sum payment
Subdivision 52-F - Exemption of Commonwealth education or training payments
SECTION 52-140 Supplementary amount of a Commonwealth education or training payment is exempt
SECTION 52-145 Meaning of Commonwealth education or training payment
Subdivision 52-G - Exempt payments under the A New Tax System (Family Assistance) (Administration) Act 1999
SECTION 52-150 Family assistance payments are exempt
Subdivision 52-H - Other exempt payments
SECTION 52-160 Economic security strategy payments are exempt
SECTION 52-162 ETR payments are exempt
SECTION 52-165 Household stimulus payments are exempt
SECTION 52-170 Outer Regional and Remote payments under the Helping Children with Autism package are exempt
SECTION 52-172 Outer Regional and Remote payments under the Better Start for Children with Disability initiative are exempt
SECTION 52-175 Continence aids payments are exempt
SECTION 52-180 National Disability Insurance Scheme amounts are exempt
SECTION 52-185 Acute support packages are exempt
Division 53 - Various exempt payments
Guide to Division 53
SECTION 53-1 What this Division is about
Operative provisions
SECTION 53-10 Exemption of various types of payments
### (Repealed) SECTION 53-15 Supplementary amount of exceptional circumstances relief payment or farm help income support
SECTION 53-20 Exemption of similar Australian and United Kingdom veterans' payments
SECTION 53-25 Coronavirus economic response payment
SECTION 53-30 Territories Stolen Generations Redress Scheme payments are exempt
Division 54 - Exemption for certain payments made under structured settlements and structured orders
Guide to Division 54
SECTION 54-1 What this Division is about
Subdivision 54-A - Definitions
SECTION 54-5 Definitions
SECTION 54-10 Meaning of structured settlement and structured order
Subdivision 54-B - Tax exemption for personal injury annuities
SECTION 54-15 Personal injury annuity exemption for injured person
SECTION 54-20 Lump sum compensation etc. would not have been assessable
SECTION 54-25 Requirements of the annuity instrument
SECTION 54-30 Requirements for payments of the annuity
SECTION 54-35 Payments during the guarantee period on the death of the injured person
SECTION 54-40 Requirement for minimum monthly level of support
Subdivision 54-C - Tax exemption for personal injury lump sums
SECTION 54-45 Personal injury lump sum exemption for injured person
SECTION 54-50 Lump sum compensation would not have been assessable
SECTION 54-55 Requirements of the instrument under which the lump sum is paid
SECTION 54-60 Requirements for payments of the lump sum
Subdivision 54-D - Miscellaneous
SECTION 54-65 Exemption for certain payments to reversionary beneficiaries
SECTION 54-70 Special provisions about trusts
SECTION 54-75 Minister to arrange for review and report
Division 55 - Payments that are not exempt from income tax
SECTION 55-1 What this Division is about
Operative provisions
SECTION 55-5 Occupational superannuation payments
SECTION 55-10 Education entry payments
Division 58 - Capital allowances for depreciating assets previously owned by an exempt entity
SECTION 58-1 What this Division is about
Subdivision 58-A - Application
SECTION 58-5 Application of Division
SECTION 58-10 When an asset is acquired in connection with the acquisition of a business
Subdivision 58-B - Calculating decline in value of privatised assets under Division 40
SECTION 58-60 Purpose of rules in this Subdivision
SECTION 58-65 Choice of method to work out cost of privatised asset
SECTION 58-70 Application of Division 40
SECTION 58-75 Meaning of notional written down value
SECTION 58-80 Meaning of undeducted pre-existing audited book value
SECTION 58-85 Pre-existing audited book value of depreciating asset
SECTION 58-90 Method and effective life for transition entity
Division 59 - Particular amounts of non-assessable non-exempt income
SECTION 59-1 What this Division is about
Operative provisions
### (Repealed) SECTION 59-5 Bonus payments made to certain older Australians
SECTION 59-10 Compensation under firearms surrender arrangements
SECTION 59-15 Mining payments
SECTION 59-20 Taxable amounts relating to franchise fees windfall tax
SECTION 59-25 Taxable amounts relating to Commonwealth places windfall tax
SECTION 59-30 Amounts you must repay
SECTION 59-35 Amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs
SECTION 59-40 Issue of rights
### (Repealed) SECTION 59-45 Tax bonus for the 2007-08 income year
SECTION 59-50 Native title benefits
SECTION 59-55 2019-20 bushfires - payments for volunteer work with fire services
SECTION 59-60 2019-20 bushfires - disaster relief payments and non-cash benefits
SECTION 59-65 Water infrastructure improvement payments
SECTION 59-67 Meaning of SRWUIP program, SRWUIP payment, direct SRWUIP payment and indirect SRWUIP payment
SECTION 59-70 List of SRWUIP programs
SECTION 59-75 Commissioner to be kept informed
SECTION 59-80 Amending assessments
SECTION 59-85 2019 floods - recovery grants for small businesses, primary producers and non-profit organisations
SECTION 59-86 2019 floods - on-farm grant program for primary producers
SECTION 59-90 Cash flow boost
SECTION 59-95 Coronavirus economic response payment
SECTION 59-96 COVID-19 disaster payment
SECTION 59-97 State and Territory grants to small business relating to the recovery from the coronavirus known as COVID-19
SECTION 59-98 Commonwealth small business support payments relating to the coronavirus known as COVID-19
SECTION 59-99 2021 floods and storms - recovery grants
SECTION 59-100 Refund of large-scale generation shortfall charge
SECTION 59-105 Cyclone Seroja - recovery grants
PART 2-20 - TAX OFFSETS
Division 61 - Generally applicable tax offsets
Subdivision 61-A - Dependant (invalid and carer) tax offset
SECTION 61-1 What this Subdivision is about
SECTION 61-5 Object of this Subdivision
SECTION 61-10 Who is entitled to the tax offset
SECTION 61-15 Cases involving more than one spouse
SECTION 61-20 Exceeding the income limit for family tax benefit (Part B)
SECTION 61-25 Eligibility for family tax benefit (Part B) without shared care
SECTION 61-30 Amount of the dependant (invalid and carer) tax offset
SECTION 61-35 Families with shared care percentages
SECTION 61-40 Reduced amounts of dependant (invalid and carer) tax offset
SECTION 61-45 Reductions to take account of the other individual ' s income
Subdivision 61-D - Low Income tax offset
SECTION 61-100 What this Subdivision is about
### (Repealed) SECTION 61-105 Entitlement to the Low and Middle Income tax offset
### (Repealed) SECTION 61-107 Amount of the Low and Middle Income tax offset
SECTION 61-110 Entitlement to the Low Income tax offset
SECTION 61-115 Amount of the Low Income tax offset
Subdivision 61-G - Private health insurance offset complementary to Part 2-2 of the Private Health Insurance Act 2007
SECTION 61-200 What this Subdivision is about
SECTION 61-205 Entitlement to the private health insurance tax offset
SECTION 61-210 Amount of the private health insurance tax offset
SECTION 61-215 Reallocation of the private health insurance tax offset between spouses
### (Repealed) SECTION 61-220 How to work out the incentive amount
(Repealed) Subdivision 61-H - Private health insurance offset complementary to Private Health Insurance Incentives Act 1998
### (Repealed) SECTION 61-330 What this Subdivision is about
### (Repealed) SECTION 61-335 Entitlement to the private health insurance tax offset
### (Repealed) SECTION 61-340 Amount of the private health insurance tax offset
### (Repealed) SECTION 61-342 Saving provision where a person 65 years or over ceases to be covered by policy
### (Repealed) SECTION 61-345 How to work out the incentive amount
(Repealed) Subdivision 61-I - First child tax offset (baby bonus)
### (Repealed) SECTION 61-350 What this Subdivision is about
### (Repealed) SECTION 61-355 Who is entitled to a tax offset under this section
### (Repealed) SECTION 61-360 What is a child event?
### (Repealed) SECTION 61-365 First child only
### (Repealed) SECTION 61-370 Another carer with entitlement for another child
### (Repealed) SECTION 61-375 Selection rules
### (Repealed) SECTION 61-380 Special rules for death of first child
### (Repealed) SECTION 61-385 You may transfer your entitlement to a tax offset
### (Repealed) SECTION 61-390 Transfer is irrevocable
### (Repealed) SECTION 61-395 Transferor is not entitled to tax offset
### (Repealed) SECTION 61-400 Transferee is entitled to tax offset
### (Repealed) SECTION 61-405 How to claim a tax offset for a child
### (Repealed) SECTION 61-410 Claim is irrevocable
### (Repealed) SECTION 61-415 Formula for working out amount of tax offset
### (Repealed) SECTION 61-420 Component of formula - entitlement amount
### (Repealed) SECTION 61-425 Component of formula - total of the entitlement days
### (Repealed) SECTION 61-430 What is your base year?
### (Repealed) SECTION 61-440 Additional tax offset if a child is in your care before you legally adopt the child
### (Repealed) SECTION 61-445 When a child is first in your care
### (Repealed) SECTION 61-450 What is your base year if a child is in your care before you legally adopt the child?
### (Repealed) SECTION 61-455 Old Subdivision applies if you would be worse off
(Repealed) Subdivision 61-IA - Child care tax offset
### (Repealed) SECTION 61-460 What this Subdivision is about
### (Repealed) SECTION 61-465 Object of this Subdivision
### (Repealed) SECTION 61-470 Who is entitled to the tax offset
### (Repealed) SECTION 61-475 Meaning of approved child care
### (Repealed) SECTION 61-480 Meaning of entitled to child care benefit and entitlement to child care benefit
### (Repealed) SECTION 61-485 Amount of the child care tax offset
### (Repealed) SECTION 61-490 Component of formula - approved child care fees
### (Repealed) SECTION 61-495 Component of formula - child care offset limit
### (Repealed) SECTION 61-496 Entitlement to transfer
### (Repealed) SECTION 61-497 Form of transfer
(Repealed) Subdivision 61-J - 25% entrepreneurs ' tax offset
(Repealed) Subdivision 61-K - Mature age worker tax offset
### (Repealed) SECTION 61-550 What this Subdivision is about
### (Repealed) SECTION 61-555 Object of this Subdivision
### (Repealed) SECTION 61-560 Entitlement to the mature age worker tax offset
### (Repealed) SECTION 61-565 The amount of the tax offset
### (Repealed) SECTION 61-570 Definition of net income from working
Subdivision 61-L - Tax offset for Medicare levy surcharge (lump sum payments in arrears)
SECTION 61-575 What this Subdivision is about
SECTION 61-580 Entitlement to a tax offset
SECTION 61-585 The amount of a tax offset
SECTION 61-590 Definition of MLS lump sums
(Repealed) Subdivision 61-M - Education expenses tax offset
### (Repealed) SECTION 61-600 What this Subdivision is about
### (Repealed) SECTION 61-610 Entitlement to education expenses tax offset
### (Repealed) SECTION 61-620 Eligibility in respect of another individual
### (Repealed) SECTION 61-630 Schooling requirement
### (Repealed) SECTION 61-640 Education expenses
### (Repealed) SECTION 61-650 Amount of education expenses tax offset
### (Repealed) SECTION 61-660 Education expenses tax offset limit
### (Repealed) SECTION 61-670 Shared care
### (Repealed) SECTION 61-680 Excess education expenses
Subdivision 61-N - Seafarer tax offset
SECTION 61-695 What this Subdivision is about
SECTION 61-700 Object of this Subdivision
SECTION 61-705 Who is entitled to the seafarer tax offset
SECTION 61-710 Amount of the seafarer tax offset
Subdivision 61-P - ESVCLP tax offset
SECTION 61-750 What this Subdivision is about
SECTION 61-755 Object of this Subdivision
SECTION 61-760 Who is entitled to the ESVCLP tax offset
SECTION 61-765 Amount of the ESVCLP tax offset - general case
SECTION 61-770 Amount of the ESVCLP tax offset - members of trusts or partnerships
SECTION 61-775 Amount of the ESVCLP tax offset - trustees
Division 63 - Common rules for tax offsets
Guide to Division 63
SECTION 63-1 What this Division is about
SECTION 63-10 Priority rules
Division 65 - Tax offset carry forward rules
SECTION 65-10 What this Division is about
Operative provisions
### (Repealed) SECTION 65-20 Which tax offsets this Division applies to
### (Repealed) SECTION 65-25 When you can carry forward a tax offset
SECTION 65-30 Amount carried forward
SECTION 65-35 How to apply carried forward tax offsets
SECTION 65-40 When a company cannot apply a tax offset
SECTION 65-50 Effect of bankruptcy
SECTION 65-55 Deduction for amounts paid for debts incurred before bankruptcy
Division 67 - Refundable tax offset rules
SECTION 67-10 What this Division is about
Operative provisions
SECTION 67-20 Which tax offsets this Division applies to
SECTION 67-23 Refundable tax offsets
SECTION 67-25 Refundable tax offsets - franked distributions
SECTION 67-30 Refundable tax offsets - R & D
SECTION 67-35 Amount of refund
PART 2-25 - TRADING STOCK
Division 70 - Trading stock
SECTION 70-1 What this Division is about
SECTION 70-5 The 3 key features of tax accounting for trading stock
Subdivision 70-A - What is trading stock
SECTION 70-10 Meaning of trading stock
SECTION 70-12 Registered emissions units
Subdivision 70-B - Acquiring trading stock
SECTION 70-15 In which income year do you deduct an outgoing for trading stock?
SECTION 70-20 Non-arm ' s length transactions
SECTION 70-25 Cost of trading stock is not a capital outgoing
SECTION 70-30 Starting to hold as trading stock an item you already own
Subdivision 70-C - Accounting for trading stock you hold at the start or end of the income year
SECTION 70-35 You include the value of your trading stock in working out your assessable income and deductions
SECTION 70-40 Value of trading stock at start of income year
SECTION 70-45 Value of trading stock at end of income year
SECTION 70-50 Valuation if trading stock obsolete etc.
SECTION 70-55 Working out the cost of natural increase of live stock
SECTION 70-60 Valuation of horse breeding stock
SECTION 70-65 Working out the horse opening value and the horse reduction amount
### (Repealed) SECTION 70-70 Valuing interests in FIFs
Subdivision 70-D - Assessable income arising from disposals of trading stock and certain other assets
SECTION 70-75 What this Subdivision is about
SECTION 70-80 Why the rules in this Subdivision are necessary
SECTION 70-85 Application of this Subdivision to certain other assets
SECTION 70-90 Assessable income on disposal of trading stock outside the ordinary course of business
SECTION 70-95 Purchase price is taken to be market value
SECTION 70-100 Notional disposal when you stop holding an item as trading stock
SECTION 70-105 Death of owner
SECTION 70-110 You stop holding an item as trading stock but still own it
SECTION 70-115 Compensation for lost trading stock
Subdivision 70-E - Miscellaneous
SECTION 70-120 Deducting capital costs of acquiring trees
PART 2-40 - RULES AFFECTING EMPLOYEES AND OTHER TAXPAYERS RECEIVING PAYG WITHHOLDING PAYMENTS
Division 80 - General rules
SECTION 80-1 What this Division is about
Operative provisions
SECTION 80-5 Holding of an office
SECTION 80-10 Application to the termination of employment
SECTION 80-15 Transfer of property
SECTION 80-20 Payments for your benefit or at your direction or request
Division 82 - Employment termination payments
Guide to Division 82
SECTION 82-1 What this Division is about
Subdivision 82-A - Employment termination payments: life benefits
SECTION 82-5 What this Subdivision is about
SECTION 82-10 Taxation of life benefit termination payments
Subdivision 82-B - Employment termination payments: death benefits
SECTION 82-60 What this Subdivision is about
SECTION 82-65 Death benefits for dependants
SECTION 82-70 Death benefits for non-dependants
SECTION 82-75 Death benefits paid to trustee of deceased estate
Subdivision 82-C - Key concepts
SECTION 82-125 What this Subdivision is about
SECTION 82-130 What is an employment termination payment ?
SECTION 82-135 Payments that are not employment termination payments
SECTION 82-140 Tax free component of an employment termination payment
SECTION 82-145 Taxable component of an employment termination payment
SECTION 82-150 What is an invalidity segment of an employment termination payment?
SECTION 82-155 What is a pre-July 83 segment of an employment termination payment?
SECTION 82-160 What is the ETP cap amount?
Division 83 - Other payments on termination of employment
Guide to Division 83
SECTION 83-1 What this Division is about
Subdivision 83-A - Unused annual leave payments
SECTION 83-5 What this Subdivision is about
SECTION 83-10 Unused annual leave payment is assessable
SECTION 83-15 Entitlement to tax offset
Subdivision 83-B - Unused long service leave payments
SECTION 83-65 What this Subdivision is about
SECTION 83-70 Application - long service leave
SECTION 83-75 Meaning of unused long service leave payment
SECTION 83-80 Taxation of unused long service leave payments
SECTION 83-85 Entitlement to tax offset
SECTION 83-90 Meaning of pre-16/8/78 period, pre-18/8/93 period, post-17/8/93 period and long service leave employment period
SECTION 83-95 How to work out amount of payment attributable to each period
SECTION 83-100 How to work out unused days of long service leave for each period
SECTION 83-105 How to work out long service leave accrued in each period
SECTION 83-110 Leave accrued in pre-16/8/78, pre-18/8/93 and post-17/8/93 periods - employment full-time and part-time
SECTION 83-115 Working out used days of long service leave if leave taken at less than full pay
Subdivision 83-C - Genuine redundancy payments and early retirement scheme payments
SECTION 83-165 What this Subdivision is about
SECTION 83-170 Tax-free treatment of genuine redundancy payments and early retirement scheme payments
SECTION 83-175 What is a genuine redundancy payment ?
SECTION 83-180 What is an early retirement scheme payment ?
Subdivision 83-D - Foreign termination payments
SECTION 83-230 What this Subdivision is about
SECTION 83-235 Termination payments tax free - foreign resident period
SECTION 83-240 Termination payments tax free - Australian resident period
Subdivision 83-E - Other payments
SECTION 83-290 What this Subdivision is about
SECTION 83-295 Termination payments made more than 12 months after termination etc.
Division 83A - Employee share schemes
Guide to Division 83A
SECTION 83A-1 What this Division is about
Subdivision 83A-A - Objects of Division and key concepts
SECTION 83A-5 Objects of Division
SECTION 83A-10 Meaning of ESS interest and employee share scheme
Subdivision 83A-B - Immediate inclusion of discount in assessable income
SECTION 83A-15 What this Subdivision is about
SECTION 83A-20 Application of Subdivision
SECTION 83A-25 Discount to be included in assessable income
SECTION 83A-30 Amount for which discounted ESS interest acquired
SECTION 83A-33 Reducing amounts included in assessable income - start ups
SECTION 83A-35 Reducing amounts included in assessable income - other cases
SECTION 83A-45 Further conditions for reducing amounts included in assessable income
Subdivision 83A-C - Deferred inclusion of gain in assessable income
SECTION 83A-100 What this Subdivision is about
SECTION 83A-105 Application of Subdivision
SECTION 83A-110 Amount to be included in assessable income
SECTION 83A-115 ESS deferred taxing point - shares
SECTION 83A-120 ESS deferred taxing point - rights to acquire shares
SECTION 83A-125 Tax treatment of ESS interests held after ESS deferred taxing points
SECTION 83A-130 Takeovers and restructures
Subdivision 83A-D - Deduction for employer
SECTION 83A-200 What this Subdivision is about
SECTION 83A-205 Deduction for employer
SECTION 83A-210 Timing of general deductions
Subdivision 83A-E - Miscellaneous
SECTION 83A-305 Acquisition by associates
SECTION 83A-310 Forfeiture etc. of ESS interest
SECTION 83A-315 Market value of ESS interest
SECTION 83A-320 Interests in a trust
SECTION 83A-325 Application of Division to relationships similar to employment
SECTION 83A-330 Application of Division to ceasing employment
SECTION 83A-335 Application of Division to stapled securities
SECTION 83A-340 Application of Division to indeterminate rights
PART 2-42 - PERSONAL SERVICES INCOME
Division 84 - Introduction
Guide to Part 2-42
SECTION 84-1 What this Part is about
Operative provisions
SECTION 84-5 Meaning of personal services income
SECTION 84-10 This Part does not imply that individuals are employees
Division 85 - Deductions relating to personal services income
SECTION 85-1 What this Division is about
Operative provisions
SECTION 85-5 Object of this Division
SECTION 85-10 Deductions for non-employees relating to personal services income
SECTION 85-15 Deductions for rent, mortgage interest, rates and land tax
SECTION 85-20 Deductions for payments to associates etc.
SECTION 85-25 Deductions for superannuation for associates
SECTION 85-30 Exception: personal services businesses
SECTION 85-35 Exception: employees, office holders and religious practitioners
SECTION 85-40 Application of Subdivision 900-B to individuals who are not employees
Division 86 - Alienation of personal services income
Guide to Division 86
SECTION 86-1 What this Division is about
SECTION 86-5 A simple description of what this Division does
Subdivision 86-A - General
SECTION 86-10 Object of this Division
SECTION 86-15 Effect of obtaining personal services income through a personal services entity
SECTION 86-20 Offsetting the personal services entity ' s deductions against personal services income
SECTION 86-25 Apportionment of entity maintenance deductions among several individuals
SECTION 86-27 Deduction for net personal services income loss
SECTION 86-30 Assessable income etc. of the personal services entity
SECTION 86-35 Later payments of, or entitlements to, personal services income to be disregarded for income tax purposes
SECTION 86-40 Salary payments shortly after an income year
Subdivision 86-B - Entitlement to deductions
SECTION 86-60 General rule for deduction entitlements of personal services entities
SECTION 86-65 Entity maintenance deductions
SECTION 86-70 Car expenses
SECTION 86-75 Superannuation
SECTION 86-80 Salary or wages promptly paid
SECTION 86-85 Deduction entitlements of personal services entities for amounts included in an individual's assessable income
SECTION 86-87 Personal services entity cannot deduct net personal services income loss
SECTION 86-90 Application of Divisions 28 and 900 to personal services entities
Division 87 - Personal services businesses
Guide to Division 87
SECTION 87-1 What this Division is about
SECTION 87-5 Diagram showing the operation of this Division
Subdivision 87-A - General
SECTION 87-10 Object of this Division
SECTION 87-15 What is a personal services business?
SECTION 87-18 The results test for a personal services business
SECTION 87-20 The unrelated clients test for a personal services business
SECTION 87-25 The employment test for a personal services business
SECTION 87-30 The business premises test for a personal services business
SECTION 87-35 Personal services income from Australian government agencies
SECTION 87-40 Application of this Division to certain agents
Subdivision 87-B - Personal services business determinations
### (Repealed) SECTION 87-55 Effect of personal services business determinations
SECTION 87-60 Personal services business determinations for individuals
SECTION 87-65 Personal services business determinations for personal services entities
SECTION 87-70 Applying etc. for personal services business determinations
SECTION 87-75 When personal services business determinations have effect
SECTION 87-80 Revoking personal services business determinations
SECTION 87-85 Review of decisions
CHAPTER 3 - SPECIALIST LIABILITY RULES
PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS
Division 100 - A Guide to capital gains and losses
SECTION 100-1 What this Division is about
SECTION 100-5 Effect of this Division
SECTION 100-10 Fundamentals of CGT
SECTION 100-15 Overview of Steps 1 and 2
Step 1 - Have you made a capital gain or a capital loss?
SECTION 100-20 What events attract CGT?
SECTION 100-25 What are CGT assets?
SECTION 100-30 Does an exception or exemption apply?
SECTION 100-33 Can there be a roll-over?
SECTION 100-35 What is a capital gain or loss?
SECTION 100-40 What factors come into calculating a capital gain or loss?
SECTION 100-45 How to calculate the capital gain or loss for most CGT events
SECTION 100-50 How to work out your net capital gain or loss
SECTION 100-55 How do you comply with CGT?
SECTION 100-60 Why keep records?
SECTION 100-65 What records?
SECTION 100-70 How long you need to keep records
Division 102 - Assessable income includes net capital gain
Guide to Division 102
SECTION 102-1 What this Division is about
SECTION 102-3 Concessions in working out your net capital gain
Operative provisions
SECTION 102-5 Assessable income includes net capital gain
SECTION 102-10 How to work out your net capital loss
SECTION 102-15 How to apply net capital losses
SECTION 102-20 Ways you can make a capital gain or a capital loss
SECTION 102-22 Amounts of capital gains and losses
SECTION 102-23 CGT event still happens even if gain or loss disregarded
SECTION 102-25 Order of application of CGT events
SECTION 102-30 Exceptions and modifications
Division 103 - General rules
SECTION 103-1 What this Division is about
Operative provisions
SECTION 103-5 Giving property as part of a transaction
SECTION 103-10 Entitlement to receive money or property
SECTION 103-15 Requirement to pay money or give property
### (Repealed) SECTION 103-20 Amounts to be expressed in Australian currency
SECTION 103-25 Choices
SECTION 103-30 Reduction of cost base etc. by net input tax credits
Division 104 - CGT events
Guide to Division 104
SECTION 104-1 What this Division is about
SECTION 104-5 Summary of the CGT events
Subdivision 104-A - Disposals
SECTION 104-10 Disposal of a CGT asset: CGT event A1
Subdivision 104-B - Use and enjoyment before title passes
SECTION 104-15 Use and enjoyment before title passes: CGT event B1
Subdivision 104-C - End of a CGT asset
SECTION 104-20 Loss or destruction of a CGT asset: CGT event C1
SECTION 104-25 Cancellation, surrender and similar endings: CGT event C2
SECTION 104-30 End of option to acquire shares etc.: CGT event C3
Subdivision 104-D - Bringing into existence a CGT asset
SECTION 104-35 Creating contractual or other rights: CGT event D1
SECTION 104-40 Granting an option: CGT event D2
SECTION 104-45 Granting a right to income from mining: CGT event D3
SECTION 104-47 Conservation covenants: CGT event D4
Subdivision 104-E - Trusts
SECTION 104-55 Creating a trust over a CGT asset: CGT event E1
SECTION 104-60 Transferring a CGT asset to a trust: CGT event E2
SECTION 104-65 Converting a trust to a unit trust: CGT event E3
SECTION 104-70 Capital payment for trust interest: CGT event E4
SECTION 104-71 Adjustment of non-assessable part
SECTION 104-72 Reducing your capital gain under CGT event E4 if you are a trustee
SECTION 104-75 Beneficiary becoming entitled to a trust asset: CGT event E5
SECTION 104-80 Disposal to beneficiary to end income right: CGT event E6
SECTION 104-85 Disposal to beneficiary to end capital interest: CGT event E7
SECTION 104-90 Disposal by beneficiary of capital interest: CGT event E8
SECTION 104-95 Making a capital gain
SECTION 104-100 Making a capital loss
SECTION 104-105 Creating a trust over future property: CGT event E9
SECTION 104-107A AMIT - cost base reduction exceeds cost base: CGT event E10
SECTION 104-107B Annual cost base adjustment for member ' s unit or interest in AMIT
SECTION 104-107C AMIT cost base net amount
SECTION 104-107D AMIT cost base reduction amount
SECTION 104-107E AMIT cost base increase amount
SECTION 104-107F Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income
SECTION 104-107G Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset - adjustment of cost of asset
SECTION 104-107H Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset - amount included in assessable income
Subdivision 104-F - Leases
SECTION 104-110 Granting a lease: CGT event F1
SECTION 104-115 Granting a long-term lease: CGT event F2
SECTION 104-120 Lessor pays lessee to get lease changed: CGT event F3
SECTION 104-125 Lessee receives payment for changing lease: CGT event F4
SECTION 104-130 Lessor receives payment for changing lease: CGT event F5
Subdivision 104-G - Shares
SECTION 104-135 Capital payment for shares: CGT event G1
### (Repealed) SECTION 104-140 Shifts in share values: CGT event G2
SECTION 104-145 Liquidator or administrator declares shares or financial instruments worthless: CGT event G3
Subdivision 104-H - Special capital receipts
SECTION 104-150 Forfeiture of deposit: CGT event H1
SECTION 104-155 Receipt for event relating to a CGT asset: CGT event H2
Subdivision 104-I - Australian residency ends
SECTION 104-160 Individual or company stops being an Australian resident: CGT event I1
SECTION 104-165 Exception for individuals
### (Repealed) SECTION 104-166 Subsection 104-165(1) still applies if you continue to be a short term Australian resident
SECTION 104-170 Trust stops being a resident trust: CGT event I2
Subdivision 104-J - CGT events relating to roll-overs
SECTION 104-175 Company ceasing to be member of wholly-owned group after roll-over: CGT event J1
SECTION 104-180 Sub-group break-up
SECTION 104-182 Consolidated group break-up
SECTION 104-185 Change in relation to replacement asset or improved asset after a roll-over under Subdivision 152-E: CGT event J2
SECTION 104-190 Replacement asset period
SECTION 104-195 Trust failing to cease to exist after roll-over under Subdivision 124-N: CGT event J4
SECTION 104-197 Failure to acquire replacement asset and to incur fourth element expenditure after a roll-over under Subdivision 152-E: CGT event J5
SECTION 104-198 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain: CGT event J6
Subdivision 104-K - Other CGT events
SECTION 104-205 Incoming international transfer of emissions unit: CGT event K1
SECTION 104-210 Bankrupt pays amount in relation to debt: CGT event K2
SECTION 104-215 Asset passing to tax-advantaged entity: CGT event K3
SECTION 104-220 CGT asset starts being trading stock: CGT event K4
SECTION 104-225 Special collectable losses: CGT event K5
SECTION 104-230 Pre-CGT shares or trust interest: CGT event K6
SECTION 104-235 Balancing adjustment events for depreciating assets and certain assets used for R & D: CGT event K7
SECTION 104-240 Working out capital gain or loss for CGT event K7: general case
SECTION 104-245 Working out capital gain or loss for CGT event K7: pooled assets
SECTION 104-250 Direct value shifts: CGT event K8
SECTION 104-255 Carried interests: CGT event K9
SECTION 104-260 Certain short-term forex realisation gains: CGT event K10
SECTION 104-265 Certain short-term forex realisation losses: CGT event K11
SECTION 104-270 Foreign hybrids: CGT event K12
Subdivision 104-L - Consolidated groups and MEC groups
SECTION 104-500 Loss of pre-CGT status of membership interests in entity becoming subsidiary member: CGT event L1
SECTION 104-505 Where pre-formation intra-group roll-over reduction results in negative allocable cost amount: CGT event L2
SECTION 104-510 Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3
SECTION 104-515 Where no reset cost base assets and excess of net allocable cost amount on joining: CGT event L4
SECTION 104-520 Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5
SECTION 104-525 Error in calculation of tax cost setting amount for joining entity ' s assets: CGT event L6
### (Repealed) SECTION 104-530 Discharged amount of liability differs from amount for allocable cost amount purposes: CGT event L7
SECTION 104-535 Where reduction in tax cost setting amounts for reset cost base assets cannot be allocated: CGT event L8
Division 106 - Entity making the gain or loss
Guide to Division 106
SECTION 106-1 What this Division is about
Subdivision 106-A - Partnerships
SECTION 106-5 Partnerships
Subdivision 106-B - Bankruptcy and liquidation
SECTION 106-30 Effect of bankruptcy
SECTION 106-35 Effect of liquidation
Subdivision 106-C - Absolutely entitled beneficiaries
SECTION 106-50 Absolutely entitled beneficiaries
Subdivision 106-D - Securities, charges and encumbrances
SECTION 106-60 Securities, charges and encumbrances
Division 108 - CGT assets
Guide to Division 108
SECTION 108-1 What this Division is about
Subdivision 108-A - What a CGT asset is
SECTION 108-5 CGT assets
SECTION 108-7 Interest in CGT assets as joint tenants
Subdivision 108-B - Collectables
SECTION 108-10 Losses from collectables to be offset only against gains from collectables
SECTION 108-15 Sets of collectables
SECTION 108-17 Cost base of a collectable
Subdivision 108-C - Personal use assets
SECTION 108-20 Losses from personal use assets must be disregarded
SECTION 108-25 Sets of personal use assets
SECTION 108-30 Cost base of a personal use asset
Subdivision 108-D - Separate CGT assets
SECTION 108-50 What this Subdivision is about
SECTION 108-55 When is a building a separate asset from land?
SECTION 108-60 Depreciating asset that is part of a building is a separate asset
SECTION 108-65 Land adjacent to land acquired before 20 September 1985
SECTION 108-70 When is a capital improvement a separate asset?
SECTION 108-75 Capital improvements to CGT assets for which a roll-over may be available
SECTION 108-80 Deciding if capital improvements are related to each other
SECTION 108-85 Meaning of improvement threshold
Division 109 - Acquisition of CGT assets
Guide to Division 109
SECTION 109-1 What this Division is about
Subdivision 109-A - Operative rules
SECTION 109-5 General acquisition rules
SECTION 109-10 When you acquire a CGT asset without a CGT event
### (Repealed) SECTION 109-15 Exceptions
Subdivision 109-B - Signposts to other acquisition rules
SECTION 109-50 Effect of this Subdivision
SECTION 109-55 Other acquisition rules
SECTION 109-60 Acquisition rules outside this Part and Part 3-3
Division 110 - Cost base and reduced cost base
Guide to Division 110
SECTION 110-1 What this Division is about
SECTION 110-5 Modifications to general rules
SECTION 110-10 Rules about cost base not relevant for some CGT events
Subdivision 110-A - Cost base
SECTION 110-25 General rules about cost base
### (Repealed) SECTION 110-30 Cost base of partnership assets
SECTION 110-35 Incidental costs
SECTION 110-36 Indexation
SECTION 110-37 Expenditure forming part of cost base or element
SECTION 110-38 Exclusions
SECTION 110-40 Assets acquired before 7.30 pm on 13 May 1997
SECTION 110-43 Partnership interests acquired before 7.30 pm on 13 May 1997
SECTION 110-45 Assets acquired after 7.30 pm on 13 May 1997
SECTION 110-50 Partnership interests acquired after 7.30 pm on 13 May 1997
SECTION 110-53 Exceptions to application of sections 110-45 and 110-50
SECTION 110-54 Debt deductions disallowed by thin capitalisation rules
Subdivision 110-B - Reduced cost base
SECTION 110-55 General rules about reduced cost base
SECTION 110-60 Reduced cost base for partnership assets
Division 112 - Modifications to cost base and reduced cost base
Guide to Division 112
SECTION 112-1 What this Division is about
SECTION 112-5 Discussion of modifications
Subdivision 112-A - General modifications
SECTION 112-15 General rule for replacement modifications
SECTION 112-20 Market value substitution rule
SECTION 112-25 Split, changed or merged assets
SECTION 112-30 Apportionment rules
SECTION 112-35 Assumption of liability rule
SECTION 112-36 Acquisitions of assets involving look-through earnout rights
SECTION 112-37 Put options
### (Repealed) SECTION 112-38 Geothermal extraction rights
Subdivision 112-B - Finding tables for special rules
SECTION 112-40 Effect of this Subdivision
SECTION 112-45 CGT events
SECTION 112-46 Annual cost base adjustment for member ' s unit or interest in AMIT
SECTION 112-48 Gifts acquired by associates
SECTION 112-50 Main residence
SECTION 112-53 Scrip for scrip roll-over
SECTION 112-53AA Statutory licences
SECTION 112-53AB Change of incorporation
SECTION 112-53A MDO roll-over
SECTION 112-53B Exchange of stapled ownership interests for units in a unit trust
SECTION 112-53C Water entitlement roll-overs
SECTION 112-54 Demergers
SECTION 112-54A Transfer of assets between certain trusts
SECTION 112-55 Effect of you dying
SECTION 112-60 Bonus shares or units
SECTION 112-65 Rights
SECTION 112-70 Convertible interests
### (Repealed) SECTION 112-75 Employee share schemes
SECTION 112-77 Exchangeable interests
SECTION 112-78 Exploration investments
SECTION 112-80 Leases
SECTION 112-85 Options
SECTION 112-87 Residency
SECTION 112-90 An asset stops being a pre-CGT asset
SECTION 112-92 Demutualisation of certain entities
SECTION 112-95 Transfer of tax losses and net capital losses within wholly-owned groups of companies
SECTION 112-97 Modifications outside this Part and Part 3-3
Subdivision 112-C - Replacement-asset roll-overs
SECTION 112-100 Effect of this Subdivision
SECTION 112-105 What is a replacement-asset roll-over?
SECTION 112-110 How is the cost base of the replacement asset modified?
SECTION 112-115 Table of replacement-asset roll-overs
Subdivision 112-D - Same-asset roll-overs
SECTION 112-135 Effect of this Subdivision
SECTION 112-140 What is a same-asset roll-over?
SECTION 112-145 How is the cost base of the asset modified?
SECTION 112-150 Table of same-asset roll-overs
Division 114 - Indexation of cost base
SECTION 114-1 Indexing elements of cost base
SECTION 114-5 When indexation relevant
SECTION 114-10 Requirement for 12 months ownership
SECTION 114-15 Cost base modifications
SECTION 114-20 When expenditure is incurred for roll-overs
Division 115 - Discount capital gains and trusts ' net capital gains
Guide to Division 115
SECTION 115-1 What this Division is about
Subdivision 115-A - Discount capital gains
SECTION 115-5 What is a discount capital gain ?
SECTION 115-10 Who can make a discount capital gain?
SECTION 115-15 Discount capital gain must be made after 21 September 1999
SECTION 115-20 Discount capital gain must not have indexed cost base
SECTION 115-25 Discount capital gain must be on asset acquired at least 12 months before
SECTION 115-30 Special rules about time of acquisition
SECTION 115-32 Special rule about time of acquisition for certain replacement-asset roll-overs
SECTION 115-34 Further special rule about time of acquisition for certain replacement-asset roll-overs
SECTION 115-40 Capital gain resulting from agreement made within a year of acquisition
SECTION 115-45 Capital gain from equity in an entity with newly acquired assets
SECTION 115-50 Discount capital gain from equity in certain entities
SECTION 115-55 Capital gains involving money received from demutualisation of friendly society health or life insurer
### (Repealed) SECTION 115-60 Discount capital gain from CGT event E4
Subdivision 115-B - Discount percentage
SECTION 115-100 What is the discount percentage for a discount capital gain
SECTION 115-105 Foreign or temporary residents - individuals with direct gains
SECTION 115-110 Foreign or temporary residents - individuals with trust gains
SECTION 115-115 Foreign or temporary residents - percentage for individuals
SECTION 115-120 Foreign or temporary residents - trusts with certain gains
SECTION 115-125 Investors disposing of property used for affordable housing
Subdivision 115-C - Rules about trusts with net capital gains
SECTION 115-200 What this Division is about
SECTION 115-210 When this Subdivision applies
SECTION 115-215 Assessing presently entitled beneficiaries
SECTION 115-220 Assessing trustees under section 98 of the Income Tax Assessment Act 1936
SECTION 115-222 Assessing trustees under section 99 or 99A of the Income Tax Assessment Act 1936
SECTION 115-225 Attributable gain
SECTION 115-227 Share of a capital gain
SECTION 115-228 Specifically entitled to an amount of a capital gain
SECTION 115-230 Choice for resident trustee to be specifically entitled to capital gain
Subdivision 115-D - Tax relief for shareholders in listed investment companies
SECTION 115-275 What this Subdivision is about
SECTION 115-280 Deduction for certain dividends
SECTION 115-285 Meaning of LIC capital gain
SECTION 115-290 Meaning of listed investment company
SECTION 115-295 Maintaining records
Division 116 - Capital proceeds
SECTION 116-1 What this Division is about
SECTION 116-5 General rules
SECTION 116-10 Modifications to general rules
General rules
SECTION 116-20 General rules about capital proceeds
Modifications to general rules
SECTION 116-25 Table of modifications to the general rules
SECTION 116-30 Market value substitution rule: modification 1
SECTION 116-35 Companies and trusts that are not widely held
SECTION 116-40 Apportionment rule: modification 2
SECTION 116-45 Non-receipt rule: modification 3
SECTION 116-50 Repaid rule: modification 4
SECTION 116-55 Assumption of liability rule: modification 5
SECTION 116-60 Misappropriation rule: modification 6
Special rules
SECTION 116-65 Disposal etc. of a CGT asset the subject of an option
SECTION 116-70 Option requiring both acquisition and disposal etc.
SECTION 116-75 Special rule for CGT event happening to a lease
SECTION 116-80 Special rule if CGT asset is shares or an interest in a trust
SECTION 116-85 Section 47A of 1936 Act applying to rolled-over asset
SECTION 116-95 Company changes residence from an unlisted country
SECTION 116-100 Gifts of property
SECTION 116-105 Conservation covenants
SECTION 116-110 Roll-overs for merging superannuation funds
SECTION 116-115 Farm-in farm-out arrangements
SECTION 116-120 Disposals of assets involving look-through earnout rights
Division 118 - Exemptions
Guide to Division 118
SECTION 118-1 What this Division is about
Subdivision 118-A - General exemptions
SECTION 118-5 Cars, motor cycles and valour decorations
SECTION 118-10 Collectables and personal use assets
SECTION 118-12 Assets used to produce exempt income etc.
SECTION 118-13 Shares in a PDF
SECTION 118-15 Registered emissions units
SECTION 118-20 Reducing capital gains if amount otherwise assessable
SECTION 118-21 Carried interests
SECTION 118-22 Superannuation lump sums and employment termination payments
SECTION 118-24 Depreciating assets
SECTION 118-25 Trading stock
SECTION 118-27 Division 230 financial arrangements and financial arrangements to which Subdivision 250-E applies
SECTION 118-30 Film copyright
SECTION 118-35 R & D
SECTION 118-37 Compensation, damages etc.
SECTION 118-40 Expiry of a lease
SECTION 118-42 Transfer of stratum units
SECTION 118-45 Sale of rights to mine
SECTION 118-55 Foreign currency hedging gains and losses
SECTION 118-60 Certain gifts
SECTION 118-65 Later distributions of personal services income
SECTION 118-70 Transactions by exempt entities
SECTION 118-75 Marriage or relationship breakdown settlements
SECTION 118-77 Native title and rights to native title benefits
SECTION 118-80 Reduction of boat capital gain
SECTION 118-85 Special disability trusts
Subdivision 118-B - Main residence
SECTION 118-100 What this Subdivision is about
SECTION 118-105 Map of this Subdivision
SECTION 118-110 Basic case
SECTION 118-115 Meaning of dwelling
SECTION 118-120 Extension to adjacent land etc.
SECTION 118-125 Meaning of ownership period
SECTION 118-130 Meaning of ownership interest in land or a dwelling
SECTION 118-135 Moving into a dwelling
SECTION 118-140 Changing main residences
SECTION 118-145 Absences
SECTION 118-147 Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc.
SECTION 118-150 If you build, repair or renovate a dwelling
SECTION 118-155 Where individual referred to in section 118-150 dies
SECTION 118-160 Destruction of dwelling and sale of land
SECTION 118-165 Separate CGT event for adjacent land or other structures
SECTION 118-170 Spouse having different main residence
SECTION 118-175 Dependent child having different main residence
SECTION 118-178 Previous roll-over under Subdivision 126-A
SECTION 118-180 Acquisition of dwelling from company or trust on marriage or relationship breakdown - roll-over provision applying
SECTION 118-185 Partial exemption where dwelling was your main residence during part only of ownership period
SECTION 118-190 Use of dwelling for producing assessable income
SECTION 118-192 Special rule for first use to produce income
SECTION 118-195 Dwelling acquired from a deceased estate
SECTION 118-197 Special rule for surviving joint tenant
SECTION 118-200 Partial exemption for deceased estate dwellings
SECTION 118-205 Adjustment if dwelling inherited from deceased individual
SECTION 118-210 Trustee acquiring dwelling under will
SECTION 118-215 What the following provisions are about
SECTION 118-218 Exemption available to trustee - main case
SECTION 118-220 Exemption available to trustee - after the principal beneficiary ' s death
SECTION 118-222 Exemption available to other beneficiary who acquires the CGT asset after the principal beneficiary ' s death
SECTION 118-225 Amount of exemption available after the principal beneficiary ' s death - general
SECTION 118-227 Amount of exemption available after the principal beneficiary ' s death - cost base and reduced cost base
SECTION 118-230 Application of CGT events E5 and E7 in relation to main residence exemption and special disability trusts
SECTION 118-240 What the following provisions are about
SECTION 118-245 CGT events happening only to adjacent land
SECTION 118-250 Compulsory acquisitions of adjacent land
SECTION 118-255 Maximum exempt area
SECTION 118-260 Partial exemption rules
SECTION 118-265 Extension to adjacent structures
(Repealed) Subdivision 118-C - Goodwill
Subdivision 118-D - Insurance and superannuation
SECTION 118-300 Insurance policies
SECTION 118-305 Superannuation
SECTION 118-310 RSA's
SECTION 118-313 Superannuation agreements under the Family Law Act
SECTION 118-315 Segregated exempt assets of life insurance companies
SECTION 118-320 Segregated current pension assets of a complying superannuation entity
Subdivision 118-E - Units in pooled superannuation trusts
SECTION 118-350 Units in pooled superannuation trusts
### (Repealed) SECTION 118-355 Segregated exempt superannuation assets of pooled superannuation trust
Subdivision 118-F - Venture capital investment
SECTION 118-400 What this Subdivision is about
SECTION 118-405 Exemption for certain foreign venture capital investments through venture capital limited partnerships
SECTION 118-407 Exemption for certain venture capital investments through early stage venture capital limited partnerships
SECTION 118-408 Partial exemption for some capital gains otherwise fully exempt under section 118-407
SECTION 118-410 Exemption for certain foreign venture capital investments through Australian venture capital funds of funds
SECTION 118-415 Exemption for certain venture capital investments by foreign residents
SECTION 118-420 Meaning of eligible venture capital partner etc.
SECTION 118-425 Meaning of eligible venture capital investment - investments in companies
SECTION 118-427 Meaning of eligible venture capital investment - investments in unit trusts
SECTION 118-428 Additional investment requirements for ESVCLPs
SECTION 118-430 Meaning of at risk
SECTION 118-432 Findings of substantially novel applications of technology
SECTION 118-435 Special rule relating to investment in foreign resident holding companies
SECTION 118-440 Meaning of permitted entity value
SECTION 118-445 Meaning of committed capital
SECTION 118-450 Values of assets and investments of entities without auditors
SECTION 118-455 Impact Assessment of this Subdivision
Subdivision 118-G - Venture capital: investment by superannuation funds for foreign residents
SECTION 118-500 What this Subdivision is about
SECTION 118-505 Exemption for certain foreign venture capital
SECTION 118-510 Meaning of resident investment vehicle
SECTION 118-515 Meaning of venture capital entity
SECTION 118-520 Meaning of superannuation fund for foreign residents
SECTION 118-525 Meaning of venture capital equity
Subdivision 118-H - Demutualisation of Tower Corporation
SECTION 118-550 Demutualisation of Tower Corporation
Subdivision 118-I - Look-through earnout rights
SECTION 118-560 Object
SECTION 118-565 Look-through earnout rights
SECTION 118-570 Extra ways a CGT asset can be an active asset
SECTION 118-575 Creating and ending look-through earnout rights
SECTION 118-580 Temporarily disregard capital losses affected by look-through earnout rights
Division 121 - Record keeping
SECTION 121-10 What this Division is about
Operative provisions
SECTION 121-20 What records you must keep
SECTION 121-25 How long you must retain the records
SECTION 121-30 Exceptions
SECTION 121-35 Asset register entries
PART 3-3 - CAPITAL GAINS AND LOSSES: SPECIAL TOPICS
Division 122 - Roll-over for the disposal of assets to, or the creation of assets in, a wholly-owned company
Guide to Division 122
SECTION 122-1 What this Division is about
Subdivision 122-A - Disposal or creation of assets by an individual or trustee to a wholly-owned company
SECTION 122-5 What this Subdivision is about
SECTION 122-15 Disposal or creation of assets - wholly-owned company
SECTION 122-20 What you receive for the trigger event
SECTION 122-25 Other requirements to be satisfied
SECTION 122-35 What if the company undertakes to discharge a liability (disposal case)
SECTION 122-37 Rules for working out what a liability in respect of an asset is
SECTION 122-40 Disposal of a CGT asset
SECTION 122-45 Disposal of all the assets of a business
SECTION 122-50 All assets acquired on or after 20 September 1985
SECTION 122-55 All assets acquired before 20 September 1985
SECTION 122-60 Assets acquired before and after 20 September 1985
SECTION 122-65 Creation of asset
SECTION 122-70 Consequences for the company (disposal case)
SECTION 122-75 Consequences for the company (creation case)
Subdivision 122-B - Disposal or creation of assets by partners to a wholly-owned company
SECTION 122-120 What this Subdivision is about
SECTION 122-125 Disposal or creation of assets - wholly-owned company
SECTION 122-130 What the partners receive for the trigger event
SECTION 122-135 Other requirements to be satisfied
SECTION 122-140 What if the company undertakes to discharge a liability (disposal case)
SECTION 122-145 Rules for working out what a liability in respect of an interest in an asset is
SECTION 122-150 Capital gain or loss disregarded
SECTION 122-155 Disposal of post-CGT or pre-CGT interests
SECTION 122-160 Disposal of both post-CGT and pre-CGT interests
SECTION 122-170 Capital gain or loss disregarded
SECTION 122-175 Other consequences
SECTION 122-180 All interests acquired on or after 20 September 1985
SECTION 122-185 All interests acquired before 20 September 1985
SECTION 122-190 Interests acquired before and after 20 September 1985
SECTION 122-195 Creation of asset
SECTION 122-200 Consequences for the company (disposal case)
SECTION 122-205 Consequences for the company (creation case)
(Repealed) Division 123 - Small business roll-over
Division 124 - Replacement-asset roll-overs
Guide to Division 124
SECTION 124-1 What this Division is about
SECTION 124-5 How to find your way around this Division
Subdivision 124-A - General rules
SECTION 124-10 Your ownership of one CGT asset ends
SECTION 124-15 Your ownership of more than one CGT asset ends
SECTION 124-20 Share and interest sale facilities
Subdivision 124-B - Asset compulsorily acquired, lost or destroyed
SECTION 124-70 Events giving rise to a roll-over
SECTION 124-75 Other requirements if you receive money
SECTION 124-80 Other requirements if you receive an asset
SECTION 124-85 Consequences for receiving money
SECTION 124-90 Consequences for receiving an asset
SECTION 124-95 You receive both money and an asset
Subdivision 124-C - Statutory licences
SECTION 124-140 New statutory licences
SECTION 124-145 Rollover consequences - capital gain or loss disregarded
SECTION 124-150 Rollover consequences - partial roll-over
SECTION 124-155 Roll-over consequences - all original licences were post-CGT
SECTION 124-160 Roll-over consequences - all original licences were pre-CGT
SECTION 124-165 Roll-over consequences - some original licences were pre-CGT, others were post-CGT
Subdivision 124-D - Strata title conversion
SECTION 124-190 Strata title conversion
Subdivision 124-E - Exchange of shares or units
SECTION 124-240 Exchange of shares in the same company
SECTION 124-245 Exchange of units in the same unit trust
Subdivision 124-F - Exchange of rights or options
SECTION 124-295 Exchange of rights or option to acquire shares in a company
SECTION 124-300 Exchange of rights or option to acquire units in a unit trust
(Repealed) Subdivision 124-G - Exchange of shares in one company for shares in another company
### (Repealed) SECTION 124-350 What this Subdivision is about
### (Repealed) SECTION 124-355 Summary of rules
### (Repealed) SECTION 124-360 Disposal of shares in one company for shares in another one
### (Repealed) SECTION 124-365 Other requirements to be satisfied
### (Repealed) SECTION 124-370 Redemption or cancellation of shares in one company for shares in another one
### (Repealed) SECTION 124-375 Other requirements to be satisfied
### (Repealed) SECTION 124-380 Requirements to be satisfied in both cases
### (Repealed) SECTION 124-382 Special rules for ADI restructures
### (Repealed) SECTION 124-385 Consequences for the interposed company
### (Repealed) SECTION 124-390 Deferral of profit or loss on shares
(Repealed) Subdivision 124-H - Exchange of units in a unit trust for shares in a company
### (Repealed) SECTION 124-435 What this Subdivision is about
### (Repealed) SECTION 124-440 Summary of rules
### (Repealed) SECTION 124-445 Disposal of units in a unit trust for shares in a company
### (Repealed) SECTION 124-450 Other requirements to be satisfied
### (Repealed) SECTION 124-455 Redemption or cancellation of units in a unit trust for shares in a company
### (Repealed) SECTION 124-460 Other requirements to be satisfied
### (Repealed) SECTION 124-465 Requirements to be satisfied in both cases
### (Repealed) SECTION 124-470 Consequences for the company
Subdivision 124-I - Change of incorporation
SECTION 124-510 What this Subdivision is about
SECTION 124-515 Object of this Subdivision
SECTION 124-520 Change of incorporation without change of entity
SECTION 124-525 Old corporation wound up
SECTION 124-530 Shares in company replacing pre-CGT and post-CGT mix of interest and rights in body
SECTION 124-535 Rights as member of Indigenous corporation replacing pre-CGT and post-CGT mix of interest and rights in body
Subdivision 124-J - Crown leases
SECTION 124-570 What this Subdivision is about
SECTION 124-575 Extension or renewal of Crown lease
SECTION 124-580 Meaning of Crown lease
SECTION 124-585 Original right differs in area from new right
SECTION 124-590 Part of original right excised
SECTION 124-595 Treating parts of new right as separate assets
SECTION 124-600 What is the roll-over?
SECTION 124-605 Change of lessor
Subdivision 124-K - Depreciating assets
SECTION 124-655 Roll-over for depreciating assets
SECTION 124-660 Right granted to associate
Subdivision 124-L - Prospecting and mining entitlements
SECTION 124-700 What this Subdivision is about
SECTION 124-705 Extension or renewal of prospecting or mining entitlement
SECTION 124-710 Meaning of prospecting entitlement and mining entitlement
SECTION 124-715 Original entitlement differs in area from new entitlement
SECTION 124-720 Part of original entitlement excised
SECTION 124-725 Treating parts of new entitlement as separate assets
SECTION 124-730 What is the roll-over?
Subdivision 124-M - Scrip for scrip roll-over
SECTION 124-775 What this Subdivision is about
SECTION 124-780 Replacement of shares
SECTION 124-781 Replacement of trust interests
SECTION 124-782 Transfer or allocation of cost base of shares acquired by acquiring entity etc.
SECTION 124-783 Meaning of significant stakeholder , common stakeholder , significant stake and common stake
SECTION 124-783A Rights that affect stakes
SECTION 124-784 Cost base of equity or debt given within acquiring group
SECTION 124-784A When arrangement is a restructure
SECTION 124-784B What is the cost base and reduced cost base when arrangement is a restructure?
SECTION 124-784C Cost base of equity or debt given within acquiring group
SECTION 124-785 What is the roll-over?
SECTION 124-790 Partial roll-over
SECTION 124-795 Exceptions
SECTION 124-800 Interest received for pre-CGT interest
### (Repealed) SECTION 124-805 Meaning of trust voting interest
SECTION 124-810 Certain companies and trusts not regarded as having 300 members or beneficiaries
Subdivision 124-N - Disposal of assets by a trust to a company
SECTION 124-850 What this Subdivision is about
SECTION 124-855 What this Subdivision deals with
SECTION 124-860 Requirements for roll-over
SECTION 124-865 Entities both choose the roll-over
SECTION 124-870 Roll-over for owner of units or interests in a trust
SECTION 124-875 Effect on the transferor and transferee
(Repealed) Subdivision 124-O - FSR (financial services reform) transitions
### (Repealed) SECTION 124-880 Old licence roll-over (same owner)
### (Repealed) SECTION 124-885 Qualified licence roll-over (same owner)
### (Repealed) SECTION 124-890 Rights roll-over (same owner)
### (Repealed) SECTION 124-895 Consequences of a same owner roll-over
### (Repealed) SECTION 124-900 Old licence roll-over (new owner)
### (Repealed) SECTION 124-905 Qualified licence roll-over (new owner)
### (Repealed) SECTION 124-910 Rights roll-over (new owner)
### (Repealed) SECTION 124-915 Consequences of a new owner roll-over (where one CGT asset comes to an end)
### (Repealed) SECTION 124-920 Consequences of a new owner roll-over (where more than one CGT asset comes to an end)
### (Repealed) SECTION 124-925 Special extension of the 10 March 2004 cut-off date (same owner roll-overs)
### (Repealed) SECTION 124-930 Special extension of the 10 March 2004 cut-off date (new owner roll-overs)
Subdivision 124-P - Exchange of a membership interest in an MDO for a membership interest in another MDO
SECTION 124-975 What this Subdivision is about
SECTION 124-980 Exchange of membership interests in an MDO
SECTION 124-985 What the roll-over is for post-CGT interests
SECTION 124-990 Partial roll-over
SECTION 124-995 Pre-CGT interests
Subdivision 124-Q - Exchange of stapled ownership interests for ownership interests in a unit trust
SECTION 124-1040 What this Subdivision is about
SECTION 124-1045 Exchange of stapled securities
SECTION 124-1050 Conditions
SECTION 124-1055 Consequences of the roll-over for exchanging members
SECTION 124-1060 Consequences of the roll-over for interposed trust
### (Repealed) SECTION 124-1065 Certain foreign holders disregarded
Subdivision 124-R - Water entitlements
SECTION 124-1100 What this Subdivision is about
SECTION 124-1105 Replacement water entitlements roll-over
SECTION 124-1110 Roll-over consequences - capital gain or loss disregarded
SECTION 124-1115 Roll-over consequences - partial roll-over
SECTION 124-1120 Roll-over consequences - all original entitlements post-CGT
SECTION 124-1125 Roll-over consequences - all original entitlements pre-CGT
SECTION 124-1130 Roll-over consequences - some original entitlements pre-CGT, others post-CGT
SECTION 124-1135 Reduction in water entitlements roll-over
SECTION 124-1140 Roll-over consequences - capital gain or loss disregarded
SECTION 124-1145 Roll-over consequences - all original entitlements post-CGT
SECTION 124-1150 Roll-over consequences - some original entitlements pre-CGT, others post-CGT
SECTION 124-1155 Roll-over for variation to CGT asset
SECTION 124-1160 Roll-over consequences
SECTION 124-1165 Roll-over consequences - partial roll-over
Subdivision 124-S - Interest realignment arrangements
SECTION 124-1220 What this Subdivision is about
SECTION 124-1225 Disposals of interests under interest realignment arrangements
SECTION 124-1230 Roll-over consequences - partial roll-over
SECTION 124-1235 Roll-over consequences - all original interests were post-CGT and pre-UCA
SECTION 124-1240 Roll-over consequences - all original interests were pre-CGT
SECTION 124-1245 Roll-over consequences - original interests were of mixed CGT status, all were pre-UCA
SECTION 124-1250 Roll-over consequences - some original interests were pre-UCA
Division 125 - Demerger relief
Guide to Division 125
SECTION 125-1 What this Division is about
Subdivision 125-A - Object of this Division
SECTION 125-5 Object of this Division
Subdivision 125-B - Consequences for owners of interests
SECTION 125-50 Guide to Subdivision 125-B
SECTION 125-55 When a roll-over is available for a demerger
SECTION 125-60 Meaning of ownership interest and related terms
SECTION 125-65 Meanings of demerger group , head entity and demerger subsidiary
SECTION 125-70 Meanings of demerger , demerged entity and demerging entity
SECTION 125-75 Exceptions to subsection 125-70(2)
SECTION 125-80 What is the roll-over?
SECTION 125-85 Cost base adjustments where CGT event happens but no roll-over chosen
SECTION 125-90 Cost base adjustments where no CGT event
SECTION 125-95 No other cost base adjustment after demerger
SECTION 125-100 No further demerger relief in some cases
Subdivision 125-C - Consequences for members of demerger group
SECTION 125-150 Guide to Subdivision 125-C
SECTION 125-155 Certain capital gains or losses disregarded for demerging entity
SECTION 125-160 No CGT event J1
SECTION 125-165 Adjusted capital loss for value shift under a demerger
SECTION 125-170 Reduced cost base reduction if demerger asset subject to roll-over
Subdivision 125-D - Public trading trusts
SECTION 125-225 Guide to Subdivision 125-D
SECTION 125-230 Application of Division to public trading trusts
Subdivision 125-E - Miscellaneous
SECTION 125-235 Share and interest sale facilities
Division 126 - Same-asset roll-overs
Guide to Division 126
SECTION 126-1 What this Division is about
Subdivision 126-A - Marriage or relationship breakdowns
SECTION 126-5 CGT event involving spouses
SECTION 126-15 CGT event involving company or trustee
SECTION 126-20 Subsequent CGT event happening to roll-over asset where transferor was a CFC or a non-resident trust
SECTION 126-25 Conditions for the purposes of subsections 126-5(3A) and 126-15(5)
Subdivision 126-B - Companies in the same wholly-owned group
SECTION 126-40 What this Subdivision is about
SECTION 126-45 Roll-over for members of wholly-owned group
SECTION 126-50 Requirements for roll-over
SECTION 126-55 When there is a roll-over
SECTION 126-60 Consequences of roll-over
### (Repealed) SECTION 126-65 Choosing for no roll-over in loss situation
### (Repealed) SECTION 126-70 Loss disregarded if intention not realised
SECTION 126-75 Originating company is a CFC
### (Repealed) SECTION 126-80 Roll-over asset is an interest in a CFC or FIF
SECTION 126-85 Effect of roll-over on certain liquidations
Subdivision 126-C - Changes to trust deeds
SECTION 126-125 What this Subdivision is about
SECTION 126-130 Changes to trust deeds
SECTION 126-135 Consequences of roll-over
Subdivision 126-D - Small superannuation funds
SECTION 126-140 CGT event involving small superannuation funds
Subdivision 126-E - Entitlement to shares after demutualisation and scrip for scrip roll-over
SECTION 126-185 What this Subdivision is about
SECTION 126-190 When there is a roll-over
SECTION 126-195 Consequences of roll-over
(Repealed) Subdivision 126-F - Transfer of assets of superannuation funds to meet licensing requirements
### (Repealed) SECTION 126-200 What this Subdivision is about
### (Repealed) SECTION 126-205 Object of this Subdivision
### (Repealed) SECTION 126-210 When there is a roll-over and what its effects are
Subdivision 126-G - Transfer of assets between certain trusts
SECTION 126-215 What this Subdivision is about
SECTION 126-220 Object of this Subdivision
SECTION 126-225 When a roll-over may be chosen
SECTION 126-230 Beneficiaries ' entitlements not be discretionary etc.
SECTION 126-235 Exceptions for roll-over
SECTION 126-240 Consequences for the trusts
SECTION 126-245 Consequences for beneficiaries - general approach for working out cost base etc.
SECTION 126-250 Consequences for beneficiaries - other approach for working out cost base etc.
SECTION 126-255 No other cost base etc. adjustment for beneficiaries
SECTION 126-260 Giving information to beneficiaries
SECTION 126-265 Interest sale facilities
Division 128 - Effect of death
SECTION 128-1 What this Division is about
General rules
SECTION 128-10 Capital gain or loss when you die is disregarded
SECTION 128-15 Effect on the legal personal representative or beneficiary
SECTION 128-20 When does an asset pass to a beneficiary?
SECTION 128-25 The beneficiary is a trustee of a superannuation fund etc.
Special rules for joint tenants
SECTION 128-50 Joint tenants
Division 130 - Investments
Guide to Division 130
SECTION 130-1 What this Division is about
Subdivision 130-A - Bonus shares and units
SECTION 130-15 Acquisition time and cost base of bonus equities
SECTION 130-20 Issue of bonus shares or units
Subdivision 130-B - Rights
SECTION 130-40 Exercise of rights
SECTION 130-45 Timing rules
SECTION 130-50 Application to options
Subdivision 130-C - Convertible interests
SECTION 130-60 Shares or units acquired by converting a convertible interest
Subdivision 130-D - Employee share schemes
SECTION 130-75 Objects of Subdivision
SECTION 130-80 ESS interests acquired under employee share schemes
SECTION 130-85 Interests in employee share trusts
SECTION 130-90 Shares held by employee share trusts
SECTION 130-95 Shares and rights in relation to ESS interests
SECTION 130-97 Application of certain provisions of Division 83A
Subdivision 130-E - Exchangeable interests
SECTION 130-100 Exchangeable interest
SECTION 130-105 Shares acquired in exchange for the disposal or redemption of an exchangeable interest
Subdivision 130-F - Exploration investments
SECTION 130-110 Reducing the reduced cost base before disposal
Division 132 - Leases
SECTION 132-1 Lessee incurs expenditure to get lease term varied or waived
SECTION 132-5 Lessor pays lessee for improvements
SECTION 132-10 Grant of a long-term lease
SECTION 132-15 Lessee of land acquires reversionary interest of lessor
Division 134 - Options
SECTION 134-1 Exercise of options
(Repealed) Division 136 - Foreign residents
Division 137 - Granny flat arrangements
Subdivision 137-A - When CGT events do not happen
SECTION 137-1 What this Subdivision is about
SECTION 137-10 Meaning of key terms
SECTION 137-15 CGT event does not happen when a certain kind of granny flat arrangement is entered into
SECTION 137-20 CGT event does not happen when a certain kind of granny flat arrangement is varied
SECTION 137-25 CGT event does not happen when a certain kind of granny flat arrangement is terminated
(Repealed) Division 138 - Value shifts between companies under common ownership
(Repealed) Division 139 - Value shifting through debt forgiveness
(Repealed) Division 140 - Share value shifting
Division 149 - When an asset stops being a pre-CGT asset
Subdivision 149-A - Key concepts
SECTION 149-10 What is a pre-CGT asset?
SECTION 149-15 Majority underlying interests in a CGT asset
Subdivision 149-B - When asset of non-public entity stops being a pre-CGT asset
SECTION 149-25 Which entities are affected
SECTION 149-30 Effects if asset no longer has same majority underlying ownership
SECTION 149-35 Cost base elements of asset that stops being a pre-CGT asset
Subdivision 149-C - When asset of public entity stops being a pre-CGT asset
SECTION 149-50 Which entities are affected
SECTION 149-55 Entity to give the Commissioner evidence periodically as to whether asset still has same majority underlying ownership
SECTION 149-60 What the evidence must show
### (Repealed) SECTION 149-65 Effects of not making the determination
SECTION 149-70 Effects if asset no longer has same majority underlying ownership
SECTION 149-75 Cost base elements of asset that stops being a pre-CGT asset
SECTION 149-80 No more evidence needed after asset stops being a pre-CGT asset
(Repealed) Subdivision 149-D - How to treat holdings of less than 1% in certain entities
(Repealed) Subdivision 149-E - How to treat certain interposed funds, companies and government bodies
Subdivision 149-F - How to treat a ``demutualised'' public entity
SECTION 149-162 Subdivision applies only if entity gives sufficient evidence
SECTION 149-165 Members treated as having underlying interests in assets until demutualisation
SECTION 149-170 Effect of demutualisation of interposed company
Division 152 - Small business relief
SECTION 152-1 What this Division is about
Subdivision 152-A - Basic conditions for relief under this Division
SECTION 152-5 What this Subdivision is about
SECTION 152-10 Basic conditions for relief
SECTION 152-12 Special conditions for CGT event D1
SECTION 152-15 Maximum net asset value test
SECTION 152-20 Meaning of net value of the CGT assets
### (Repealed) SECTION 152-25 Meaning of small business CGT affiliate
### (Repealed) SECTION 152-30 Meaning of connected with the entity
SECTION 152-35 Active asset test
SECTION 152-40 Meaning of active asset
### (Repealed) SECTION 152-42 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust
SECTION 152-45 Continuing time periods for involuntary disposals
SECTION 152-47 Spouses or children taken to be affiliates for certain passively held CGT assets
SECTION 152-48 Working out an entity ' s aggregated turnover for passively held CGT assets
SECTION 152-49 Businesses that are winding up
SECTION 152-50 Significant individual test
SECTION 152-55 Meaning of significant individual
SECTION 152-60 Meaning of CGT concession stakeholder
SECTION 152-65 Small business participation percentage
SECTION 152-70 Direct small business participation percentage
SECTION 152-75 Indirect small business participation percentage
SECTION 152-78 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust
SECTION 152-80 CGT event happens to an asset or interest within 2 years of individual ' s death
Subdivision 152-B - Small business 15-year exemption
SECTION 152-100 What this Subdivision is about
SECTION 152-105 15-year exemption for individuals
SECTION 152-110 15-year exemption for companies and trusts
SECTION 152-115 Continuing time periods for involuntary disposals
### (Repealed) SECTION 152-120 Discretionary trusts need not have a significant individual in a loss year or nil income year
SECTION 152-125 Payments to company ' s or trust ' s CGT concession stakeholders are exempt
Subdivision 152-C - Small business 50% reduction
SECTION 152-200 What this Subdivision is about
SECTION 152-205 You get the small business 50% reduction
SECTION 152-210 You may also get the small business retirement exemption and small business roll-over relief
SECTION 152-215 15-year rule has priority
SECTION 152-220 You may choose not to apply this Subdivision
Subdivision 152-D - Small business retirement exemption
SECTION 152-300 What this Subdivision is about
SECTION 152-305 Choosing the exemption
SECTION 152-310 Consequences of choice
SECTION 152-315 Choosing the amount to disregard
SECTION 152-320 Meaning of CGT retirement exemption limit
SECTION 152-325 Company or trust conditions
SECTION 152-330 15-year rule has priority
Subdivision 152-E - Small business roll-over
SECTION 152-400 What this Subdivision is about
### (Repealed) SECTION 152-405 Basic principles for the small business roll-over
SECTION 152-410 When you can obtain the roll-over
SECTION 152-415 What the roll-over consists of
SECTION 152-420 Rules where an individual who has obtained a roll-over dies
### (Repealed) SECTION 152-425 Rules where an individual who has obtained a roll-over dies
SECTION 152-430 15-year rule has priority
PART 3-5 - CORPORATE TAXPAYERS AND CORPORATE DISTRIBUTIONS
Division 160 - Corporate loss carry back tax offset for 2020-21, 2021-22 or 2022-23 for businesses with turnover under $5 billion
Guide to Division 160
SECTION 160-1 What this Division is about
Subdivision 160-A - Entitlement to and amount of loss carry back tax offset
SECTION 160-5 Entitlement to loss carry back tax offset
SECTION 160-10 Amount of loss carry back tax offset
Subdivision 160-B - Loss carry back choice
SECTION 160-15 Loss carry back choice
SECTION 160-16 Changing a loss carry back choice
SECTION 160-20 Entity must have had turnover less than $5 billion for loss year
SECTION 160-25 Entity must have been a corporate tax entity during relevant years
SECTION 160-30 Transferred tax losses, income tax liabilities etc. not included
SECTION 160-35 Integrity rule - no loss carry back tax offset if scheme entered into
Division 164 - Non-share capital accounts for companies
SECTION 164-1 What this Division is about
Operative provisions
SECTION 164-5 Object
SECTION 164-10 Non-share capital account
SECTION 164-15 Credits to non-share capital account
SECTION 164-20 Debits to non-share capital account
Division 165 - Income tax consequences of changing ownership or control of a company
Guide to Division 165
SECTION 165-1 What this Division is about
Subdivision 165-A - Deducting tax losses of earlier income years
SECTION 165-5 What this Subdivision is about
SECTION 165-10 To deduct a tax loss
SECTION 165-12 Company must maintain the same owners
SECTION 165-13 Alternatively, the company must satisfy the business continuity test
SECTION 165-15 The same people must control the voting power, or the company must satisfy the business continuity test
SECTION 165-20 When company can deduct part of a tax loss
Subdivision 165-B - Working out the taxable income and tax loss for the income year of the change
SECTION 165-23 What this Subdivision is about
SECTION 165-25 Summary of this Subdivision
SECTION 165-30 Flow chart showing the application of this Subdivision
SECTION 165-35 On a change of ownership, unless the company satisfies the business continuity test
SECTION 165-37 Who has more than a 50% stake in the company during a period
SECTION 165-40 On a change of control of the voting power in the company, unless the company satisfies the business continuity test
SECTION 165-45 First, divide the income year into periods
SECTION 165-50 Next, calculate the notional loss or notional taxable income for each period
SECTION 165-55 How to attribute deductions to periods
SECTION 165-60 How to attribute assessable income to periods
SECTION 165-65 How to calculate the company's taxable income for the income year
SECTION 165-70 How to calculate the company's tax loss for the income year
SECTION 165-75 How to calculate the company's notional loss or notional taxable income for a period when the company was a partner
SECTION 165-80 How to calculate the company's share of a partnership's notional loss or notional net income for a period if both entities have the same income year
SECTION 165-85 How to calculate the company's share of a partnership's notional loss or notional net income for a period if the entities have different income years
SECTION 165-90 Company's full year deductions include a share of partnership's full year deductions
Subdivision 165-CA - Applying net capital losses of earlier income years
SECTION 165-93 What this Subdivision is about
SECTION 165-96 When a company cannot apply a net capital loss
Subdivision 165-CB - Working out the net capital gain and the net capital loss for the income year of the change
SECTION 165-99 What this Subdivision is about
SECTION 165-102 On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test
SECTION 165-105 First, divide the income year into periods
SECTION 165-108 Next, calculate the notional net capital gain or notional net capital loss for each period
SECTION 165-111 How to work out the company ' s net capital gain
SECTION 165-114 How to work out the company's net capital loss
Subdivision 165-CC - Change of ownership or control of company that has an unrealised net loss
SECTION 165-115 What this Subdivision is about
SECTION 165-115AA Special rules to save compliance costs
SECTION 165-115A Application of Subdivision
SECTION 165-115B What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time
SECTION 165-115BA What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock
SECTION 165-115BB Order of application of assets: residual unrealised net loss
SECTION 165-115C Changeover time - change in ownership of company
SECTION 165-115D Changeover time - change in control of company
SECTION 165-115E What is an unrealised net loss
SECTION 165-115F Notional gains and losses
Subdivision 165-CD - Reductions after alterations in ownership or control of loss company
### (Repealed) SECTION 165-115G What this Subdivision is about
SECTION 165-115GA What this Subdivision is about
SECTION 165-115GB When adjustments must be made
SECTION 165-115GC How adjustments are calculated
SECTION 165-115H How this Subdivision applies
SECTION 165-115J Object of Subdivision
SECTION 165-115K Application and interpretation
SECTION 165-115L Alteration time - alteration in ownership of company
SECTION 165-115M Alteration time - alteration in control of company
SECTION 165-115N Alteration time - declaration by liquidator or administrator
SECTION 165-115P Notional alteration time - disposal of interests in company within 12 months before alteration time
SECTION 165-115Q Notional alteration time - disposal of interests in company earlier than 12 months before alteration time
SECTION 165-115R When company is a loss company at first or only alteration time in income year
SECTION 165-115S When company is a loss company at second or later alteration time in income year
SECTION 165-115T Reduction of certain amounts included in company's overall loss at alteration time
SECTION 165-115U Adjusted unrealised loss
SECTION 165-115V Notional losses
SECTION 165-115W Calculation of trading stock decrease
SECTION 165-115X Relevant equity interest
SECTION 165-115Y Relevant debt interest
SECTION 165-115Z What constitutes a controlling stake in a company
SECTION 165-115ZA Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time
SECTION 165-115ZB Adjustment amounts for the purposes of section 165-115ZA
SECTION 165-115ZC Notices to be given
SECTION 165-115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used
Subdivision 165-C - Deducting bad debts
SECTION 165-117 What this Subdivision is about
SECTION 165-119 Application of Subdivision
SECTION 165-120 To deduct a bad debt
SECTION 165-123 Company must maintain the same owners
SECTION 165-126 Alternatively, the company must satisfy the business continuity test
SECTION 165-129 Same people must control the voting power, or the company must satisfy the business continuity test
SECTION 165-132 When tax losses resulting from bad debts cannot be deducted
Subdivision 165-D - Tests for finding out whether the company has maintained the same owners
SECTION 165-150 Who has more than 50% of the voting power in the company
SECTION 165-155 Who has rights to more than 50% of the company ' s dividends
SECTION 165-160 Who has rights to more than 50% of the company's capital distributions
SECTION 165-165 Rules about tests for a condition or occurrence of a circumstance
SECTION 165-175 Tests can be satisfied by a single person
SECTION 165-180 Arrangements affecting beneficial ownership of shares
SECTION 165-185 Shares treated as not having carried rights
SECTION 165-190 Shares treated as always having carried rights
### (Repealed) SECTION 165-195 Disregard redeemable shares
SECTION 165-200 Rules do not affect totals of shares, units in unit trusts or rights carried by shares and units
SECTION 165-202 Shares held by government entities and charities etc.
SECTION 165-203 Companies where no shares have been issued
SECTION 165-205 Death of share owner
SECTION 165-207 Trustees of family trusts
SECTION 165-208 Companies in liquidation etc.
SECTION 165-209 Dual listed companies
Subdivision 165-E - Business continuity test
SECTION 165-210 The business continuity test - carrying on the same business
SECTION 165-211 The business continuity test - carrying on a similar business
### (Repealed) SECTION 165-212A Some companies cannot satisfy the same business test
### (Repealed) SECTION 165-212B Definition of total income
### (Repealed) SECTION 165-212C Total income of companies who cannot work out their total income for a 12 month period
SECTION 165-212D Restructure of MDOs etc.
SECTION 165-212E Entry history rule does not apply for the purposes of sections 165-210 and 165-211
Subdivision 165-F - Special provisions relating to ownership by non-fixed trusts
SECTION 165-215 Special alternative to change of ownership test for Subdivision 165-A
SECTION 165-220 Special alternative to change of ownership test for Subdivision 165-B
SECTION 165-225 Special way of dividing the income year under Subdivision 165-B
SECTION 165-230 Special alternative to change of ownership test for Subdivision 165-C
SECTION 165-235 Information about non-fixed trusts with interests in company
SECTION 165-240 Notices where requirements of section 165-235 are met
SECTION 165-245 When an entity has a fixed entitlement to income or capital of a company
Subdivision 165-G - Other special provisions
SECTION 165-250 Control of companies in liquidation etc.
SECTION 165-255 Incomplete periods
Division 166 - Income tax consequences of changing ownership or control of a widely held or eligible Division 166 company
Guide to Division 166
SECTION 166-1 What this Division is about
Subdivision 166-AA - The object of this Division
SECTION 166-3 The object of this Division
Subdivision 166-A - Deducting tax losses of earlier income years
SECTION 166-5 How Subdivision 165-A applies to a widely held or eligible Division 166 company
SECTION 166-15 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-B - Working out the taxable income, tax loss, net capital gain and net capital loss for the income year of the change
SECTION 166-20 How Subdivisions 165-B and 165-CB apply to a widely held or eligible Division 166 company
SECTION 166-25 How to work out the taxable income, tax loss, net capital gain and net capital loss
SECTION 166-35 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-C - Deducting bad debts
SECTION 166-40 How Subdivision 165-C applies to a widely held or eligible Division 166 company
SECTION 166-50 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-CA - Changeover times and alteration times
SECTION 166-80 How Subdivision 165-CC or 165-CD applies to a widely held or eligible Division 166 company
SECTION 166-90 Companies can choose that this Subdivision is not to apply to them
Subdivision 166-D - Tests for finding out whether the widely held or eligible Division 166 company has maintained the same owners
SECTION 166-135 What this Subdivision is about
SECTION 166-145 The ownership tests: substantial continuity of ownership
SECTION 166-165 Relationship with rules in Division 165
SECTION 166-175 Corporate change in a company
Subdivision 166-E - Concessional tracing rules
SECTION 166-215 What this Subdivision is about
SECTION 166-220 Application of this Subdivision
SECTION 166-225 Direct stakes of less than 10% in the tested company
SECTION 166-230 Indirect stakes of less than 10% in the tested company
SECTION 166-235 Voting, dividend and capital stakes
SECTION 166-240 Stakes held directly and/or indirectly by widely held companies
SECTION 166-245 Stakes held by other entities
SECTION 166-255 Bearer shares in foreign listed companies
SECTION 166-260 Depository entities holding stakes in foreign listed companies
SECTION 166-265 Persons who actually control voting power or have rights are taken not to control power or have rights
SECTION 166-270 Single notional entity stakeholders taken to have minimum voting control, dividend rights and capital rights
SECTION 166-272 Same shares or interests to be held
SECTION 166-275 Rules in this Subdivision intended to be concessional
SECTION 166-280 Controlled test companies
Division 167 - Companies whose shares carry unequal rights to dividends, capital distributions or voting power
Guide to Division 167
SECTION 167-1 What this Division is about
Subdivision 167-A - Rights to dividends or capital distributions
SECTION 167-5 What this Subdivision is about
SECTION 167-7 Simplified outline of this Subdivision
SECTION 167-10 When this Subdivision applies
SECTION 167-15 First way - disregard debt interests
SECTION 167-20 Second way - also disregard secondary share classes
SECTION 167-25 Third way - treat remaining shares as having fixed rights to dividends and capital distributions
SECTION 167-30 Fixing rights if practicable to work out market values
SECTION 167-35 Fixing rights if impracticable to work out market values etc.
SECTION 167-40 The valuing times for conditions listed in subsection 167-10(1)
Subdivision 167-B - Voting power
SECTION 167-75 What this Subdivision is about
SECTION 167-80 When this Subdivision applies
SECTION 167-85 Different method for working out voting power
SECTION 167-90 Dual listed companies
Division 170 - Treatment of certain company groups for income tax purposes
Subdivision 170-A - Transfer of tax losses within certain wholly-owned groups of companies
SECTION 170-1 What this Subdivision is about
SECTION 170-5 Basic principles for transferring tax losses
SECTION 170-10 When a company can transfer a tax loss
SECTION 170-15 Income company is taken to have incurred transferred loss
SECTION 170-20 Who can deduct transferred loss
SECTION 170-25 Tax treatment of consideration for transferred tax loss
SECTION 170-30 Companies must be in existence and members of the same wholly-owned group etc.
SECTION 170-32 Tax loss incurred by the loss company because of a transfer under Subdivision 707-A
SECTION 170-33 Alternative test of relations between the loss company and other companies
SECTION 170-35 The loss company
SECTION 170-40 The income company
SECTION 170-42 If the income company has become the head company of a consolidated group or MEC group
SECTION 170-45 Maximum amount that can be transferred
SECTION 170-50 Transfer by written agreement
SECTION 170-55 Losses must be transferred in order they are incurred
SECTION 170-60 Income company cannot transfer transferred tax loss
SECTION 170-65 Agreement transfers as much as can be transferred
SECTION 170-70 Amendment of assessments
SECTION 170-75 Treatment like Australian branches of foreign banks
Subdivision 170-B - Transfer of net capital losses within certain wholly-owned groups of companies
SECTION 170-101 What this Subdivision is about
SECTION 170-105 Basic principles for transferring a net capital loss
SECTION 170-110 When a company can transfer a net capital loss
SECTION 170-115 Who can apply transferred loss
SECTION 170-120 Gain company is taken to have made transferred loss
SECTION 170-125 Tax treatment of consideration for transferred tax loss
SECTION 170-130 Companies must be in existence and members of the same wholly-owned group etc.
SECTION 170-132 Net capital loss made by the loss company because of a transfer under Subdivision 707-A
SECTION 170-133 Alternative test of relations between the loss company and other companies
SECTION 170-135 The loss company
SECTION 170-140 The gain company
SECTION 170-142 If the gain company has become the head company of a consolidated group or MEC group
SECTION 170-145 Maximum amount that can be transferred
SECTION 170-150 Transfer by written agreement
SECTION 170-155 Losses must be transferred in order they are made
SECTION 170-160 Gain company cannot transfer transferred net capital loss
SECTION 170-165 Agreement transfers as much as can be transferred
SECTION 170-170 Amendment of assessments
SECTION 170-174 Treatment like Australian branches of foreign banks
### (Repealed) SECTION 170-175 Direct and indirect interests in the loss company
### (Repealed) SECTION 170-180 Direct and indirect interests in the gain company
Subdivision 170-C - Provisions applying to both transfers of tax losses and transfers of net capital losses within wholly-owned groups of companies
SECTION 170-201 What this Subdivision is about
SECTION 170-205 Object of Subdivision
SECTION 170-210 Transfer of tax loss: direct and indirect interests in the loss company
SECTION 170-215 Transfer of tax loss: direct and indirect interests in the income company
SECTION 170-220 Transfer of net capital loss: direct and indirect interests in the loss company
SECTION 170-225 Transfer of net capital loss: direct and indirect interests in the gain company
Subdivision 170-D - Transactions by a company that is a member of a linked group
SECTION 170-250 What this Subdivision is about
SECTION 170-255 Application of Subdivision
SECTION 170-260 Linked group
SECTION 170-265 Connected entity
SECTION 170-270 Immediate consequences for originating company
SECTION 170-275 Subsequent consequences for originating company
SECTION 170-280 What happens if certain events happen in respect of the asset
Division 175 - Use of a company ' s tax losses or deductions to avoid income tax
Guide to Division 175
SECTION 175-1 What this Division is about
Subdivision 175-A - Tax benefits from unused tax losses
SECTION 175-5 When Commissioner can disallow deduction for tax loss
SECTION 175-10 First case: income or capital gain injected into company because of available tax loss
SECTION 175-15 Second case: someone else obtains a tax benefit because of tax loss available to company
Subdivision 175-B - Tax benefits from unused deductions
SECTION 175-20 Income or capital gain injected into company because of available deductions
SECTION 175-25 Deduction injected into company because of available income or capital gain
SECTION 175-30 Someone else obtains a tax benefit because of a deduction, income or capital gain available to company
SECTION 175-35 Tax loss resulting from disallowed deductions
Subdivision 175-CA - Tax benefits from unused net capital losses of earlier income years
SECTION 175-40 When Commissioner can disallow net capital loss of earlier income year
SECTION 175-45 First case: capital gain injected into company because of available net capital loss
SECTION 175-50 Second case: someone else obtains a tax benefit because of net capital loss available to company
Subdivision 175-CB - Tax benefits from unused capital losses of the current year
SECTION 175-55 When Commissioner can disallow capital loss of current year
SECTION 175-60 Capital gain injected into company because of available capital loss
SECTION 175-65 Capital loss injected into company because of available capital gain
SECTION 175-70 Someone else obtains a tax benefit because of capital loss or gain available to company
SECTION 175-75 Net capital loss resulting from disallowed capital losses
Subdivision 175-C - Tax benefits from unused bad debt deductions
SECTION 175-80 When Commissioner can disallow deduction for bad debt
SECTION 175-85 First case: income or capital gain injected into company because of available bad debt
SECTION 175-90 Second case: someone else obtains a tax benefit because of bad debt deduction available to company
Subdivision 175-D - Common rules
SECTION 175-95 When a person has a shareholding interest in the company
SECTION 175-100 Commissioner may disallow excluded losses etc. of insolvent companies
Division 180 - Information about family trusts with interests in companies
SECTION 180-1 What this Division is about
Subdivision 180-A - Information relevant to Division 165
SECTION 180-5 Information about family trusts with interests in companies
SECTION 180-10 Notice where requirements of section 180-5 are met
Subdivision 180-B - Information relevant to Division 175
SECTION 180-15 Information about family trusts with interests in companies
SECTION 180-20 Notice where requirements of section 180-15 are met
Division 195 - Special types of company
Subdivision 195-A - Pooled development funds (PDFs)
SECTION 195-1 What this Subdivision is about
SECTION 195-5 Deductibility of PDF tax losses
SECTION 195-10 PDF cannot transfer tax loss
SECTION 195-15 Tax loss for year in which company becomes a PDF
SECTION 195-25 Applying a PDF's net capital losses
SECTION 195-30 PDF cannot transfer net capital loss
SECTION 195-35 Net capital loss for year in which company becomes a PDF
SECTION 195-37 PDF cannot carry back tax loss
Subdivision 195-B - Limited partnerships
SECTION 195-60 What this Subdivision is about
SECTION 195-65 Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP
SECTION 195-70 Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
SECTION 195-72 Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP
SECTION 195-75 Determinations to take account of income years of less than 12 months
Subdivision 195-C - Corporate collective investment vehicles
SECTION 195-100 What this Subdivision is about
SECTION 195-105 Effect of this Subdivision
SECTION 195-110 Each sub-fund of a CCIV is taken to be a separate trust
SECTION 195-115 A CCIV sub-fund trust is a unit trust
SECTION 195-120 Beneficiary of a CCIV sub-fund trust has fixed entitlements to shares of income and capital of the trust
SECTION 195-123 How to work out the income of the trust estate of a CCIV sub-fund trust for an income year
SECTION 195-125 When a beneficiary of a CCIV sub-fund trust is presently entitled to trust income
SECTION 195-127 When a beneficiary of a CCIV sub-fund trust has an individual interest in exempt income and non-assessable non-exempt income of the trust estate
SECTION 195-130 Application of Division 275 (managed investment trusts) to a CCIV sub-fund trust
SECTION 195-135 Application of Division 276 (AMITs) to a CCIV sub-fund trust
SECTION 195-140 Entry on Australian Business Register
Division 197 - Tainted share capital accounts
Guide to Division 197
SECTION 197-1 What this Division is about
Subdivision 197-A - What transfers into a company ' s share capital account does this Division apply to?
SECTION 197-5 Division generally applies to an amount transferred to share capital account from another account
SECTION 197-10 Exclusion for amounts that could be identified as share capital
SECTION 197-15 Exclusion for amounts transferred under debt/equity swaps
SECTION 197-20 Exclusion for amounts transferred leading to there being no shares with a par value - non-Corporations Act companies
SECTION 197-25 Exclusion for transfers from option premium reserves
SECTION 197-30 Exclusion for transfers made in connection with demutualisations of non-insurance etc. companies
SECTION 197-35 Exclusion for transfers made in connection with demutualisations of insurance etc. companies
SECTION 197-37 Exclusion for transfers made in connection with demutualisations of private health insurers
SECTION 197-38 Exclusion for transfers connected with demutualisations of friendly society health or life insurers
SECTION 197-40 Exclusion for post-demutualisation transfers relating to life insurance companies
SECTION 197-42 Exclusion for exploration credits
Subdivision 197-B - Consequence of transfer: franking debit arises
SECTION 197-45 A franking debit arises in relation to the transfer
Subdivision 197-C - Consequence of transfer: tainting of share capital account
SECTION 197-50 The share capital account becomes tainted (if it is not already tainted)
SECTION 197-55 Choosing to untaint a tainted share capital account
SECTION 197-60 Choosing to untaint - liability to untainting tax
SECTION 197-65 Choosing to untaint - further franking debits may arise
SECTION 197-70 Due date for payment of untainting tax
SECTION 197-75 General interest charge for late payment of untainting tax
SECTION 197-80 Notice of liability to pay untainting tax
SECTION 197-85 Evidentiary effect of notice of liability to pay untainting tax
PART 3-6 - THE IMPUTATION SYSTEM
Division 200 - Guide to Part 3-6
SECTION 200-1 What this Division is about
SECTION 200-5 The imputation system
SECTION 200-10 Franking a distribution
SECTION 200-15 The franking account
SECTION 200-20 How a distribution is franked
SECTION 200-25 A corporate tax entity must not give its members credit for more tax than the entity has paid
SECTION 200-30 Benchmark rule
SECTION 200-35 Effect of receiving a franked distribution
SECTION 200-40 An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members
SECTION 200-45 Special rules for franking by some entities
Division 201 - Objects and application of Part 3-6
SECTION 201-1 Objects
SECTION 201-5 Application of this Part
Division 202 - Franking a distribution
Subdivision 202-A - Franking a distribution
SECTION 202-1 What this Subdivision is about
SECTION 202-5 Franking a distribution
Subdivision 202-B - Who can frank a distribution?
SECTION 202-10 What this Subdivision is about
SECTION 202-15 Franking entities
SECTION 202-20 Residency requirement when making a distribution
Subdivision 202-C - Which distributions can be franked?
SECTION 202-25 What this Subdivision is about
SECTION 202-30 Frankable distributions
SECTION 202-35 Object
SECTION 202-40 Frankable distributions
SECTION 202-45 Unfrankable distributions
SECTION 202-47 Distributions of certain ADI profits following restructure
Subdivision 202-D - Amount of the franking credit on a distribution
SECTION 202-50 What this Subdivision is about
SECTION 202-55 What is the maximum franking credit for a frankable distribution?
SECTION 202-60 Amount of the franking credit on a distribution
SECTION 202-65 Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution
Subdivision 202-E - Distribution statements
SECTION 202-70 What this Subdivision is about
SECTION 202-75 Obligation to give a distribution statement
SECTION 202-80 Distribution statement
SECTION 202-85 Changing the franking credit on a distribution by amending the distribution statement
Division 203 - Benchmark rule
SECTION 203-1 What this Division is about
SECTION 203-5 Benchmark rule
SECTION 203-10 Benchmark franking percentage
Operative provisions
SECTION 203-15 Object
SECTION 203-20 Application of the benchmark rule
SECTION 203-25 Benchmark rule
SECTION 203-30 Setting a benchmark franking percentage
SECTION 203-35 Franking percentage
SECTION 203-40 Franking periods - where the entity is not a private company
SECTION 203-45 Franking period - private companies
SECTION 203-50 Consequences of breaching the benchmark rule
SECTION 203-55 Commissioner ' s powers to permit a departure from the benchmark rule
Division 204 - Anti-streaming rules
Subdivision 204-A - Objects and application
SECTION 204-1 Objects
SECTION 204-5 Application
Subdivision 204-B - Linked distributions
SECTION 204-10 What this Subdivision is about
SECTION 204-15 Linked distributions
Subdivision 204-C - Substituting tax-exempt bonus share for franked distributions
SECTION 204-20 What this Subdivision is about
SECTION 204-25 Substituting tax-exempt bonus shares for franked distributions
Subdivision 204-D - Streaming distributions
SECTION 204-26 What this Subdivision is about
SECTION 204-30 Streaming distributions
SECTION 204-35 When does a franking debit arise if the Commissioner makes a determination under paragraph 204-30(3)(a)
SECTION 204-40 Amount of the franking debit
SECTION 204-41 Amount of the exempting debit
SECTION 204-45 Effect of a determination about distributions to favoured members
SECTION 204-50 Assessment and notice of determination
SECTION 204-55 Right to review where a determination made
Subdivision 204-E - Disclosure requirements
SECTION 204-65 What this Subdivision is about
SECTION 204-70 Application of this Subdivision
SECTION 204-75 Notice to the Commissioner
SECTION 204-80 Commissioner may require information where the Commissioner suspects streaming
Division 205 - Franking accounts, franking deficit tax liabilities and the related tax offset
SECTION 205-1 What this Division is about
SECTION 205-5 Franking accounts, franking deficit tax liabilities and the related tax offset
Operative provisions
SECTION 205-10 Each entity that is or has been a corporate tax entity has a franking account
SECTION 205-15 Franking credits
SECTION 205-20 Paying a PAYG instalment, income tax or diverted profits tax
SECTION 205-25 Residency requirement for an event giving rise to a franking credit or franking debit
SECTION 205-30 Franking debits
SECTION 205-35 Refund of income tax or diverted profits tax
SECTION 205-40 Franking surplus and deficit
SECTION 205-45 Franking deficit tax
SECTION 205-50 Deferring franking deficit
SECTION 205-70 Tax offset arising from franking deficit tax liabilities
Division 207 - Effect of receiving a franked distribution
Guide to Division 207
SECTION 207-5 Overview
Subdivision 207-A - Effect of receiving a franked distribution generally
SECTION 207-10 What this Subdivision is about
SECTION 207-15 Applying the general rule
SECTION 207-20 General rule - gross-up and tax offset
Subdivision 207-B - Franked distribution received through certain partnerships and trustees
SECTION 207-25 What this Subdivision is about
SECTION 207-30 Applying this Subdivision
SECTION 207-35 Gross-up - distribution made to, or flows indirectly through, a partnership or trustee
SECTION 207-37 Attributable franked distribution - trusts
SECTION 207-45 Tax offset - distribution flows indirectly to an entity
SECTION 207-50 When a franked distribution flows indirectly to or through an entity
SECTION 207-55 Share of a franked distribution
SECTION 207-57 Share of the franking credit on a franked distribution
SECTION 207-58 Specifically entitled to an amount of a franked distribution
SECTION 207-59 Franked distributions within class treated as single franked distribution
Subdivision 207-C - Residency requirements for the general rule
SECTION 207-60 What this Subdivision is about
SECTION 207-65 Satisfying the residency requirement
SECTION 207-70 Gross-up and tax offset under section 207-20
SECTION 207-75 Residency requirement
Subdivision 207-D - No gross-up or tax offset where distribution would not be taxed
SECTION 207-80 What this Subdivision is about
SECTION 207-85 Applying this Subdivision
SECTION 207-90 Distribution that is made to an entity
SECTION 207-95 Distribution that flows indirectly to an entity
Subdivision 207-E - Exceptions to the rules in Subdivision 207-D
SECTION 207-105 What this Subdivision is about
SECTION 207-110 Effect of non-assessable income on gross up and tax offset
SECTION 207-115 Which exempt institutions are eligible for a refund?
SECTION 207-117 Residency requirement
SECTION 207-119 Entity not treated as exempt institution eligible for refund in certain circumstances
SECTION 207-120 Entity may be ineligible because of a distribution event
SECTION 207-122 Entity may be ineligible if distribution is in the form of property other than money
SECTION 207-124 Entity may be ineligible if other money or property also acquired
### (Repealed) SECTION 207-125 Gross-up and tax offset allowed because entity is an exempt institution that is entitled to a refund
SECTION 207-126 Entity may be ineligible if distributions do not match trust share amounts
SECTION 207-128 Reinvestment choice
SECTION 207-130 Controller ' s liability
SECTION 207-132 Treatment of benefits provided by an entity to a controller
SECTION 207-134 Entity ' s present entitlement disregarded in certain circumstances
SECTION 207-136 Review of certain decisions
Subdivision 207-F - No gross-up or tax offset where the imputation system has been manipulated
SECTION 207-140 What this Subdivision is about
SECTION 207-145 Distribution that is made to an entity
SECTION 207-150 Distribution that flows indirectly to an entity
SECTION 207-155 When is a distribution made as part of a dividend stripping operation?
SECTION 207-157 Distribution washing
SECTION 207-158 Distributions entitled to a foreign income tax deduction
SECTION 207-159 Distributions funded by capital raising
SECTION 207-160 Distribution that is treated as an interest payment
### (Repealed) SECTION 207-165 Interest payments - distributions that flow indirectly to the trustee of a trust
### (Repealed) SECTION 207-170 Interest payments - distributions that flow indirectly to a partner in a partnership
Division 208 - Exempting entities and former exempting entities
SECTION 208-5 What is an exempting entity?
SECTION 208-10 Former exempting entities
SECTION 208-15 Distributions by exempting entities and former exempting entities
Subdivision 208-A - What are exempting entities and former exempting entities?
SECTION 208-20 Exempting entities
SECTION 208-25 Effective ownership of entity by prescribed persons
SECTION 208-30 Accountable membership interests
SECTION 208-35 Accountable partial interests
SECTION 208-40 Prescribed persons
SECTION 208-45 Persons who are taken to be prescribed persons
SECTION 208-50 Former exempting companies
Subdivision 208-B - Franking with an exempting credit
SECTION 208-55 What this Subdivision is about
SECTION 208-60 Franking with an exempting credit
Subdivision 208-C - Amount of the exempting credit on a distribution
SECTION 208-65 What this Subdivision is about
SECTION 208-70 Amount of the exempting credit on a distribution
Subdivision 208-D - Distribution statements
SECTION 208-75 Guide to Subdivision 208-D
SECTION 208-80 Additional information to be included by a former exempting entity or exempting entity
Subdivision 208-E - Distributions to be franked with exempting credits to the same extent
SECTION 208-85 What this Subdivision is about
SECTION 208-90 All frankable distributions made within a franking period must be franked to the same extent with an exempting credit
SECTION 208-95 Exempting percentage
SECTION 208-100 Consequences of breaching the rule in section 208-90
Subdivision 208-F - Exempting accounts and franking accounts of exempting entities and former exempting entities
SECTION 208-105 What this Subdivision is about
SECTION 208-110 Exempting account
SECTION 208-115 Exempting credits
SECTION 208-120 Exempting debits
SECTION 208-125 Exempting surplus and deficit
SECTION 208-130 Franking credits arising because of status as exempting entity or former exempting entity
SECTION 208-135 Relationships that will give rise to a franking credit under item 5 of the table in section 208-130
SECTION 208-140 Membership of the same effectively wholly-owned group
SECTION 208-145 Franking debits arising because of status as exempting entity or former exempting entity
SECTION 208-150 Residency requirement
SECTION 208-155 Eligible continuing substantial member
SECTION 208-160 Distributions that are affected by a manipulation of the imputation system
SECTION 208-165 Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit
SECTION 208-170 Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution
SECTION 208-175 When does a distribution franked with an exempting credit flow indirectly to an entity?
SECTION 208-180 What is an entity ' s share of the exempting credit on a distribution?
SECTION 208-185 Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth
Subdivision 208-G - Tax effects of distributions by exempting entities
SECTION 208-190 What this Subdivision is about
SECTION 208-195 Division 207 does not generally apply
SECTION 208-200 Distributions to exempting entities
SECTION 208-205 Distributions to employees acquiring shares under eligible employee share schemes
### (Repealed) SECTION 208-210 Subsidiaries
SECTION 208-215 Eligible employee share schemes
Subdivision 208-H - Tax effect of a distribution franked with an exempting credit
SECTION 208-220 What this Subdivision is about
SECTION 208-225 Division 207 does not generally apply
SECTION 208-230 Distributions to exempting entities and former exempting entities
SECTION 208-235 Distributions to employees acquiring shares under eligible employee share schemes
SECTION 208-240 Distributions to certain individuals
Division 210 - Venture capital franking
Guide to Division 210
SECTION 210-1 Purpose of venture capital franking
SECTION 210-5 How is this achieved?
SECTION 210-10 What is a venture capital credit?
SECTION 210-15 What does the PDF have to do to distribute the credits?
SECTION 210-20 Limits on venture capital franking
Subdivision 210-A - Franking a distribution with a venture capital credit
SECTION 210-25 What this Subdivision is about
SECTION 210-30 Franking a distribution with a venture capital credit
Subdivision 210-B - Participating PDFs
SECTION 210-35 What this Subdivision is about
SECTION 210-40 What is a participating PDF
Subdivision 210-C - Distributions that are frankable with a venture capital credit
SECTION 210-45 What this Subdivision is about
SECTION 210-50 Which distributions can be franked with a venture capital credit?
Subdivision 210-D - Amount of the venture capital credit on a distribution
SECTION 210-55 What this Subdivision is about
SECTION 210-60 Amount of the venture capital credit on a distribution
Subdivision 210-E - Distribution statements
SECTION 210-65 What this Subdivision is about
SECTION 210-70 Additional information to be included when a distribution is franked with a venture capital credit
Subdivision 210-F - Rules affecting the allocation of venture capital credits
SECTION 210-75 What this Subdivision is about
SECTION 210-80 Draining the venture capital surplus when a distribution frankable with venture capital credits is made
SECTION 210-81 Distributions to be franked with venture capital credits to the same extent
SECTION 210-82 Consequences of breaching the rule in section 210-81
Subdivision 210-G - Venture capital sub-account
SECTION 210-85 What this Subdivision is about
SECTION 210-90 The venture capital sub-account
SECTION 210-95 Venture capital deficit tax
SECTION 210-100 Venture capital sub-account
SECTION 210-105 Venture capital credits
SECTION 210-110 Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax
SECTION 210-115 Participating PDF may elect to have venture capital credits arise on its assessment day
SECTION 210-120 Venture capital debits
SECTION 210-125 Venture capital debit where CGT limit is exceeded
SECTION 210-130 Venture capital surplus and deficit
SECTION 210-135 Venture capital deficit tax
SECTION 210-140 Effect of a liability to pay venture capital deficit tax on franking deficit tax
SECTION 210-145 Effect of a liability to pay venture capital deficit tax on the franking account
SECTION 210-150 Deferring venture capital deficit
Subdivision 210-H - Effect of receiving a distribution franked with a venture capital credit
SECTION 210-155 What this Subdivision is about
SECTION 210-160 The significance of a venture capital credit
SECTION 210-165 Recipients for whom the venture capital credit is not significant
SECTION 210-170 Tax offset for certain recipients of distributions franked with venture capital credits
SECTION 210-175 Amount of the tax offset
SECTION 210-180 Application of Division 207 where the recipient is entitled to a tax offset under section 210-170
Division 214 - Administering the imputation system
Guide to Division 214
SECTION 214-1 Purpose of the system
SECTION 214-5 Key features
Subdivision 214-A - Franking returns
SECTION 214-10 What this Subdivision is about
SECTION 214-15 Requirement to give franking return - general
SECTION 214-20 Notice to a specific corporate tax entity
SECTION 214-25 Content and form of a franking return
SECTION 214-30 Franking account balance
SECTION 214-35 Venture capital sub-account balance
SECTION 214-40 Meaning of franking tax
SECTION 214-45 Effect of a refund on franking returns
### (Repealed) SECTION 214-50 Evidence
Subdivision 214-B - Franking assessments
SECTION 214-55 What this Subdivision is about
SECTION 214-60 Commissioner may make a franking assessment
SECTION 214-65 Commissioner taken to have made a franking assessment on first return
SECTION 214-70 Part-year assessment
SECTION 214-75 Validity of assessment
SECTION 214-80 Objections
### (Repealed) SECTION 214-85 Evidence
Subdivision 214-C - Amending franking assessments
SECTION 214-90 What this Subdivision is about
SECTION 214-95 Amendments within 3 years of the original assessment
SECTION 214-100 Amended assessments are treated as franking assessments
SECTION 214-105 Further return as a result of a refund affecting a franking deficit tax liability
SECTION 214-110 Later amendments - on request
SECTION 214-115 Later amendments - failure to make proper disclosure
SECTION 214-120 Later amendments - fraud or evasion
SECTION 214-125 Further amendment of an amended particular
### (Repealed) SECTION 214-130 Other later amendments
SECTION 214-135 Amendment on review etc.
SECTION 214-140 Notice of amendments
Subdivision 214-D - Collection and recovery
SECTION 214-145 What this Subdivision is about
SECTION 214-150 Due date for payment of franking tax
SECTION 214-155 General interest charge
SECTION 214-160 Refunds of amounts overpaid
### (Repealed) SECTION 214-165 Security for payment of tax
Subdivision 214-E - Records
SECTION 214-170 What this Subdivision is about
SECTION 214-175 Record keeping
### (Repealed) SECTION 214-180 Power of Commissioner to obtain information
### (Repealed) SECTION 214-185 Tax agents
Division 215 - Consequences of the debt/equity rules
Subdivision 215-A - Application of the imputation system to non-share equity interests
SECTION 215-1 Application of the imputation system to non-share equity interests
Subdivision 215-B - Non-share dividends that are unfrankable to some extent
SECTION 215-5 What this Subdivision is about
SECTION 215-10 Certain non-share dividends by ADIs unfrankable
SECTION 215-15 Non-share dividends are unfrankable if profits are unavailable
SECTION 215-20 Working out the available frankable profits
SECTION 215-25 Anticipating available frankable profits
Division 216 - Cum dividend sales and securities lending arrangements
Subdivision 216-A - Circumstances where a distribution to a member of a corporate tax entity is treated as having been made to someone else
SECTION 216-1 When a distribution made to a member of a corporate tax entity is treated as having been made to someone else
SECTION 216-5 First situation (cum dividend sales)
SECTION 216-10 Second situation (securities lending arrangements)
SECTION 216-15 Distribution closing time
Subdivision 216-B - Statements to be made where there is a cum dividend sale or securities lending arrangement
SECTION 216-20 Cum dividend sale - statement by securities dealer
SECTION 216-25 Cum dividend sale - statement by party
SECTION 216-30 Securities lending arrangements - statement by borrower
Division 218 - Application of imputation rules to co-operative companies
SECTION 218-5 Application of imputation rules to co-operative companies
Division 219 - Imputation for life insurance companies
SECTION 219-1 What this Division is about
Subdivision 219-A - Application of imputation rules to life insurance companies
SECTION 219-10 Application of imputation rules to life insurance companies
Subdivision 219-B - Franking accounts of life insurance companies
SECTION 219-15 Franking credits
SECTION 219-30 Franking debits
SECTION 219-40 Residency requirement
SECTION 219-45 Assessment day
SECTION 219-50 Amount attributable to shareholders ' share of income tax liability
SECTION 219-55 Adjustment resulting from an amended assessment
SECTION 219-70 Tax offset under section 205-70
SECTION 219-75 Working out franking credits and franking debits where a tax offset under section 205-70 is applied
Division 220 - Imputation for NZ resident companies and related companies
SECTION 220-1 What this Division is about
Subdivision 220-A - Objects of this Division
SECTION 220-15 Objects
SECTION 220-20 What is an NZ resident ?
Subdivision 220-B - NZ company treated as Australian resident for imputation system if company chooses
SECTION 220-25 Application of provisions of Part 3-6 outside this Division
SECTION 220-30 What is an NZ franking company ?
SECTION 220-35 Making an NZ franking choice
SECTION 220-40 When is an NZ franking choice in force?
SECTION 220-45 Revoking an NZ franking choice
SECTION 220-50 Cancelling an NZ franking choice
Subdivision 220-C - Modifications of other Divisions of this Part
SECTION 220-100 Residency requirement for franking
SECTION 220-105 Unfrankable distributions by NZ franking companies
SECTION 220-110 Maximum franking credit under section 202-60
### (Repealed) SECTION 220-200 Keeping franking accounts in Australian currency
SECTION 220-205 Franking credit for payment of NZ franking company's withholding tax liability
SECTION 220-210 Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company
SECTION 220-215 Effect on franking account if NZ franking choice ceases to be in force
SECTION 220-300 NZ franking company ' s franking account affected by franking accounts of some of its 100% subsidiaries
SECTION 220-350 Providing for a franking credit to arise
SECTION 220-400 Gross-up and tax offset for distribution from NZ franking company reduced by supplementary dividend
SECTION 220-405 Franked distribution and supplementary dividend flowing indirectly
SECTION 220-410 Franking credit reduced if tax offset reduced
SECTION 220-500 Publicly listed post-choice NZ franking company and its 100% subsidiaries are not exempting entities
SECTION 220-505 Post-choice NZ franking company is not automatically prescribed person
SECTION 220-510 Parent company ' s status as prescribed person sets status of all other members of same wholly-owned group
### (Repealed) SECTION 220-600 Keeping exempting accounts in Australian currency
SECTION 220-605 Effect on exempting account if NZ franking choice ceases to be in force
SECTION 220-700 Tax effect of distribution franked by NZ franking company with an exempting credit
SECTION 220-800 Joint and several liability for NZ resident company's franking tax etc.
PART 3-10 - FINANCIAL TRANSACTIONS
Division 230 - Taxation of financial arrangements
Guide to Division 230
SECTION 230-1 What this Division is about
SECTION 230-5 Scope of this Division
Subdivision 230-A - Core rules
SECTION 230-10 Objects of this Division
SECTION 230-15 Gains are assessable and losses deductible
SECTION 230-20 Gain or loss to be taken into account only once under this Act
SECTION 230-25 Associated financial benefits to be taken into account only once under this Act
SECTION 230-30 Treatment of gains and losses related to exempt income and non-assessable non-exempt income
SECTION 230-35 Treatment of gains and losses of private or domestic nature
SECTION 230-40 Methods for taking gain or loss into account
SECTION 230-45 Financial arrangement
SECTION 230-50 Financial arrangement (equity interest or right or obligation in relation to equity interest)
SECTION 230-55 Rights, obligations and arrangements (grouping and disaggregation rules)
SECTION 230-60 When financial benefit provided or received under financial arrangement
SECTION 230-65 Amount of financial benefit relating to more than one financial arrangement etc.
SECTION 230-70 Apportionment when financial benefit received or right ceases
SECTION 230-75 Apportionment when financial benefit provided or obligation ceases
SECTION 230-80 Consistency in working out gains or losses (integrity measure)
SECTION 230-85 Rights and obligations include contingent rights and obligations
Subdivision 230-B - The accruals/realisation methods
SECTION 230-90 What this Subdivision is about
SECTION 230-95 Objects of this Subdivision
SECTION 230-100 When accruals method or realisation method applies
SECTION 230-105 Sufficiently certain overall gain or loss
SECTION 230-110 Sufficiently certain gain or loss from particular event
SECTION 230-115 Sufficiently certain financial benefits
SECTION 230-120 Financial arrangements with notional principal
SECTION 230-125 Overview of the accruals method
SECTION 230-130 Applying accruals method to work out period over which gain or loss is to be spread
SECTION 230-135 How gain or loss is spread
SECTION 230-140 Method of spreading gain or loss - effective interest method
SECTION 230-145 Application of effective interest method where differing income and accounting years
SECTION 230-150 Election for portfolio treatment of fees
SECTION 230-155 Election for portfolio treatment of fees where differing income and accounting years
SECTION 230-160 Portfolio treatment of fees
SECTION 230-165 Portfolio treatment of premiums and discounts for acquiring portfolio
SECTION 230-170 Allocating gain or loss to income years
SECTION 230-172 Applying accruals method to loss resulting from impairment
SECTION 230-175 Running balancing adjustments
SECTION 230-180 Realisation method
SECTION 230-185 Reassessment
SECTION 230-190 Re-estimation
SECTION 230-192 Re-estimation - impairments and reversals
SECTION 230-195 Balancing adjustment if rate of return maintained on re-estimation
SECTION 230-200 Re-estimation if balancing adjustment on partial disposal
Subdivision 230-C - Fair value method
SECTION 230-205 Objects of this Subdivision
SECTION 230-210 Fair value election
SECTION 230-215 Fair value election where differing income and accounting years
SECTION 230-220 Financial arrangements to which fair value election applies
SECTION 230-225 Financial arrangements to which election does not apply
SECTION 230-230 Applying fair value method to gains and losses
SECTION 230-235 Splitting financial arrangements into 2 financial arrangements
SECTION 230-240 When election ceases to apply
SECTION 230-245 Balancing adjustment if election ceases to apply
Subdivision 230-D - Foreign exchange retranslation method
SECTION 230-250 Objects of this Subdivision
SECTION 230-255 Foreign exchange retranslation election
SECTION 230-260 Foreign exchange retranslation election where differing income and accounting years
SECTION 230-265 Financial arrangements to which general election applies
SECTION 230-270 Financial arrangements to which general election does not apply
SECTION 230-275 Balancing adjustment for election in relation to qualifying forex accounts
SECTION 230-280 Applying foreign exchange retranslation method to gains and losses
SECTION 230-285 When election ceases to apply
SECTION 230-290 Balancing adjustment if election ceases to apply
Subdivision 230-E - Hedging financial arrangements method
SECTION 230-295 Objects of this Subdivision
SECTION 230-300 Applying hedging financial arrangement method to gains and losses
SECTION 230-305 Table of events and allocation rules
SECTION 230-310 Aligning tax classification of gain or loss from hedging financial arrangement with tax classification of hedged item
SECTION 230-315 Hedging financial arrangement election
SECTION 230-320 Hedging financial arrangement election where differing income and accounting years
SECTION 230-325 Hedging financial arrangements to which election applies
SECTION 230-330 Hedging financial arrangements to which election does not apply
SECTION 230-335 Hedging financial arrangement and hedged item
SECTION 230-340 Generally whole arrangement must be hedging financial arrangement
SECTION 230-345 Requirements not satisfied because of honest mistake or inadvertence
SECTION 230-350 Derivative financial arrangement and foreign currency hedge
SECTION 230-355 Recording requirements
SECTION 230-360 Determining basis for allocating gain or loss
SECTION 230-365 Effectiveness of the hedge
SECTION 230-370 When election ceases to apply
SECTION 230-375 Balancing adjustment if election ceases to apply
SECTION 230-380 Commissioner may determine that requirement met
SECTION 230-385 Consequences of failure to meet requirements
Subdivision 230-F - Reliance on financial reports
SECTION 230-390 Objects of this Subdivision
SECTION 230-395 Election to rely on financial reports
SECTION 230-400 Financial reports election where differing income and accounting years
SECTION 230-405 Commissioner discretion to waive requirements in paragraphs 230-395(2)(c) and (e)
SECTION 230-410 Financial arrangements to which the election applies
SECTION 230-415 Financial arrangements not covered by election
SECTION 230-420 Effect of election to rely on financial reports
SECTION 230-425 When election ceases to apply
SECTION 230-430 Balancing adjustment if election ceases to apply
Subdivision 230-G - Balancing adjustment on ceasing to have a financial arrangement
SECTION 230-435 When balancing adjustment made
SECTION 230-440 Exceptions
SECTION 230-445 Balancing adjustment
Subdivision 230-H - Exceptions
SECTION 230-450 Short-term arrangements where non-money amount involved
SECTION 230-455 Certain taxpayers where no significant deferral
SECTION 230-460 Various rights and/or obligations
SECTION 230-465 Ceasing to have a financial arrangement in certain circumstances
SECTION 230-470 Forgiveness of commercial debts
SECTION 230-475 Clarifying exceptions
SECTION 230-480 Treatment of gains in form of franked distribution etc.
SECTION 230-481 Registered emissions units
Subdivision 230-I - Other provisions
SECTION 230-485 Effect of change of residence - rules for particular methods
SECTION 230-490 Effect of change of residence - disposal and reacquisition etc. after ceasing to be Australian resident where no further recognised gains or losses from arrangement
SECTION 230-495 Effect of change of accounting principles or standards
SECTION 230-500 Comparable foreign accounting and auditing standards
SECTION 230-505 Financial arrangement as consideration for provision or acquisition of a thing
SECTION 230-510 Non-arm ' s length dealings in relation to financial arrangement
SECTION 230-515 Arm ' s length dealings in relation to financial arrangement - adjustment to gain or loss in certain situations
SECTION 230-520 Disregard gains or losses covered by value shifting regime
SECTION 230-522 Adjusting a gain or loss that gives rise to a hybrid mismatch
SECTION 230-525 Consolidated financial reports
SECTION 230-527 Elections - reporting documents of foreign ADIs
Subdivision 230-J - Additional operation of Division
SECTION 230-530 Additional operation of Division
Division 235 - Particular financial transactions
Guide to Division 235
SECTION 235-1 What this Division is about
Subdivision 235-I - Instalment trusts
SECTION 235-805 What this Subdivision is about
SECTION 235-810 Object of this Subdivision
SECTION 235-815 Application of Subdivision
SECTION 235-820 Look-through treatment for instalment trusts
SECTION 235-825 Meaning of instalment trust and instalment trust asset
SECTION 235-830 What trusts are covered - instalment trust arrangements
SECTION 235-835 Requirement for underlying investments to be listed or widely held
SECTION 235-840 What trusts are covered - limited recourse borrowings by regulated superannuation funds
SECTION 235-845 Interactions with other provisions
Division 240 - Arrangements treated as a sale and loan
Guide to Division 240
SECTION 240-1 What this Division is about
SECTION 240-3 How the recharacterisation affects the notional seller
SECTION 240-7 How the recharacterisation affects the notional buyer
Subdivision 240-A - Application and scope of Division
SECTION 240-10 Application of this Division
SECTION 240-15 Scope of Division
Subdivision 240-B - The notional sale and notional loan
SECTION 240-17 Who is the notional seller and the notional buyer?
SECTION 240-20 Notional sale of property by notional seller and notional acquisition of property by notional buyer
SECTION 240-25 Notional loan by notional seller to notional buyer
Subdivision 240-C - Amounts to be included in notional seller ' s assessable income
SECTION 240-30 What this Subdivision is about
SECTION 240-35 Amounts to be included in notional seller's assessable income
SECTION 240-40 Arrangement payments not to be included in notional seller's assessable income
Subdivision 240-D - Deductions allowable to notional buyer
SECTION 240-45 What this Subdivision is about
SECTION 240-50 Extent to which deductions are allowable to notional buyer
SECTION 240-55 Arrangement payments not to be deductions
Subdivision 240-E - Notional interest and arrangement payments
SECTION 240-60 Notional interest
SECTION 240-65 Arrangement payments
SECTION 240-70 Arrangement payment periods
Subdivision 240-F - The end of the arrangement
SECTION 240-75 When is the end of the arrangement?
### (Repealed) SECTION 240-78 Termination amounts
SECTION 240-80 What happens if the arrangement is extended or renewed
SECTION 240-85 What happens if an amount is paid by or on behalf of the notional buyer to acquire the property
SECTION 240-90 What happens if the notional buyer ceases to have the right to use the property
Subdivision 240-G - Adjustments if total amount assessed to notional seller differs from amount of interest
SECTION 240-100 What this Subdivision is about
SECTION 240-105 Adjustments for notional seller
SECTION 240-110 Adjustments for notional buyer
Subdivision 240-H - Application of Division 16E to certain arrangements
SECTION 240-112 Division 16E applies to certain arrangements
Subdivision 240-I - Provisions applying to hire purchase agreements
SECTION 240-115 Another person, or no person taken to own property in certain cases
Division 242 - Leases of luxury cars
Guide to Division 242
SECTION 242-1 What this Division is about
Subdivision 242-A - Notional sale and loan
SECTION 242-5 What this Subdivision is about
SECTION 242-10 Application
SECTION 242-15 Notional sale and acquisition
SECTION 242-20 Consideration for notional sale, and cost, of car
SECTION 242-25 Notional loan by lessor to lessee
Subdivision 242-B - Amount to be included in lessor ' s assessable income
SECTION 242-30 What this Subdivision is about
SECTION 242-35 Amount to be included in lessor ' s assessable income
SECTION 242-40 Treatment of lease payments
Subdivision 242-C - Deductions allowable to lessee
SECTION 242-45 What this Subdivision is about
SECTION 242-50 Extent to which deductions are allowable to lessee
SECTION 242-55 Lease payments not deductible
Subdivision 242-D - Adjustments if total amount assessed to lessor differs from amount of interest
SECTION 242-60 What this Subdivision is about
SECTION 242-65 Adjustments for lessor
SECTION 242-70 Adjustments for lessee
Subdivision 242-E - Extension, renewal and final ending of the lease
SECTION 242-75 What this Subdivision is about
SECTION 242-80 What happens if the term of the lease is extended or the lease is renewed
SECTION 242-85 What happens if an amount is paid by the lessee to acquire the car
SECTION 242-90 What happens if the lessee stops having the right to use the car
Division 243 - Limited recourse debt
Guide to Division 243
SECTION 243-10 What this Division is about
Subdivision 243-A - Circumstances in which Division operates
SECTION 243-15 When does this Division apply?
SECTION 243-20 What is limited recourse debt?
SECTION 243-25 When is a debt arrangement terminated?
SECTION 243-30 What is the financed property and the debt property?
Subdivision 243-B - Working out the excessive deductions
SECTION 243-35 Working out the excessive deductions
Subdivision 243-C - Amounts included in assessable income and deductions
SECTION 243-40 Amount included in debtor's assessable income
SECTION 243-45 Deduction for later payments in respect of debt
SECTION 243-50 Deduction for payments for replacement debt
SECTION 243-55 Effect of Division on later capital allowance deductions
SECTION 243-57 Effect of Division on later capital allowance balancing adjustments
SECTION 243-58 Adjustment where debt only partially used for expenditure
Subdivision 243-D - Special provisions
SECTION 243-60 Application of Division to partnerships
SECTION 243-65 Application where partner reduces liability
SECTION 243-70 Application of Division to companies ceasing to be 100% subsidiary
SECTION 243-75 Application of Division where debt forgiveness rules also apply
Division 245 - Forgiveness of commercial debts
Guide to Division 245
SECTION 245-1 What this Division is about
SECTION 245-2 Simplified outline of this Division
Subdivision 245-A - Debts to which operative rules apply
SECTION 245-5 What this Subdivision is about
SECTION 245-10 Commercial debts
SECTION 245-15 Non-equity shares
SECTION 245-20 Parts of debts
Subdivision 245-B - What constitutes forgiveness of a debt
SECTION 245-30 What this Subdivision is about
SECTION 245-35 What constitutes forgiveness of a debt
SECTION 245-36 What constitutes forgiveness of a debt if the debt is assigned
SECTION 245-37 What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt
SECTION 245-40 Forgivenesses to which operative rules do not apply
SECTION 245-45 Application of operative rules if forgiveness involves an arrangement
Subdivision 245-C - Calculation of gross forgiven amount of a debt
SECTION 245-48 What this Subdivision is about
SECTION 245-50 Extent of forgiveness if consideration is given
SECTION 245-55 General rule for working out the value of a debt
SECTION 245-60 Special rule for working out the value of a non-recourse debt
SECTION 245-61 Special rule for working out the value of a previously assigned debt
SECTION 245-65 Amount offset against amount of debt
SECTION 245-75 Gross forgiven amount of a debt
SECTION 245-77 Gross forgiven amount shared between debtors
Subdivision 245-D - Calculation of net forgiven amount of a debt
SECTION 245-80 What this Subdivision is about
SECTION 245-85 Reduction of gross forgiven amount
SECTION 245-90 Agreement between companies under common ownership for creditor to forgo capital loss or deduction
Subdivision 245-E - Application of net forgiven amounts
SECTION 245-95 What this Subdivision is about
SECTION 245-100 Subdivision not to apply to calculation of attributable income
SECTION 245-105 How total net forgiven amount is applied
SECTION 245-115 Total net forgiven amount is applied in reduction of tax losses
SECTION 245-120 Allocation of total net forgiven amount in respect of tax losses
SECTION 245-130 Remaining total net forgiven amount is applied in reduction of net capital losses
SECTION 245-135 Allocation of remaining total net forgiven amount in respect of net capital losses
SECTION 245-145 Remaining total net forgiven amount is applied in reduction of expenditure
SECTION 245-150 Allocation of remaining total net forgiven amount in respect of expenditures
SECTION 245-155 How expenditure is reduced - straight line deductions
SECTION 245-157 How expenditure is reduced - diminishing balance deductions
SECTION 245-160 Amount applied in reduction of expenditure included in assessable income in certain circumstances
SECTION 245-175 Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets
SECTION 245-180 Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets
SECTION 245-185 Relevant cost bases of investments in associated entities are reduced last
SECTION 245-190 Reduction of the relevant cost bases of a CGT asset
SECTION 245-195 No further consequences if there is any remaining unapplied total net forgiven amount
Subdivision 245-F - Special rules relating to partnerships
SECTION 245-200 What this Subdivision is about
SECTION 245-215 Unapplied total net forgiven amount of a partnership is transferred to partners
Subdivision 245-G - Record keeping
SECTION 245-265 Keeping and retaining records
Division 247 - Capital protected borrowings
SECTION 247-1 What this Division is about
Operative provisions
SECTION 247-5 Object of Division
SECTION 247-10 What capital protected borrowing and capital protection are
SECTION 247-15 Application of this Division
SECTION 247-20 Treating capital protection as a put option
SECTION 247-25 Number of put options
SECTION 247-30 Exercise or expiry of option
Division 250 - Assets put to tax preferred use
Guide to Division 250
SECTION 250-1 What this Division is about
Subdivision 250-A - Objects
SECTION 250-5 Main objects
Subdivision 250-B - When this Division applies to you and an asset
SECTION 250-10 When this Division applies to you and an asset
SECTION 250-15 General test
SECTION 250-20 First exclusion - small business entities
SECTION 250-25 Second exclusion - financial benefits under minimum value limit
SECTION 250-30 Third exclusion - certain short term or low value arrangements
SECTION 250-35 Exceptions to section 250-30
SECTION 250-40 Fourth exclusion - sum of present values of financial benefits less than amount otherwise assessable
SECTION 250-45 Fifth exclusion - Commissioner determination
SECTION 250-50 End user of an asset
SECTION 250-55 Tax preferred end user
SECTION 250-60 Tax preferred use of an asset
SECTION 250-65 Arrangement period for tax preferred use
SECTION 250-70 New tax preferred use at end of arrangement period if tax preferred use continues
SECTION 250-75 What constitutes a separate asset for the purposes of this Division
SECTION 250-80 Treatment of particular arrangements in the same way as leases
SECTION 250-85 Financial benefits in relation to tax preferred use of an asset
SECTION 250-90 Financial benefit provided directly or indirectly
SECTION 250-95 Expected financial benefits in relation to an asset put to tax preferred use
SECTION 250-100 Present value of financial benefit that has already been provided
SECTION 250-105 Discount rate to be used in working out present values
SECTION 250-110 Predominant economic interest
SECTION 250-115 Limited recourse debt test
SECTION 250-120 Right to acquire asset test
SECTION 250-125 Effectively non-cancellable, long term arrangement test
SECTION 250-130 Meaning of effectively non-cancellable arrangement
SECTION 250-135 Level of expected financial benefits test
SECTION 250-140 When to retest predominant economic interest under section 250-135
Subdivision 250-C - Denial of, or reduction in, capital allowance deductions
SECTION 250-145 Denial of capital allowance deductions
SECTION 250-150 Apportionment rule
Subdivision 250-D - Deemed loan treatment of financial benefits provided for tax preferred use
SECTION 250-155 Arrangement treated as loan
SECTION 250-160 Financial benefits that are subject to deemed loan treatment
### (Repealed) SECTION 250-165 Financial arrangement
### (Repealed) SECTION 250-170 Financial arrangement (equity interest or right or obligation in relation to equity interest)
### (Repealed) SECTION 250-175 Rights, obligations and arrangements (grouping and disaggregation rules)
SECTION 250-180 End value of asset
SECTION 250-185 Financial benefits subject to deemed loan treatment not assessed
Subdivision 250-E - Taxation of deemed loan
SECTION 250-190 What this Subdivision is about
SECTION 250-195 Application of Subdivision
SECTION 250-200 Objects of this Subdivision
SECTION 250-205 Gains are assessable and losses deductible
SECTION 250-210 Gain or loss to be taken into account only once under this Act
SECTION 250-215 Methods for taking gain or loss into account
SECTION 250-220 Consistency in working out gains or losses (integrity measure)
SECTION 250-225 Rights and obligations include contingent rights and obligations
SECTION 250-230 Application of accruals method
SECTION 250-235 Overview of the accruals method
SECTION 250-240 Applying accruals method to work out period over which gain or loss is to be spread
SECTION 250-245 How gain or loss is spread
SECTION 250-250 Allocating gain or loss to income years
SECTION 250-255 When to re-estimate
SECTION 250-260 Re-estimation if balancing adjustment on partial disposal
SECTION 250-265 When balancing adjustment made
SECTION 250-270 Exception for subsidiary member leaving consolidated group
SECTION 250-275 Balancing adjustment
SECTION 250-280 Financial arrangement received or provided as consideration
Subdivision 250-F - Treatment of asset when Division ceases to apply to the asset
SECTION 250-285 Treatment of asset after Division ceases to apply to the asset
SECTION 250-290 Balancing adjustment under Subdivision 40-D in some circumstances
Subdivision 250-G - Objections against determinations and decisions by the Commissioner
SECTION 250-295 Objections against determinations and decisions by the Commissioner
Division 253 - Financial claims scheme for account-holders with insolvent ADIs
Subdivision 253-A - Tax treatment of entitlements under financial claims scheme
SECTION 253-1 What this Subdivision is about
SECTION 253-5 Payment of entitlement under financial claims scheme treated as payment from ADI
SECTION 253-10 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects
SECTION 253-15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement
PART 3-25 - PARTICULAR KINDS OF TRUSTS
Division 275 - Australian managed investment trusts: general
Guide to Division 275
SECTION 275-1 What this Division is about
Subdivision 275-A - Meaning of managed investment trust
SECTION 275-5 What this Subdivision is about
SECTION 275-10 Meaning of managed investment trust
SECTION 275-15 Trusts with wholesale membership
SECTION 275-20 Widely-held requirements - ordinary case
SECTION 275-25 Widely-held requirements for registered MIT - special case for entities covered by subsection 275-20(4)
SECTION 275-30 Closely-held restrictions
SECTION 275-35 Licensing requirements for unregistered MIS
SECTION 275-40 MIT participation interest
SECTION 275-45 Meaning of managed investment trust - every member of trust is a managed investment trust etc.
SECTION 275-50 Extended definition of managed investment trust - no fund payment made in relation to the income year
SECTION 275-55 Extended definition of managed investment trust - temporary circumstances outside the control of the trustee
Subdivision 275-B - Choice for capital treatment of managed investment trust gains and losses
SECTION 275-100 Consequences of making choice - CGT to be primary code for calculating MIT gains or losses
SECTION 275-105 Covered assets
SECTION 275-110 MIT not to be trading trust
SECTION 275-115 MIT CGT choices
SECTION 275-120 Consequences of not making choice - revenue account treatment
Subdivision 275-C - Carried interests in managed investment trusts
SECTION 275-200 Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction
Subdivision 275-L - Modification for non-arm ' s length income
SECTION 275-600 What this Subdivision is about
SECTION 275-605 Trustee taxed on amount of non-arm ' s length income of managed investment trust
SECTION 275-610 Non-arm ' s length income
SECTION 275-615 Commissioner ' s determination in relation to amount of non-arm ' s length income
Division 276 - Australian managed investment trusts: attribution managed investment trusts
Guide to Division 276
SECTION 276-1 What this Division is about
Subdivision 276-A - What is an attribution managed investment trust?
SECTION 276-5 What this Subdivision is about
SECTION 276-10 Meaning of attribution managed investment trust (or AMIT )
SECTION 276-15 Clearly defined interests
SECTION 276-20 Trust with classes of membership interests - each class treated as separate AMIT
Subdivision 276-B - Member ' s vested and indefeasible interest in share of income and capital of AMIT
SECTION 276-50 What this Subdivision is about
SECTION 276-55 AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital
Subdivision 276-C - Taxation etc. of member components
SECTION 276-75 What this Subdivision is about
SECTION 276-80 Member ' s assessable income or tax offsets for determined member components - general rules
SECTION 276-85 Member ' s assessable income or tax offsets for determined member components - specific rules
SECTION 276-90 Commissioner ' s determination as to status of member as qualified person
SECTION 276-95 Relationship between section 276-80 and withholding rules
SECTION 276-100 Relationship between section 276-80 and other charging provisions in this Act
SECTION 276-105 Trustee taxed on foreign resident ' s determined member components
SECTION 276-110 Refundable tax offset for foreign resident member - member that is not a trustee
SECTION 276-115 Custodian interposed between AMIT and member
Subdivision 276-D - Member components
SECTION 276-200 What this Subdivision is about
SECTION 276-205 Meaning of determined member component
SECTION 276-210 Meaning of member component
Subdivision 276-E - Trust components
SECTION 276-250 What this Subdivision is about
SECTION 276-255 Meaning of determined trust component
SECTION 276-260 Meaning of trust component
SECTION 276-265 Rules for working out trust components - general rules
SECTION 276-270 Rules for working out trust components - allocation of deductions
Subdivision 276-F - Unders and overs
SECTION 276-300 What this Subdivision is about
SECTION 276-305 Adjustment of trust component for unders and overs
SECTION 276-310 Rounding adjustment deficit increases trust component
SECTION 276-315 Rounding adjustment surplus decreases trust component
SECTION 276-320 Meaning of trust component deficit
SECTION 276-325 Trust component of character relating to assessable income - adjustment for cross-character allocation amount, carry-forward trust component deficit and FITO allocation amount
SECTION 276-330 Meaning of cross-character allocation amount and carry-forward trust component deficit
SECTION 276-335 Meaning of FITO allocation amount
SECTION 276-340 Trust component character relating to tax offset - taxation of trust component deficit
SECTION 276-345 Meaning of under and over of a character
SECTION 276-350 Limited discovery period for unders and overs
Subdivision 276-G - Shortfall and excess taxation
SECTION 276-400 What this Subdivision is about
SECTION 276-405 Trustee taxed on shortfall in determined member component (character relating to assessable income)
SECTION 276-410 Trustee taxed on excess in determined member component (character relating to tax offset)
SECTION 276-415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components
SECTION 276-420 Trustee taxed on amounts of under of character relating to assessable income not properly carried forward
SECTION 276-425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward
SECTION 276-430 Commissioner may remit tax under this Subdivision
Subdivision 276-H - AMMA statements
SECTION 276-450 What this Subdivision is about
SECTION 276-455 Obligation to give an AMMA statement
SECTION 276-460 AMIT member annual statement (or AMMA statement )
Subdivision 276-J - Debt-like trust instruments
SECTION 276-500 What this Subdivision is about
SECTION 276-505 Meaning of debt-like trust instrument
SECTION 276-510 Debt-like trust instruments treated as debt interests etc.
SECTION 276-515 Distribution on debt-like trust instrument could be deductible in working out trust components
Subdivision 276-K - Ceasing to be an AMIT
SECTION 276-800 What this Subdivision is about
SECTION 276-805 Application of Subdivision to former AMIT
SECTION 276-810 Continue to work out trust components, unders, overs etc.
SECTION 276-815 Effect of increase
SECTION 276-820 Effect of decrease
PART 3-30 - SUPERANNUATION
Division 280 - Guide to the superannuation provisions
SECTION 280-1 Effect of this Division
SECTION 280-5 Overview
Contributions phase
SECTION 280-10 Contributions phase - deductibility
SECTION 280-15 Contributions phase - limits on superannuation tax concessions
Investment phase
SECTION 280-20 Investment phase
Benefits phase
SECTION 280-25 Benefits phase - different types of superannuation benefit
SECTION 280-30 Benefits phase - taxation varies with age of recipient and type of benefit
SECTION 280-35 Benefits phase - roll-overs
The regulatory scheme outside this Act
SECTION 280-40 Other relevant legislative schemes
Division 285 - General concepts relating to superannuation
SECTION 285-5 Transfers of property
Division 290 - Contributions to superannuation funds
Guide to Division 290
SECTION 290-1 What this Division is about
Subdivision 290-A - General rules
SECTION 290-5 Non-application to roll-over superannuation benefits etc.
SECTION 290-10 No deductions other than under this Division
Subdivision 290-B - Deduction of employer contributions and other employment-connected contributions
SECTION 290-60 Employer contributions deductible
SECTION 290-65 Application to employees etc.
SECTION 290-70 Employment activity conditions
SECTION 290-75 Complying fund conditions
SECTION 290-80 Age related conditions
SECTION 290-85 Contributions for former employees etc.
SECTION 290-90 Controlling interest deductions
SECTION 290-95 Amounts offset against superannuation guarantee charge
SECTION 290-100 Returned contributions assessable
Subdivision 290-C - Deducting personal contributions
SECTION 290-150 Personal contributions deductible
SECTION 290-155 Complying superannuation fund condition
### (Repealed) SECTION 290-160 Maximum earnings as employee condition
SECTION 290-165 Age-related conditions
SECTION 290-167 Contribution must not be a downsizer contribution
SECTION 290-168 Contribution must not be a re-contribution under the first home super saver scheme
SECTION 290-169 Contribution must not be a COVID-19 re-contribution
SECTION 290-170 Notice of intent to deduct conditions
SECTION 290-175 Deduction limited by amount specified in notice
SECTION 290-180 Notice may be varied but not revoked or withdrawn
Subdivision 290-D - Tax offsets for spouse contributions
SECTION 290-230 Offset for spouse contribution
SECTION 290-235 Limit on amount of tax offsets
SECTION 290-240 Tax file number
Division 291 - Excess concessional contributions
Guide to Division 291
SECTION 291-1 What this Division is about
Subdivision 291-A - Object of this Division
SECTION 291-5 Object of this Division
Subdivision 291-B - Excess concessional contributions
SECTION 291-10 What this Subdivision is about
SECTION 291-15 Excess concessional contributions - assessable income, 15 % tax offset
SECTION 291-20 Your excess concessional contributions for a financial year
SECTION 291-25 Your concessional contributions for a financial year
Subdivision 291-C - Modifications for defined benefit interests
SECTION 291-155 What this Subdivision is about
SECTION 291-160 Application
SECTION 291-165 Concessional contributions - special rules for defined benefit interests
SECTION 291-170 Notional taxed contributions
SECTION 291-175 Defined benefit interest
Subdivision 291-CA - Contributions that do not result in excess contributions
SECTION 291-365 What this Subdivision is about
SECTION 291-370 Contributions that do not result in excess contributions
Subdivision 291-D - Other provisions
SECTION 291-460 What this Subdivision is about
SECTION 291-465 Commissioner ' s discretion to disregard contributions etc. in relation to a financial year
Division 292 - Excess non-concessional contributions
Guide to Division 292
SECTION 292-1 What this Division is about
Subdivision 292-A - Object of this Division
SECTION 292-5 Object of this Division
Subdivision 292-B - Assessable income and tax offset
SECTION 292-15 What this Subdivision is about
SECTION 292-20 Amount in assessable income, and tax offset, relating to your non-concessional contributions
SECTION 292-25 Amount included in assessable income
SECTION 292-30 Amount of the tax offset
Subdivision 292-C - Excess non-concessional contributions tax
SECTION 292-75 What this Subdivision is about
SECTION 292-80 Liability for excess non-concessional contributions tax
SECTION 292-85 Your excess non-concessional contributions for a financial year
SECTION 292-90 Your non-concessional contributions for a financial year
SECTION 292-95 Contributions arising from structured settlements or orders for personal injuries
SECTION 292-100 Contribution relating to some CGT small business concessions
SECTION 292-102 Downsizer contributions
SECTION 292-103 COVID-19 re-contributions
SECTION 292-105 CGT cap amount
(Repealed) Subdivision 292-D - Modifications for defined benefit interests
### (Repealed) SECTION 292-155 What this Subdivision is about
### (Repealed) SECTION 292-160 Application
### (Repealed) SECTION 292-165 Concessional contributions - special rules for defined benefit interests
### (Repealed) SECTION 292-170 Notional taxed contributions
### (Repealed) SECTION 292-175 Defined benefit interest
Subdivision 292-E - Excess non-concessional contributions tax assessments
SECTION 292-225 What this Subdivision is about
SECTION 292-230 Commissioner must make an excess non-concessional contributions tax assessment
### (Repealed) SECTION 292-235 Part-year assessment
SECTION 292-240 Validity of assessment
SECTION 292-245 Objections
### (Repealed) SECTION 292-250 Evidence
Subdivision 292-F - Amending excess non-concessional contributions tax assessments
SECTION 292-300 What this Subdivision is about
SECTION 292-305 Amendments within 4 years of the original assessment
SECTION 292-310 Amended assessments are treated as excess non-concessional contributions tax assessments
SECTION 292-315 Later amendments - on request
SECTION 292-320 Later amendments - fraud or evasion
SECTION 292-325 Further amendment of an amended particular
SECTION 292-330 Amendment on review etc.
Subdivision 292-G - Collection and recovery
SECTION 292-380 What this Subdivision is about
SECTION 292-385 Due date for payment of excess non-concessional contributions tax
SECTION 292-390 General interest charge
SECTION 292-395 Refunds of amounts overpaid
### (Repealed) SECTION 292-400 Security for payment of tax
### (Repealed) SECTION 292-405 Release authority
### (Repealed) SECTION 292-410 Giving a release authority to a superannuation provider
### (Repealed) SECTION 292-415 Superannuation provider given release authority must pay amount
### (Repealed) SECTION 292-420 Release authorities for refunded excess concessional contributions
### (Repealed) SECTION 292-425 Interest for late payments of money received by the Commissioner in accordance with release authority
Subdivision 292-H - Other provisions
SECTION 292-465 Commissioner ' s discretion to disregard contributions etc. in relation to a financial year
SECTION 292-467 Direction that the value of superannuation interests is nil
### (Repealed) SECTION 292-468 Variations etc. of refunded excess concessional contributions determinations
### (Repealed) SECTION 292-469 Objections against determinations etc.
### (Repealed) SECTION 292-470 Power of Commissioner to obtain information
Division 293 - Sustaining the superannuation contribution concession
Guide to Division 293
SECTION 293-1 What this Division is about
Subdivision 293-A - Object of this Division
SECTION 293-5 Object of this Division
Subdivision 293-B - Sustaining the superannuation contribution concession
SECTION 293-10 What this Subdivision is about
SECTION 293-15 Liability for tax
SECTION 293-20 Your taxable contributions
SECTION 293-25 Your low tax contributions
SECTION 293-30 Low tax contributed amounts
### (Repealed) SECTION 293-35 Effect of determination relating to refunded excess concessional contributions
Subdivision 293-C - When tax is payable
SECTION 293-60 What this Subdivision is about
SECTION 293-65 When tax is payable - original assessments
SECTION 293-70 When tax is payable - amended assessments
SECTION 293-75 General interest charge
Subdivision 293-D - Modifications for defined benefit interests
SECTION 293-100 What this Subdivision is about
SECTION 293-105 Low tax contributions - modification for defined benefit interests
### (Repealed) SECTION 293-110 Effect of determination relating to refunded excess concessional contributions
SECTION 293-115 Defined benefit contributions
Subdivision 293-E - Modifications for constitutionally protected State higher level office holders
SECTION 293-140 What this Subdivision is about
SECTION 293-145 Who this Subdivision applies to
SECTION 293-150 Low tax contributions - modification for CPFs
SECTION 293-155 High income threshold - effect of modification
SECTION 293-160 Salary packaged contributions
Subdivision 293-F - Modifications for Commonwealth justices
SECTION 293-185 What this Subdivision is about
SECTION 293-190 Who this Subdivision applies to
SECTION 293-195 Defined benefit contributions - modified treatment of contributions under the Judges ' Pensions Act 1968
SECTION 293-200 High income threshold - effect of modification
Subdivision 293-G - Modifications for temporary residents who depart Australia
SECTION 293-225 What this Subdivision is about
SECTION 293-230 Who is entitled to a refund
SECTION 293-235 Amount of the refund
SECTION 293-240 Entitlement to refund stops all Division 293 tax liabilities
Division 294 - Transfer balance cap
Guide to Division 294
SECTION 294-1 What this Division is about
Subdivision 294-A - Object of this Division
SECTION 294-5 Object of this Division
Subdivision 294-B - Transfer balance account
SECTION 294-10 What this Subdivision is about
SECTION 294-15 When you have a transfer balance account
SECTION 294-20 Meaning of retirement phase recipient
SECTION 294-25 Transfer balance credits
SECTION 294-30 Excess transfer balance
SECTION 294-35 Your transfer balance cap
SECTION 294-40 Proportionally indexed transfer balance cap
SECTION 294-45 Transfer balance account ends
SECTION 294-50 Assumptions about income streams
SECTION 294-55 Repayment of limited recourse borrowing arrangement
Subdivision 294-C - Transfer balance debits
SECTION 294-75 What this Subdivision is about
SECTION 294-80 Transfer balance debits
SECTION 294-85 Certain events that result in reduced superannuation
SECTION 294-90 Payment splits
SECTION 294-95 Payment splits - no double debiting
Subdivision 294-D - Modifications for certain defined benefit income streams
SECTION 294-120 What this Subdivision is about
SECTION 294-125 When this Subdivision applies
SECTION 294-130 Meaning of capped defined benefit income stream
SECTION 294-135 Transfer balance credit - special rule for capped defined benefit income streams
SECTION 294-140 Excess transfer balance - special rule for capped defined benefit income streams
SECTION 294-145 Transfer balance debits - special rules for capped defined benefit income streams
Subdivision 294-E - Modifications for death benefits dependants who are children
SECTION 294-170 What this Subdivision is about
SECTION 294-175 When this Subdivision applies
SECTION 294-180 Transfer balance account ends
SECTION 294-185 Transfer balance cap - special rule for child recipient
SECTION 294-190 Cap increment - child recipient just before 1 July 2017
SECTION 294-195 Cap increment - child recipient on or after 1 July 2017, deceased had no transfer balance account
SECTION 294-200 Cap increment - child recipient on or after 1 July 2017, deceased had transfer balance account
Subdivision 294-F - Excess transfer balance tax
SECTION 294-225 What this Subdivision is about
SECTION 294-230 Excess transfer balance tax
SECTION 294-235 Your excess transfer balance earnings
SECTION 294-240 When tax is payable - original assessments
SECTION 294-245 When tax is payable - amended assessments
SECTION 294-250 General interest charge
Division 295 - Taxation of superannuation entities
Guide to Division 295
SECTION 295-1 What this Division is about
Subdivision 295-A - Provisions of general operation
SECTION 295-5 Entities to which Division applies
SECTION 295-10 How to work out the tax payable by superannuation entities
SECTION 295-15 Division does not impose a tax on property of a State
SECTION 295-20 Exempting laws ineffective
SECTION 295-25 Assessments on basis of anticipated SIS Act notice
SECTION 295-30 Effect of revocation etc. of SIS Act notices
SECTION 295-35 Acronyms used in tables
Subdivision 295-B - Modifications of provisions of this Act
SECTION 295-85 CGT to be primary code for calculating gains or losses
SECTION 295-90 CGT rules for pre-30 June 1988 assets
SECTION 295-95 Deductions related to contributions
SECTION 295-100 Deductions for investing in PSTs and life policies
SECTION 295-105 Distributions to PST unitholders
Subdivision 295-C - Contributions included
SECTION 295-155 What this Subdivision is about
SECTION 295-160 Contributions and payments
SECTION 295-165 Exception - spouse contributions
SECTION 295-170 Exception - Government co-contributions and contributions for a child
### (Repealed) SECTION 295-171 Exception - payments from FHSAs and Government FHSA contributions
SECTION 295-173 Exception - trustee contributions
SECTION 295-175 Exception - payments by a member spouse
SECTION 295-180 Exception - choice to exclude certain contributions
SECTION 295-185 Exception - temporary residents
SECTION 295-190 Personal contributions and roll-over amounts
SECTION 295-195 Exclusion of personal contributions - contributions
SECTION 295-197 Exclusion of personal contributions - successor funds
SECTION 295-200 Transfers from foreign superannuation funds
SECTION 295-205 Application of tables to RSA providers
SECTION 295-210 Former constitutionally protected funds
Subdivision 295-D - Contributions excluded
SECTION 295-260 Transfer of liability to investment vehicle
SECTION 295-265 Application of pre-1 July 88 funding credits
SECTION 295-270 Anticipated funding credits
Subdivision 295-E - Other income amounts
SECTION 295-320 Other amounts included in assessable income
SECTION 295-325 Previously complying funds
SECTION 295-330 Previously foreign funds
SECTION 295-335 Amounts excluded from assessable income
Subdivision 295-F - Exempt income
SECTION 295-385 Income from assets set aside to meet current pension liabilities
SECTION 295-387 Disregarded small fund assets
SECTION 295-390 Income from other assets used to meet current pension liabilities
SECTION 295-395 Meaning of segregated non-current assets
SECTION 295-400 Income of a PST attributable to current pension liabilities
SECTION 295-405 Other exempt income
SECTION 295-407 Covered superannuation income streams - RSAs
SECTION 295-410 Amount credited to RSA
Subdivision 295-G - Deductions
SECTION 295-460 Benefits for which deductions are available
SECTION 295-465 Complying funds - deductions for insurance premiums
SECTION 295-470 Complying funds - deductions for future liability to pay benefits
SECTION 295-475 RSA providers - deductions for insurance premiums
SECTION 295-480 Meaning of whole of life policy and endowment policy
### (Repealed) SECTION 295-485 Deductions for increased amount of superannuation lump sum death benefit
SECTION 295-490 Other deductions
SECTION 295-495 Amounts that cannot be deducted
Subdivision 295-H - Components of taxable income
SECTION 295-545 Components of taxable income - complying superannuation funds, complying ADFs and PSTs
SECTION 295-550 Meaning of non-arm ' s length income
SECTION 295-555 Components of taxable income - RSA providers
Subdivision 295-I - No-TFN contributions
SECTION 295-605 Liability for tax on no-TFN contributions income
SECTION 295-610 No-TFN contributions income
SECTION 295-615 Meaning of quoted (for superannuation purposes)
SECTION 295-620 No reduction under Subdivision 295-D
SECTION 295-625 Assessments
Subdivision 295-J - Tax offset for no-TFN contributions income (TFN quoted within 5 years)
SECTION 295-675 Entitlement to a tax offset
SECTION 295-680 Amount of the tax offset
Division 301 - Superannuation member benefits paid from complying plans etc.
Guide to Division 301
SECTION 301-1 What this Division is about
Subdivision 301-A - Application
SECTION 301-5 Division applies to superannuation member benefits paid from complying plans etc.
Subdivision 301-B - Member benefits: general rules
SECTION 301-10 All superannuation benefits are tax free
SECTION 301-15 Tax free status of tax free component
SECTION 301-20 Superannuation lump sum - taxable component taxed at 0% up to low rate cap amount, 15% on remainder
SECTION 301-25 Superannuation income stream - taxable component attracts 15% offset
SECTION 301-30 Tax free status of tax free component
SECTION 301-35 Superannuation lump sum - taxable component taxed at 20%
SECTION 301-40 Superannuation income stream - taxable component is assessable income, 15% offset for disability benefit
Subdivision 301-C - Member benefits: elements untaxed in fund
SECTION 301-90 Tax free component and element taxed in fund dealt with under Subdivision 301-B, but element untaxed in the fund dealt with under this Subdivision
SECTION 301-95 Superannuation lump sum - element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder
SECTION 301-100 Superannuation income stream - element untaxed in fund attracts 10% offset
SECTION 301-105 Superannuation lump sum - element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder
SECTION 301-110 Superannuation income stream - element untaxed in fund is assessable income
SECTION 301-115 Superannuation lump sum - element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder
SECTION 301-120 Superannuation income stream - element untaxed in fund is assessable income
SECTION 301-125 Unclaimed money payments by the Commissioner
Subdivision 301-D - Departing Australia superannuation payments
SECTION 301-170 Departing Australia superannuation payments
SECTION 301-175 Treatment of departing Australia superannuation benefits
Subdivision 301-E - Superannuation lump sum member benefits less than $200
SECTION 301-225 Superannuation lump sum member benefits less than $200 are tax free
Subdivision 301-F - Veterans ' superannuation (invalidity pension) tax offset
SECTION 301-275 Veterans ' superannuation (invalidity pension) tax offset
Division 302 - Superannuation death benefits paid from complying plans etc.
Guide to Division 302
SECTION 302-1 What this Division is about
Subdivision 302-A - Application
SECTION 302-5 Division applies to superannuation death benefits paid from complying plans etc.
SECTION 302-10 Superannuation death benefits paid to trustee of deceased estate
Subdivision 302-B - Death benefits to dependant
SECTION 302-60 All of superannuation lump sum is tax free
SECTION 302-65 Superannuation income stream benefits are tax free
SECTION 302-70 Superannuation income stream - tax free status of tax free component
SECTION 302-75 Superannuation income stream - taxable component attracts 15% offset
SECTION 302-80 Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant
SECTION 302-85 Deceased died aged 60 or above or dependant aged 60 years or above - superannuation income stream: element untaxed in fund attracts 10% offset
SECTION 302-90 Deceased died aged under 60 and dependant aged under 60 - superannuation income stream: element untaxed in fund is assessable income
Subdivision 302-C - Death benefits to non-dependant
SECTION 302-140 Superannuation lump sum - tax free status of tax free component
SECTION 302-145 Superannuation lump sum - element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%
Subdivision 302-D - Definitions relating to dependants
SECTION 302-195 Meaning of death benefits dependant
SECTION 302-200 What is an interdependency relationship ?
Division 303 - Superannuation benefits paid in special circumstances
Guide to Division 303
SECTION 303-1 What this Division is about
Subdivision 303-A - Modifications for defined benefit income
SECTION 303-2 Effect of exceeding defined benefit income cap on assessable income
SECTION 303-3 Effect of exceeding defined benefit income cap on tax offsets
SECTION 303-4 Meaning of defined benefit income cap
Subdivision 303-B - Other special circumstances
SECTION 303-5 Commutation of income stream if you are under 25 etc.
SECTION 303-10 Superannuation lump sum member benefit paid to member having a terminal medical condition
SECTION 303-15 Payments from release authorities - general
### (Repealed) SECTION 303-17 Payments from release authorities etc. - released non-concessional contributions and associated earnings
SECTION 303-20 Payments from release authorities - paying debt account discharge liability for a superannuation interest
Division 304 - Superannuation benefits in breach of legislative requirements etc.
Guide to Division 304
SECTION 304-1 What this Division is about
Operative provisions
SECTION 304-5 Application
SECTION 304-10 Superannuation benefits in breach of legislative requirements etc.
### (Repealed) SECTION 304-15 Excess payments from release authorities
SECTION 304-20 Excess payments from release authorities - paying debt account discharge liability for a superannuation interest
Division 305 - Superannuation benefits paid from non-complying superannuation plans
Guide to Division 305
SECTION 305-1 What this Division is about
Subdivision 305-A - Superannuation benefits from Australian non-complying superannuation funds
SECTION 305-5 Tax treatment of superannuation benefits from certain Australian non-complying superannuation funds
Subdivision 305-B - Superannuation benefits from foreign superannuation funds
SECTION 305-55 Restriction to lump sums received from certain foreign superannuation funds
SECTION 305-60 Lump sums tax free - foreign resident period
SECTION 305-65 Lump sums tax free - Australian resident period
SECTION 305-70 Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.
SECTION 305-75 Lump sums - applicable fund earnings
SECTION 305-80 Lump sums paid into complying superannuation plans - choice
Division 306 - Roll-overs etc.
Guide to Division 306
SECTION 306-1 What this Division is about
Operative provisions
SECTION 306-5 Effect of a roll-over superannuation benefit
SECTION 306-10 Roll-over superannuation benefit
SECTION 306-12 Involuntary roll-over superannuation benefit
SECTION 306-15 Tax on excess untaxed roll-over amounts
SECTION 306-20 Effect of payment to government of unclaimed superannuation money
SECTION 306-25 Payments connected with financial claims scheme to RSAs
Division 307 - Key concepts relating to superannuation benefits
Guide to Division 307
SECTION 307-1 What this Division is about
Subdivision 307-A - Superannuation benefits generally
SECTION 307-5 What is a superannuation benefit?
SECTION 307-10 Payments that are not superannuation benefits
SECTION 307-15 Payments for your benefit or at your direction or request
Subdivision 307-B - Superannuation lump sums and superannuation income stream benefits
SECTION 307-65 Meaning of superannuation lump sum
SECTION 307-70 Meaning of superannuation income stream and superannuation income stream benefit
SECTION 307-75 Meaning of retirement phase superannuation income stream benefit
SECTION 307-80 When a superannuation income stream is in the retirement phase
Subdivision 307-C - Components of a superannuation benefit
SECTION 307-120 Components of superannuation benefit
SECTION 307-125 Proportioning rule
SECTION 307-130 Superannuation guarantee payment consists entirely of taxable component
SECTION 307-133 PPL superannuation contribution payment
SECTION 307-135 Superannuation co-contribution benefit payment consists entirely of tax free component
SECTION 307-140 Contributions-splitting superannuation benefit consists entirely of taxable component
SECTION 307-142 Components of certain unclaimed money payments
SECTION 307-143 Components of a superannuation benefit that is a repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination
SECTION 307-145 Modification for disability benefits
SECTION 307-150 Modification in respect of superannuation lump sum with element untaxed in fund
Subdivision 307-D - Superannuation interests
SECTION 307-200 Regulations relating to meaning of superannuation interests
SECTION 307-205 Value of superannuation interest
SECTION 307-210 Tax free component of superannuation interest
SECTION 307-215 Taxable component of superannuation interest
SECTION 307-220 What is the contributions segment ?
SECTION 307-225 What is the crystallised segment ?
SECTION 307-230 Total superannuation balance
SECTION 307-231 Limited recourse borrowing arrangements
Subdivision 307-E - Elements taxed and untaxed in the fund of the taxable component of superannuation benefit
SECTION 307-275 Element taxed in the fund and element untaxed in the fund of superannuation benefits
SECTION 307-280 Superannuation benefits from constitutionally protected funds etc.
SECTION 307-285 Trustee can choose to convert element taxed in the fund to element untaxed in the fund
SECTION 307-290 Taxed and untaxed elements of death benefit superannuation lump sums
SECTION 307-295 Superannuation benefits from public sector superannuation schemes may include untaxed element
SECTION 307-297 Public sector superannuation schemes - elements set by regulations
SECTION 307-300 Certain unclaimed money payments
Subdivision 307-F - Low rate cap and untaxed plan cap amounts
SECTION 307-345 Low rate cap amount
SECTION 307-350 Untaxed plan cap amount
Subdivision 307-G - Other concepts
SECTION 307-400 Meaning of service period for a superannuation lump sum
Division 310 - Loss relief for merging superannuation funds
Guide to Division 310
SECTION 310-1 What this Division is about
Operative provisions
SECTION 310-5 Object
Subdivision 310-B - Choice to transfer losses
SECTION 310-10 Original fund ' s assets extend beyond life insurance policies and units in pooled superannuation trusts
SECTION 310-15 Original fund ' s assets include a complying superannuation life insurance policy
SECTION 310-20 Original fund ' s assets include units in a pooled superannuation trust
Subdivision 310-C - Consequences of choosing to transfer losses
SECTION 310-25 Who losses can be transferred to
SECTION 310-30 Losses that can be transferred
SECTION 310-35 Effect of transferring a net capital loss
SECTION 310-40 Effect of transferring a tax loss
Subdivision 310-D - Choice for assets roll-over
SECTION 310-45 Choosing the assets roll-over
SECTION 310-50 Choosing the form of the assets roll-over
Subdivision 310-E - Consequences of choosing assets roll-over
SECTION 310-55 CGT assets - if global asset approach chosen
SECTION 310-60 CGT assets - individual asset approach
SECTION 310-65 Revenue assets - if global asset approach chosen
SECTION 310-70 Revenue assets - individual asset approach
SECTION 310-75 Further consequences for roll-overs involving life insurance companies
Subdivision 310-F - Choices
SECTION 310-85 Choices
(Repealed) Division 311 - Loss relief and asset roll-over for transfer of amounts to a MySuper product
(Repealed) Guide to Division 311
### (Repealed) SECTION 311-1 What this Division is about
(Repealed) Operative provisions
### (Repealed) SECTION 311-5 Object
(Repealed) Subdivision 311-B - Choosing loss transfers and asset roll-overs
### (Repealed) SECTION 311-10 Certain entities can choose transfer of losses, asset roll-overs, or both for transfers between funds
### (Repealed) SECTION 311-12 Certain entities can choose asset roll-overs for transfers within a fund
(Repealed) Subdivision 311-C - Consequences of choosing to transfer losses
### (Repealed) SECTION 311-15 Who losses can be transferred to
### (Repealed) SECTION 311-20 Losses that can be transferred
### (Repealed) SECTION 311-25 Effect of transferring a net capital loss
### (Repealed) SECTION 311-30 Effect of transferring a tax loss
### (Repealed) SECTION 311-35 Realisation of certain assets after completion time
(Repealed) Subdivision 311-D - Consequences of choosing asset roll-over
### (Repealed) SECTION 311-40 Assets roll-over - transfers between funds
### (Repealed) SECTION 311-42 Assets roll-over - transfers within a fund
### (Repealed) SECTION 311-45 CGT assets
### (Repealed) SECTION 311-50 Revenue assets
### (Repealed) SECTION 311-55 Further consequences for roll-overs involving life insurance companies
(Repealed) Subdivision 311-E - Choices
### (Repealed) SECTION 311-60 Choices
Division 312 - Trans-Tasman portability of retirement savings
Guide to Division 312
SECTION 312-1 What this Division is about
Subdivision 312-A - Preliminary
SECTION 312-5 Division implements Arrangement with New Zealand
Subdivision 312-B - Amounts contributed to complying superannuation funds from KiwiSaver schemes
SECTION 312-10 Amounts contributed to complying superannuation funds from KiwiSaver schemes
Subdivision 312-C - Superannuation benefits paid to KiwiSaver scheme providers
SECTION 312-15 Superannuation benefits paid from complying superannuation funds to KiwiSaver schemes
SECTION 312-20 Superannuation benefits paid by Commissioner to KiwiSaver schemes
Division 313 - First home super saver scheme
Guide to Division 313
SECTION 313-1 What this Division is about
Subdivision 313-A - Preliminary
SECTION 313-5 Object of this Division
SECTION 313-10 Application of this Division
Subdivision 313-B - Assessable income and tax offset
SECTION 313-15 What this Subdivision is about
SECTION 313-20 Amount included in assessable income
SECTION 313-25 Amount of the tax offset
Subdivision 313-C - Purchasing or constructing a residential premises
SECTION 313-30 What this Subdivision is about
SECTION 313-35 Purchasing or constructing a residential premises
SECTION 313-40 Notifying Commissioner
Subdivision 313-D - Contributing amounts to superannuation
SECTION 313-45 What this Subdivision is about
SECTION 313-50 Contributing amounts to superannuation
Subdivision 313-E - First home super saver tax
SECTION 313-55 What this Subdivision is about
SECTION 313-60 First home super saver tax
SECTION 313-65 When tax is payable - original assessments
SECTION 313-70 When tax is payable - amended assessments
SECTION 313-75 General interest charge
Subdivision 313-F - Review of decisions
SECTION 313-80 What this Subdivision is about
SECTION 313-85 Review rights for decisions made under this Division
PART 3-32 - CO-OPERATIVES AND MUTUAL ENTITIES
Division 315 - Demutualisation of private health insurers
Guide to Division 315
SECTION 315-1 What this Division is about
Subdivision 315-A - Capital gains and losses connected with a demutualisation of a private health insurer to be disregarded
SECTION 315-5 Policy holders to disregard capital gains and losses related to demutualisation of private health insurer
SECTION 315-10 Effect on the legal personal representative or beneficiary
SECTION 315-15 Demutualisations to which this Division applies
SECTION 315-20 What assets are covered
SECTION 315-25 Demutualising health insurers to disregard capital gains and losses related to demutualisation
SECTION 315-30 Other entities to disregard capital gains and losses related to demutualisation
Subdivision 315-B - Cost base of certain shares and rights in private health insurers
SECTION 315-80 Cost base and acquisition time of demutualisation assets
SECTION 315-85 Demutualisation asset
SECTION 315-90 Participating policy holders
Subdivision 315-C - Lost policy holders trust
SECTION 315-140 Lost policy holders trust
SECTION 315-145 CGT treatment of demutualisation assets in lost policy holders trust
SECTION 315-150 Roll-over where assets transferred to lost policy holder
SECTION 315-155 Trustee assessed if assets dealt with not for benefit of lost policy holder
SECTION 315-160 Subdivision 126-E does not apply to lost policy holders trust
Subdivision 315-D - Special cost base rules for certain shares and rights in holding companies
SECTION 315-210 Cost base for shares and rights in certain holding companies
Subdivision 315-E - Special CGT rule for legal personal representatives and beneficiaries
SECTION 315-260 Special CGT rule for legal personal representatives and beneficiaries
Subdivision 315-F - Non-CGT consequences of demutualisation
SECTION 315-310 General taxation consequences of issue of demutualisation assets etc.
Division 316 - Demutualisation of friendly society health or life insurers
Guide to Division 316
SECTION 316-1 What this Division is about
Subdivision 316-A - Application
SECTION 316-5 Application of this Division
Subdivision 316-B - Capital gains and losses connected with the demutualisation
SECTION 316-50 What this Subdivision is about
SECTION 316-55 Disregarding capital gains and losses, except some involving receipt of money
SECTION 316-60 Taking account of some capital gains and losses involving receipt of money
SECTION 316-65 Valuation factor for sections 316-60, 316-105 and 316-165
SECTION 316-70 Value of the friendly society
SECTION 316-75 Disregarding friendly society ' s capital gains and losses
SECTION 316-80 Disregarding other entities ' capital gains and losses
Subdivision 316-C - Cost base of shares and rights issued under the demutualisation
SECTION 316-100 What this Subdivision is about
SECTION 316-105 Cost base and time of acquisition of shares and certain rights issued under demutualisation
SECTION 316-110 Demutualisation assets
SECTION 316-115 Entities to which section 316-105 applies
Subdivision 316-D - Lost policy holders trust
SECTION 316-150 What this Subdivision is about
SECTION 316-155 Lost policy holders trust
SECTION 316-160 Disregarding beneficiaries ' capital gains and losses, except some involving receipt of money
SECTION 316-165 Taking account of some capital gains and losses involving receipt of money by beneficiaries
SECTION 316-170 Roll-over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust
SECTION 316-175 Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust
SECTION 316-180 Subdivision 126-E does not apply
Subdivision 316-E - Special CGT rules for legal personal representatives and beneficiaries
SECTION 316-200 Demutualisation assets not owned by deceased but passing to beneficiary in deceased estate
SECTION 316-205 Interest in lost policy holders trust not owned by deceased but passing to beneficiary in deceased estate
Subdivision 316-F - Non-CGT consequences of the demutualisation
SECTION 316-250 What this Subdivision is about
SECTION 316-255 General taxation consequences of issue of demutualisation assets etc.
SECTION 316-260 Franking debits to stop the friendly society and its subsidiaries having franking surpluses
SECTION 316-265 Franking debits to negate franking credits from some distributions to friendly society and subsidiaries
SECTION 316-270 Franking debits to negate franking credits from post-demutualisation payments of pre-demutualisation tax
SECTION 316-275 Franking credits to negate franking debits from refunds of tax paid before demutualisation
PART 3-35 - INSURANCE BUSINESS
Division 320 - Life insurance companies
Guide to Division 320
SECTION 320-1 What this Division is about
Operative provisions
SECTION 320-5 Object of Division
Subdivision 320-B - What is included in a life insurance company ' s assessable income
SECTION 320-10 What this Subdivision is about
SECTION 320-15 Assessable income - various amounts
SECTION 320-30 Assessable income - special provision for certain income years
SECTION 320-35 Exempt income
SECTION 320-37 Non-assessable non-exempt income
SECTION 320-45 Tax treatment of gains or losses from CGT events in relation to complying superannuation assets
Subdivision 320-C - Deductions and capital losses
SECTION 320-50 What this Subdivision is about
SECTION 320-55 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets
SECTION 320-60 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets
SECTION 320-65 Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits
SECTION 320-70 No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability
SECTION 320-75 Deduction for ordinary investment policies
SECTION 320-80 Deduction for certain claims paid under life insurance policies
SECTION 320-85 Deduction for increase in value of liabilities under net risk components of life insurance policies
SECTION 320-87 Deduction for assets transferred from or to complying superannuation asset pool
SECTION 320-100 Deduction for life insurance premiums paid under certain contracts of reinsurance
SECTION 320-105 Deduction for assets transferred to segregated exempt assets
### (Repealed) SECTION 320-107 Deductions for increased amount of lump sum death benefit
SECTION 320-110 Deduction for interest credited to income bonds
SECTION 320-111 Deduction for funeral policy payout
SECTION 320-112 Deduction for scholarship plan payout
SECTION 320-115 No deduction for amounts credited to RSAs
SECTION 320-120 Capital losses from assets other than complying superannuation assets or segregated exempt assets
SECTION 320-125 Capital losses from complying superannuation assets
Subdivision 320-D - Income tax, taxable income and tax loss of life insurance companies
SECTION 320-130 What this Subdivision is about
SECTION 320-131 Overview of Subdivision
SECTION 320-133 Object of Subdivision
SECTION 320-134 Income tax of a life insurance company
SECTION 320-135 Taxable income and tax loss of each of the 2 classes
SECTION 320-137 Taxable income - complying superannuation class
SECTION 320-139 Taxable income - ordinary class
SECTION 320-141 Tax loss - complying superannuation class
SECTION 320-143 Tax loss - ordinary class
SECTION 320-149 Provisions that apply only in relation to the ordinary class
Subdivision 320-E - No-TFN contributions of life insurance companies that are RSA providers
SECTION 320-150 What this Subdivision is about
SECTION 320-155 Subdivisions 295-I and 295-J apply to companies that are RSA providers
Subdivision 320-F - Complying superannuation asset pool
SECTION 320-165 What this Subdivision is about
SECTION 320-170 Establishment of complying superannuation asset pool
SECTION 320-175 Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time
SECTION 320-180 Consequences of a valuation under section 320-175
SECTION 320-185 Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320-175
SECTION 320-190 Complying superannuation liabilities
SECTION 320-195 Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320-175
SECTION 320-200 Consequences of transfer of assets to or from complying superannuation asset pool
### (Repealed) SECTION 320-205 What is the virtual PST component
Subdivision 320-G - Specified roll-over component of complying superannuation class
### (Repealed) SECTION 320-210 What this Subdivision is about
### (Repealed) SECTION 320-215 What is the specified roll-over component
Subdivision 320-H - Segregation of assets to discharge exempt life insurance policy liabilities
SECTION 320-220 What this Subdivision is about
SECTION 320-225 Segregation of assets for purpose of discharging exempt life insurance policy liabilities
SECTION 320-230 Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time
SECTION 320-235 Consequences of a valuation under section 320-230
SECTION 320-240 Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320-230
SECTION 320-245 Exempt life insurance policy liabilities
SECTION 320-246 Exempt life insurance policy
SECTION 320-247 Policy split into an exempt life insurance policy and another life insurance policy
SECTION 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
SECTION 320-255 Consequences of transfer of assets to or from segregated exempt assets
Subdivision 320-I - Transfers of business
SECTION 320-300 What this Subdivision is about
SECTION 320-305 When this Subdivision applies
SECTION 320-310 Special deductions and amounts of assessable income
SECTION 320-315 Complying superannuation asset pool and segregated exempt assets
SECTION 320-320 Certain amounts treated as life insurance premiums
SECTION 320-325 Friendly societies
SECTION 320-330 Immediate annuities
SECTION 320-335 Parts of assets treated as separate assets
SECTION 320-340 Continuous disability policies
SECTION 320-345 Exemption of management fees
Division 321 - General insurance companies and companies that self-insure in respect of workers ' compensation liabilities
Subdivision 321-A - Provision for, and payment of, claims by general insurance companies
SECTION 321-10 Assessable income to include amount for reduction in adjusted liability for incurred claims
SECTION 321-15 Deduction for increase in adjusted liability for incurred claims
SECTION 321-20 How the value of adjusted liability for incurred claims is worked out
SECTION 321-25 Deduction for claims paid during current year
Subdivision 321-B - Premium income of general insurance companies
SECTION 321-45 Assessable income to include gross premiums
SECTION 321-50 Assessable income to include amount for reduction in adjusted liability for remaining coverage
SECTION 321-55 Deduction for increase in adjusted liability for remaining coverage
SECTION 321-60 How the value of adjusted liability for remaining coverage is worked out
Subdivision 321-C - Companies that self-insure in respect of workers ' compensation liabilities
SECTION 321-80 Assessable income to include amount for reduction in outstanding claims liability
SECTION 321-85 Deduction for outstanding claims liability
SECTION 321-90 How value of outstanding claims liability is worked out
SECTION 321-95 Deductions for claims paid during current year
Division 322 - Assistance for policyholders with insolvent general insurers
SECTION 322-1 What this Division is about
Subdivision 322-A - HIH rescue package
SECTION 322-5 Rescue payments treated as insurance payments by HIH
SECTION 322-10 HIH Trust exempt from tax
SECTION 322-15 Certain capital gains and capital losses disregarded
Subdivision 322-B - Tax treatment of entitlements under financial claims scheme
SECTION 322-20 What this Subdivision is about
SECTION 322-25 Payment of entitlement under financial claims scheme treated as payment from insurer
SECTION 322-30 Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects
PART 3-45 - RULES FOR PARTICULAR INDUSTRIES AND OCCUPATIONS
Division 328 - Small business entities
Guide to Division 328
SECTION 328-5 What this Division is about
SECTION 328-10 Concessions available to small business entities
Subdivision 328-B - Objects of this Division
SECTION 328-50 Objects of this Division
Subdivision 328-C - What is a small business entity
SECTION 328-105 What this Subdivision is about
SECTION 328-110 Meaning of small business entity
SECTION 328-115 Meaning of aggregated turnover
SECTION 328-120 Meaning of annual turnover
SECTION 328-125 Meaning of connected with an entity
SECTION 328-130 Meaning of affiliate
Subdivision 328-D - Capital allowances for small business entities
SECTION 328-170 What this Subdivision is about
SECTION 328-175 Calculations for depreciating assets
SECTION 328-180 Assets costing less than $1,000
SECTION 328-185 Pooling
SECTION 328-190 Calculation
SECTION 328-195 Opening pool balance
SECTION 328-200 Closing pool balance
SECTION 328-205 Estimate of taxable use
SECTION 328-210 Low pool value
SECTION 328-215 Disposal etc. of depreciating assets
SECTION 328-220 What happens if you are not a small business entity or do not choose to use this Subdivision for an income year
SECTION 328-225 Change in business use
SECTION 328-230 Estimate where deduction denied
SECTION 328-235 Interaction with Divisions 85 and 86
### (Repealed) SECTION 328-237 Special deduction for certain motor vehicles
### (Repealed) SECTION 328-240 Roll-over relief for partnership changes
SECTION 328-243 Roll-over relief
SECTION 328-245 Consequences of roll-over
SECTION 328-247 Pool deductions
SECTION 328-250 Deductions for assets first used in BAE year
SECTION 328-253 Deductions for cost addition amounts
SECTION 328-255 Closing pool balance etc. below zero
SECTION 328-257 Taxable use
Subdivision 328-E - Trading stock for small and medium business entities
SECTION 328-280 What this Subdivision is about
SECTION 328-285 Trading stock for small and medium business entities
### (Repealed) SECTION 328-290 Adjustments in certain cases
SECTION 328-295 Value of trading stock on hand
Subdivision 328-F - Small business income tax offset
SECTION 328-350 What this Subdivision is about
SECTION 328-355 Entitlement to the small business income tax offset
SECTION 328-357 Special meaning of small business entity for the purposes of this Subdivision - $5 million turnover threshold
SECTION 328-360 Amount of your tax offset
SECTION 328-365 Net small business income
SECTION 328-370 Relevant attributable deductions
SECTION 328-375 Modification if you are under 18 years old
Subdivision 328-G - Restructures of small businesses
SECTION 328-420 What this Subdivision is about
SECTION 328-425 Object of this Subdivision
SECTION 328-430 When a roll-over is available
SECTION 328-435 Genuine restructures - safe harbour rule
SECTION 328-440 Ultimate economic ownership - discretionary trusts
SECTION 328-445 Residency requirement
SECTION 328-450 Small business transfers not to affect income tax positions
SECTION 328-455 Effect of small business restructures on transferred cost of assets
SECTION 328-460 Effect of small business restructures on acquisition times of pre-CGT assets
SECTION 328-465 New membership interests as consideration for transfer of assets
SECTION 328-470 Membership interests affected by transfers of assets
SECTION 328-475 Small business restructures involving assets already subject to small business roll-over
(Repealed) Division 330 - Mining and quarrying
(Repealed) Division 345 - FHSAs
(Repealed) Guide to Division 345
### (Repealed) SECTION 345-1 What this Division is about
(Repealed) Subdivision 345-A - Treatment of FHSA providers
### (Repealed) SECTION 345-5 FHSA provider that is trustee of FHSA trust - tax payable
### (Repealed) SECTION 345-10 FHSA provider that is trustee of FHSA trust - CGT to be primary code for calculating gains or losses
### (Repealed) SECTION 345-15 FHSA provider that is an ADI (other than RSA provider) - taxable income and standard component of taxable income
### (Repealed) SECTION 345-20 FHSA provider that is an ADI - FHSA component of taxable income
### (Repealed) SECTION 345-25 FHSA provider that is an ADI (other than an RSA provider) - amounts that cannot be deducted
### (Repealed) SECTION 345-30 Amounts of tax paid by FHSA providers that are ADIs
(Repealed) Subdivision 345-B - Treatment of FHSA holders
### (Repealed) SECTION 345-50 Credits to and payments from FHSAs etc.
(Repealed) Subdivision 345-C - FHSA misuse tax
### (Repealed) SECTION 345-100 Liability for FHSA misuse tax
### (Repealed) SECTION 345-110 Due date for payment of FHSA misuse tax
### (Repealed) SECTION 345-115 General interest charge
Division 355 - Research and Development
Guide to Division 355
SECTION 355-1 What this Division is about
Subdivision 355-A - Object
SECTION 355-5 Object
Subdivision 355-B - Meaning of R & D activities and other terms
SECTION 355-20 R & D activities
SECTION 355-25 Core R & D activities
SECTION 355-30 Supporting R & D activities
SECTION 355-35 R & D entities
Subdivision 355-C - Entitlement to tax offset
SECTION 355-100 Entitlement to tax offset
SECTION 355-105 Deductions under this Division are notional only
SECTION 355-110 Notional deductions include prepaid expenditure
SECTION 355-115 Working out an R & D entity ' s total expenses
Subdivision 355-D - Notional deductions for R & D expenditure
SECTION 355-200 What this Subdivision is about
SECTION 355-205 When notional deductions for R & D expenditure arise
SECTION 355-210 Conditions for R & D activities
SECTION 355-215 R & D activities conducted by a permanent establishment for other parts of the body corporate
SECTION 355-220 R & D activities conducted for a foreign entity
SECTION 355-225 Expenditure that cannot be notionally deducted
Subdivision 355-E - Notional deductions etc. for decline in value of depreciating assets used for R & D activities
SECTION 355-300 What this Subdivision is about
SECTION 355-305 When notional deductions for decline in value arise
SECTION 355-310 Notional application of Division 40
SECTION 355-315 Balancing adjustments - assets only used for R & D activities
Subdivision 355-F - Integrity Rules
SECTION 355-400 Expenditure incurred while not at arm ' s length
SECTION 355-405 Expenditure not at risk
SECTION 355-410 Disposal of R & D results
SECTION 355-415 Reducing deductions to reflect mark-ups within groups
Subdivision 355-G - Clawback of R & D recoupments, feedstock adjustments and balancing adjustments
SECTION 355-430 What this Subdivision is about
SECTION 355-435 When this Subdivision applies
SECTION 355-440 R & D recoupments
SECTION 355-445 Feedstock adjustments
SECTION 355-446 Balancing adjustments for assets only used for R & D activities
SECTION 355-447 Balancing adjustments for assets partially used for R & D activities
SECTION 355-448 Balancing adjustments for R & D partnership assets only used for R & D activities
SECTION 355-449 Balancing adjustments for R & D partnership assets partially used for R & D activities
SECTION 355-450 Amount to be included in assessable income
Subdivision 355-H - Catch up deductions for balancing adjustment events for assets used for R & D activities
SECTION 355-455 What this Subdivision is about
SECTION 355-460 When this Subdivision applies
SECTION 355-465 Assets only used for R & D activities
SECTION 355-466 Assets partially used for R & D activities
SECTION 355-467 R & D partnership assets only used for R & D activities
SECTION 355-468 R & D partnership assets partially used for R & D activities
### (Repealed) SECTION 355-470 Feedstock revenue
SECTION 355-475 Amount that can be deducted
Subdivision 355-I - Application to earlier income year R & D expenditure incurred to associates
SECTION 355-480 Notional deductions for expenditure incurred to associate in earlier income years
Subdivision 355-J - Application to R & D partnerships
SECTION 355-500 What this Subdivision is about
SECTION 355-505 Meaning of R & D partnership and partner's proportion
SECTION 355-510 R & D partnership expenditure on R & D activities
SECTION 355-515 R & D activities conducted by or for an R & D partnership
SECTION 355-520 When notional deductions arise for decline in value of depreciating assets of R & D partnerships
SECTION 355-525 Balancing adjustments for R & D partnership assets only used for R & D activities
SECTION 355-530 Implications for partner ' s aggregated turnover
SECTION 355-535 Disposal of R & D results for R & D partnerships
SECTION 355-540 Application of recoupment rules
SECTION 355-545 Relevance for net income, and losses, of the R & D partnership
Subdivision 355-K - Application to Cooperative Research Centres
SECTION 355-580 When notional deductions for CRC contributions arise
Subdivision 355-W - Other matters
### (Repealed) SECTION 355-700 Objecting to assessment of refundable tax offset
SECTION 355-705 Effect of findings by Industry Innovation and Science Australia
SECTION 355-710 Amendment of assessments
SECTION 355-715 Implications for other deductions and tax offsets
### (Repealed) SECTION 355-720 Certain related amounts may be reduced if notional deductions exceeded $100 million
### (Repealed) SECTION 355-750 Review of rate when notional deductions exceed $100 million
Division 360 - Early stage investors in innovation companies
Subdivision 360-A - Tax incentives for early stage investors in innovation companies
SECTION 360-5 What this Subdivision is about
SECTION 360-10 Object of this Subdivision
SECTION 360-15 Entitlement to the tax offset
SECTION 360-20 Limited entitlement for certain kinds of investors
SECTION 360-25 Amount of the tax offset - general case
SECTION 360-30 Amount of the tax offset - members of trusts or partnerships
SECTION 360-35 Amount of the tax offset - trustees
SECTION 360-40 Early stage innovation companies
SECTION 360-45 100 point innovation test
SECTION 360-50 Modified CGT treatment
SECTION 360-55 Modified CGT treatment - partnerships
SECTION 360-60 Modified CGT treatment - not affected by certain roll-overs
SECTION 360-65 Separate modified CGT treatment for roll-overs about wholly-owned companies or scrip for scrip roll-overs
(Repealed) Division 373 - Intellectual property
(Repealed) Division 375 - Australian films
(Repealed) Subdivision 375-G - Film losses
### (Repealed) SECTION 375-800 What this Subdivision is about
### (Repealed) SECTION 375-805 Does your tax loss have a film component?
### (Repealed) SECTION 375-810 What is a film loss?
### (Repealed) SECTION 375-815 Deductibility of film losses
### (Repealed) SECTION 375-820 Order in which tax losses are to be deducted
(Repealed) Subdivision 375-H - Deductions for shares in a film licensed investment company
### (Repealed) SECTION 375-850 What this Subdivision is about
### (Repealed) SECTION 375-855 What can you deduct?
### (Repealed) SECTION 375-860 When can you claim the deduction?
### (Repealed) SECTION 375-865 How can you lose your entitlement?
### (Repealed) SECTION 375-870 How this Subdivision applies to partners and partnerships
### (Repealed) SECTION 375-872 Distribution of FLIC concessional capital is instead taken to be a dividend
### (Repealed) SECTION 375-875 Tax losses cannot be transferred to or from FLICs
### (Repealed) SECTION 375-880 FLIC cannot claim deductions for concessional capital
Division 376 - Films generally (tax offsets for Australian production expenditure)
Subdivision 376-A - Guide to Division 376
SECTION 376-1 What this Division is about
SECTION 376-2 Key features of the tax offsets for Australian production expenditure on films
SECTION 376-5 Structure of this Division
Subdivision 376-B - Tax offsets for Australian expenditure in making a film
SECTION 376-10 Film production company entitled to refundable tax offset for Australian expenditure in making a film (location offset)
SECTION 376-15 Amount of the location offset
SECTION 376-20 Minister must issue certificate for a film for the location offset
SECTION 376-25 Meaning of documentary
SECTION 376-27 Minimum training expenditure requirement
SECTION 376-28 Minimum training expenditure exemption - permanent film infrastructure
SECTION 376-29 Minimum training expenditure exemption - training programs
SECTION 376-30 Minister to determine a company ' s qualifying Australian production expenditure for the location offset
SECTION 376-32 Minister may require information
SECTION 376-35 Film production company entitled to refundable tax offset for post, digital and visual effects production for a film (PDV offset)
SECTION 376-40 Amount of the PDV offset
SECTION 376-45 Minister must issue certificate for a film for the PDV offset
SECTION 376-50 Minister to determine a company ' s qualifying Australian production expenditure for the PDV offset
SECTION 376-55 Film production company entitled to refundable tax offset for Australian expenditure in making an Australian film (producer offset)
SECTION 376-60 Amount of the producer offset
SECTION 376-65 Film authority must issue certificate for an Australian film for the producer offset
SECTION 376-70 Determination of content of film
SECTION 376-75 Film authority to determine a company ' s qualifying Australian production expenditure for the producer offset
Subdivision 376-C - Production expenditure and qualifying Australian production expenditure
SECTION 376-125 Production expenditure - general test
SECTION 376-130 Production expenditure - special qualifying Australian production expenditure
SECTION 376-135 Production expenditure - specific exclusions
SECTION 376-140 Production expenditure - special rules for the location offset
SECTION 376-145 Qualifying Australian production expenditure - general test
SECTION 376-150 Qualifying Australian production expenditure - specific inclusions
SECTION 376-155 Qualifying Australian production expenditure - specific exclusions
SECTION 376-160 Qualifying Australian production expenditure - treatment of services embodied in goods
SECTION 376-165 Qualifying Australian production expenditure - special rules for the location offset and the PDV offset
SECTION 376-170 Qualifying Australian production expenditure - special rules for the producer offset
SECTION 376-175 Expenditure to be worked out on an arm ' s length basis
SECTION 376-180 Expenditure incurred by prior production companies
SECTION 376-185 Expenditure to be worked out excluding GST
Subdivision 376-D - Certificates for films and other matters
SECTION 376-230 Production company may apply for certificate
SECTION 376-235 Notice of refusal to issue certificate
SECTION 376-240 Issue of certificate
SECTION 376-245 Revocation of certificate
SECTION 376-247 Delegation by Arts Minister
SECTION 376-250 Notice of decision or determination
SECTION 376-255 Review of decisions by the Administrative Review Tribunal
SECTION 376-260 Minister may make rules about the location offset and the PDV offset
SECTION 376-265 Film authority may make rules about the producer offset
SECTION 376-270 Amendment of assessments
SECTION 376-275 Review in relation to certain production levels
Division 378 - Digital games (tax offset for Australian expenditure on digital games)
Guide to Division 378
SECTION 378-1 What this Division is about
Subdivision 378-A - Tax offset for Australian expenditure in developing digital games
SECTION 378-10 Company entitled to refundable tax offset for Australian expenditure incurred in developing digital games
SECTION 378-15 Amount of digital games tax offset
SECTION 378-20 Meaning of digital game
SECTION 378-25 Arts Minister must issue certificate for the digital games tax offset
SECTION 378-30 Arts Minister to determine a company ' s qualifying Australian development expenditure for the digital games tax offset
Subdivision 378-B - Qualifying Australian development expenditure
SECTION 378-35 Development expenditure
SECTION 378-40 Qualifying Australian development expenditure
SECTION 378-45 Expenditure incurred by prior companies in completing or porting a digital game
SECTION 378-50 Expenditure to be worked out excluding GST
Subdivision 378-C - Certificates for digital games tax offset
SECTION 378-55 Single company or head company may apply for certificate
SECTION 378-60 Notice of refusal to issue certificate
SECTION 378-65 Issue of certificate
SECTION 378-70 Revocation of certificate
SECTION 378-75 Amendment of certificate
SECTION 378-80 Amendment of assessments
Subdivision 378-D - Review and other matters
SECTION 378-85 Notice of decision or determination
SECTION 378-90 Review of decisions by the Administrative Review Tribunal
SECTION 378-95 Copy of digital game to be made available to the National Film and Sound Archive of Australia
SECTION 378-100 Arts Minister may make rules about the digital games tax offset
SECTION 378-105 Arts Minister may make rules establishing a Digital Games Tax Offset Advisory Board
SECTION 378-110 Delegation by Arts Minister
SECTION 378-115 Review of operation of this Division
Division 380 - National Rental Affordability Scheme
Guide to Division 380
SECTION 380-1 What this Division is about
Subdivision 380-A - National Rental Affordability Scheme Tax Offset
SECTION 380-5 Claims by individuals, corporate tax entities and superannuation funds
SECTION 380-10 Members of NRAS consortiums - individuals, corporate tax entities and superannuation funds
SECTION 380-11 Elections by NRAS approved participants
SECTION 380-12 Elections by NRAS approved participants - tax offsets
SECTION 380-13 Elections by NRAS approved participants - special rule for partnerships and trustees
SECTION 380-14 Members of NRAS consortiums - partnerships and trustees
SECTION 380-15 Entities to whom NRAS rent flows indirectly
SECTION 380-16 Elections by NRAS approved participants that are partnerships or trustees
SECTION 380-17 Elections by NRAS approved participants that are partnerships or trustees - tax offsets
SECTION 380-18 Elections by NRAS approved participants that are partnerships or trustees - special rule for partnerships and trustees
SECTION 380-20 Trustee of a trust that does not have net income for an income year
SECTION 380-25 When NRAS rent flows indirectly to or through an entity
SECTION 380-30 Share of NRAS rent
SECTION 380-32 Amended certificates
Subdivision 380-B - Payments made in relation to the National Rental Affordability Scheme etc.
SECTION 380-35 Payments made and non-cash benefits provided in relation to the National Rental Affordability Scheme
Division 385 - Primary production
Guide to Division 385
SECTION 385-1 What this Division is about
SECTION 385-5 Where to find some other rules relevant to primary producers
Subdivision 385-E - Primary producer can elect to spread or defer tax on profit from forced disposal or death of live stock
SECTION 385-90 What this Subdivision is about
SECTION 385-95 Basic principles for elections under this Subdivision
SECTION 385-100 Cases where you can make an election
SECTION 385-105 Election to spread tax profit over 5 years
SECTION 385-110 Alternative election to defer tax profit and reduce cost of replacement live stock
SECTION 385-115 Your assessable income includes an amount for replacement live stock you breed
SECTION 385-120 Purchase price of replacement live stock is reduced
SECTION 385-125 Alternative election because of bovine tuberculosis has effect over 10 years not 5
Subdivision 385-F - Insurance for loss of live stock or trees
SECTION 385-130 Insurance for loss of live stock or trees
Subdivision 385-G - Double wool clips
SECTION 385-135 Election to defer including profit on second wool clip
Subdivision 385-H - Rules that apply to all elections made under Subdivisions 385-E, 385-F and 385-G
SECTION 385-145 Partnerships and trusts
SECTION 385-150 Time for making election
SECTION 385-155 Amounts are assessable income from carrying on the primary production business
SECTION 385-160 Effect of certain events on election
SECTION 385-163 Disentitling events
SECTION 385-165 New partnership can elect to be treated as same entity as old partnership
SECTION 385-170 New partnership can elect to take advantage of election made by former owner of the business
(Repealed) Subdivision 385-J - Refundable tax offset for conservation tillage
(Repealed) Division 387 - Capital allowances for primary producers and some land-holders
(Repealed) Division 388 - Tax offsets for primary producers and some land-holders
Division 392 - Long-term averaging of primary producers ' tax liability
Guide to Division 392
SECTION 392-1 What this Division is about
SECTION 392-5 Overview of averaging process
Subdivision 392-A - Is your income tax affected by averaging?
SECTION 392-10 Individuals who carry on a primary production business
SECTION 392-15 Meaning of basic taxable income
SECTION 392-20 Trust beneficiaries taken to be carrying on primary production business
SECTION 392-22 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
SECTION 392-25 Choosing not to have your income tax averaged
Subdivision 392-B - What kind of averaging adjustment must you make?
SECTION 392-30 What this Subdivision is about
SECTION 392-35 Will you get a tax offset or have to pay extra income tax?
SECTION 392-40 Identify income years for averaging your basic taxable income
SECTION 392-45 Work out your average income for those years
SECTION 392-50 Work out the income tax on your average income at basic rates
SECTION 392-55 Work out the comparison rate
Subdivision 392-C - How big is your averaging adjustment?
SECTION 392-60 What this Subdivision is about
SECTION 392-65 What your averaging adjustment reflects
SECTION 392-70 Working out your gross averaging amount
SECTION 392-75 Working out your averaging adjustment
SECTION 392-80 Work out your taxable primary production income
SECTION 392-85 Work out your taxable non-primary production income
SECTION 392-90 Work out your averaging component
Subdivision 392-D - Effect of permanent reduction of your basic taxable income
SECTION 392-95 You are treated as if you had not carried on business before
Division 393 - Farm management deposits
Guide to Division 393
SECTION 393-1 What this Division is about
Subdivision 393-A - Tax consequences of farm management deposits
SECTION 393-5 Deduction for making farm management deposit
SECTION 393-10 Assessability on repayment of deposit
SECTION 393-15 Transactions to which the deduction, assessment and 12 month rules have modified application
SECTION 393-16 Consolidation of farm management deposits
SECTION 393-17 Tax consequences of liabilities reducing because of farm management deposits
Subdivision 393-B - Meaning of farm management deposit and owner
SECTION 393-20 Farm management deposits
SECTION 393-25 Owners of farm management deposits
SECTION 393-27 Trustee may choose that a beneficiary is a chosen beneficiary of the trust
SECTION 393-28 Application of Division to beneficiary no longer under legal disability
SECTION 393-30 Effect of contravening requirements
SECTION 393-35 Requirements of agreement for a farm management deposit
SECTION 393-37 Agreements for a farm management deposit may allow for some offsets of a depositor ' s liabilities
SECTION 393-40 Repayment of deposit within first 12 months
SECTION 393-45 Partly repaid farm management deposits
Subdivision 393-C - Special rules relating to financial claims scheme for account-holders with insolvent ADIs
SECTION 393-50 What this Subdivision is about
SECTION 393-55 Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme
SECTION 393-60 Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer
Division 394 - Forestry managed investment schemes
SECTION 394-1 What this Division is about
SECTION 394-5 Object of this Division
SECTION 394-10 Deduction for amounts paid under forestry managed investment schemes
SECTION 394-15 Forestry managed investment schemes and related concepts
SECTION 394-20 Payments on behalf of participant in forestry managed investment scheme
SECTION 394-25 CGT event in relation to forestry interest in forestry managed investment scheme - initial participant
SECTION 394-30 CGT event in relation to forestry interest in forestry managed investment scheme - subsequent participant
SECTION 394-35 70% DFE rule
SECTION 394-40 Payments under forestry managed investment scheme
SECTION 394-45 Direct forestry expenditure
(Repealed) Division 396 - Land transport facilities borrowings
### (Repealed) SECTION 396-5 What this Division is about
(Repealed) Subdivision 396-A - Key operative provisions
### (Repealed) SECTION 396-10 What this Subdivision is about
### (Repealed) SECTION 396-15 Tax offset for LTF interest on land transport facilities borrowings
### (Repealed) SECTION 396-20 Maximum cost to Commonwealth
### (Repealed) SECTION 396-25 Borrower cannot deduct LTF interest for which lender has tax offset
(Repealed) Subdivision 396-B - What LTF interest is covered?
### (Repealed) SECTION 396-30 What is LTF interest?
### (Repealed) SECTION 396-35 Interest covered by land transport facilities borrowings agreement
### (Repealed) SECTION 396-40 Interest ceasing to be covered by a land transport facilities borrowings agreement
(Repealed) Subdivision 396-C - Projects, borrowers and lenders
### (Repealed) SECTION 396-45 What projects can be approved?
### (Repealed) SECTION 396-50 Who can be approved as a borrower?
### (Repealed) SECTION 396-55 Who can be a lender?
(Repealed) Subdivision 396-D - Application, approval and agreement process
### (Repealed) SECTION 396-60 Applications
### (Repealed) SECTION 396-65 Minister or Commissioner may seek more information
### (Repealed) SECTION 396-70 Transport Minister to consider applications
### (Repealed) SECTION 396-75 Selection criteria
### (Repealed) SECTION 396-80 Land transport facilities borrowings agreements
### (Repealed) SECTION 396-85 Conditions to be in all agreements
### (Repealed) SECTION 396-90 Variation of agreements
(Repealed) Subdivision 396-E - Miscellaneous
### (Repealed) SECTION 396-95 Provision of information
### (Repealed) SECTION 396-100 Publication of information about approvals and agreements
### (Repealed) SECTION 396-105 Delegation by Transport Minister
### (Repealed) SECTION 396-110 Decision by Transport Minister not reviewable by AAT
(Repealed) Division 400 - Environmental impact assessment and environmental protection
(Repealed) Division 402 - Environment protection expenditure
(Repealed) Guide to Division 402
### (Repealed) SECTION 402-1 What this Division is about
(Repealed) Subdivision 402-W - Urban water tax offset
### (Repealed) SECTION 402-750 What this Subdivision is about
### (Repealed) SECTION 402-755 Entitlement to urban water tax offset
### (Repealed) SECTION 402-760 Certificates
### (Repealed) SECTION 402-765 Amount of urban water tax offset
### (Repealed) SECTION 402-770 Revoking certificates
### (Repealed) SECTION 402-775 AAT review
### (Repealed) SECTION 402-780 Guidelines
Division 405 - Above-average special professional income of authors, inventors, performing artists, production associates and sportspersons
Guide to Division 405
SECTION 405-1 What this Division is about
SECTION 405-5 Special rate of income tax on your above-average special professional income
SECTION 405-10 Overview of the Division
Subdivision 405-A - Above-average special professional income
SECTION 405-15 When do you have above-average special professional income?
Subdivision 405-B - Assessable professional income
SECTION 405-20 What you count as assessable professional income
SECTION 405-25 Meaning of special professional , performing artist , production associate , sportsperson and sporting competition
SECTION 405-30 What you cannot count as assessable professional income
SECTION 405-35 Limits on counting amounts as assessable professional income
SECTION 405-40 Joint author or inventor treated as sole author or inventor
Subdivision 405-C - Taxable professional income and average taxable professional income
SECTION 405-45 Working out your taxable professional income
SECTION 405-50 Working out your average taxable professional income
Division 410 - Copyright and resale royalty collecting societies
Guide to Division 410
SECTION 410-1 What this Division is about
Subdivision 410-A - Notice of payments
SECTION 410-5 Copyright collecting society must give notice to member of society
SECTION 410-50 Resale royalty collecting society must give notice to holder of resale royalty right
Division 415 - Designated infrastructure projects
Guide to Division 415
SECTION 415-1 What this Division is about
Subdivision 415-A - Object of this Division
SECTION 415-5 Object of this Division
Subdivision 415-B - Tax losses and bad debts
SECTION 415-10 What this Subdivision is about
SECTION 415-15 Uplift of tax losses of designated infrastructure project entities
SECTION 415-20 Designated infrastructure project entity
SECTION 415-25 Tax losses of trusts
SECTION 415-30 Bad debts written off etc. by trusts
SECTION 415-35 Tax losses of companies
SECTION 415-40 Bad debts written off by companies
SECTION 415-45 Losses transferred to head companies of consolidated groups
Subdivision 415-C - Designating infrastructure projects
SECTION 415-50 What this Subdivision is about
SECTION 415-55 Applications for designation
SECTION 415-60 Dealing with applications
SECTION 415-65 Provisional designation
SECTION 415-70 Designation
SECTION 415-75 Infrastructure project capital expenditure cap
SECTION 415-80 Acceptance of estimates of infrastructure project capital expenditure
SECTION 415-85 Review of decisions
SECTION 415-90 Information to be made public
SECTION 415-95 Delegation
SECTION 415-100 Infrastructure project designation rules
Division 417 - Timor Sea petroleum
Guide to Division 417
SECTION 417-1 What this Division is about
Subdivision 417-A - Introduction
SECTION 417-5 Object
SECTION 417-10 Meaning of transitioned petroleum activities
Subdivision 417-B - Capital allowances
SECTION 417-25 Deducting amounts for depreciating assets
SECTION 417-30 Balancing adjustments
SECTION 417-35 Allocating assets to a project pool
SECTION 417-40 Deduction for expenditure on mining site rehabilitation
SECTION 417-45 Capital expenditure
SECTION 417-50 Transferring entitlement to deductions relating to a project pool
Subdivision 417-C - Capital gains tax
SECTION 417-65 CGT events not created by Timor Sea Maritime Boundaries Treaty entering into force
SECTION 417-70 Tax treatment of consideration for transferred entitlement to deductions or tax loss
SECTION 417-75 Membership interests affected by transfer of entitlement to deductions or tax loss
Subdivision 417-D - Transferring or applying tax losses
SECTION 417-90 Tax losses from transitioned petroleum activities
SECTION 417-95 How choices are made
SECTION 417-100 The effect of choosing to transfer losses
SECTION 417-105 The effect of choosing to apply losses to earlier income years
SECTION 417-110 Continuity of ownership and business continuity tests
Subdivision 417-E - Foreign income tax offset
SECTION 417-125 Foreign income tax offset
Subdivision 417-F - Transfer pricing
SECTION 417-140 Transfer pricing benefits relating to transitioned petroleum activities
Division 418 - Exploration for minerals
Guide to Division 418
SECTION 418-1 What this Division is about
Subdivision 418-A - Object of this Division
SECTION 418-5 Object of this Division
Subdivision 418-B - Junior minerals exploration incentive tax offset
SECTION 418-10 Who is entitled to the tax offset - ordinary case
SECTION 418-15 Who is entitled to the tax offset - life insurance company
SECTION 418-20 Entitlement of member of a trust or partnership to a share of exploration credits
SECTION 418-25 The amount of the tax offset
SECTION 418-30 Reduced amount of the tax offset for certain trusts
Subdivision 418-C - Junior minerals exploration incentive franking credit
SECTION 418-50 Junior minerals exploration incentive franking credit - ordinary case
SECTION 418-55 Junior minerals exploration incentive franking credit - life insurance company
Subdivision 418-D - Creating exploration credits
SECTION 418-70 Entities that may create exploration credits
SECTION 418-75 Meaning of greenfields minerals explorer
SECTION 418-80 Meaning of greenfields minerals expenditure
SECTION 418-81 Meaning of exploration credits allocation for an income year
SECTION 418-82 When does an entity have an unused allocation of exploration credits from an income year
SECTION 418-85 Exploration credits must not exceed maximum exploration credit amount
### (Repealed) SECTION 418-90 Modulation factors
SECTION 418-95 Effect on tax losses of creating exploration credits
Subdivision 418-DA - Exploration credits allocation
SECTION 418-100 Applying for an exploration credits allocation
SECTION 418-101 Determination by the Commissioner
SECTION 418-102 General allocation rules
SECTION 418-103 Meaning of annual exploration cap
SECTION 418-104 Failure to comply with this Subdivision does not affect allocation
Subdivision 418-E - Issuing exploration credits
SECTION 418-110 Issuing exploration credits
SECTION 418-111 Working out whether an exploration investment has been made in an income year
SECTION 418-115 Who may receive an exploration credit and what is the pool from which the credit may be issued
SECTION 418-116 Exploration credits issued must be in proportion to exploration investment
SECTION 418-120 The total of all exploration credits issued in relation to exploration investment
SECTION 418-125 Expiry of exploration credits
SECTION 418-130 Notifying the Commissioner of issuing or expiry of exploration credits
SECTION 418-135 Notifying the Commissioner if no exploration investment in income year for which credits allocated
Subdivision 418-F - Excess exploration credits
SECTION 418-150 Excess exploration credit tax
SECTION 418-151 Complying exploration credit amount
SECTION 418-155 Due date for payment of excess exploration credit tax
SECTION 418-160 Returns
SECTION 418-165 When shortfall interest charge is payable
SECTION 418-170 General interest charge
SECTION 418-175 Refunds of amounts overpaid
SECTION 418-180 Record keeping
SECTION 418-185 Determining an entity not to be a greenfields minerals explorer
Subdivision 418-G - Other matters
SECTION 418-190 Annual impact assessments of this Division
PART 3-50 - CLIMATE CHANGE
Division 420 - Registered emissions units
Guide to Division 420
SECTION 420-1 What this Division is about
SECTION 420-5 The 4 key features of tax accounting for registered emissions units
Subdivision 420-A - Registered emissions units
SECTION 420-10 Meaning of registered emissions unit
SECTION 420-12 Meaning of hold a registered emissions unit
SECTION 420-13 Meaning of primary producer registered emissions unit
Subdivision 420-B - Acquiring registered emissions units
SECTION 420-15 What you can deduct
SECTION 420-20 Non-arm ' s length transactions and transactions with associates
SECTION 420-21 Incoming international transfers of emissions units
SECTION 420-22 Becoming taxable in Australia on the proceeds of sale of registered emissions units
Subdivision 420-C - Disposing of registered emissions units etc.
SECTION 420-25 Assessable income on disposal of registered emissions units
SECTION 420-30 Non-arm ' s length transactions and transactions with associates
SECTION 420-35 Outgoing international transfers of emissions units
SECTION 420-40 Disposal of registered emissions units for a purpose other than gaining assessable income
SECTION 420-41 Ceasing to be taxable in Australia on the proceeds of sale of registered emissions units
SECTION 420-42 Deduction for expenses incurred in ceasing to hold a registered emissions unit
### (Repealed) SECTION 420-43 Deduction for charge imposed on the surrender of an eligible international emissions unit
Subdivision 420-D - Accounting for registered emissions units you hold at the start or end of the income year
SECTION 420-45 You include the value of your registered emissions units in working out your assessable income and deductions
SECTION 420-50 Value of registered emissions units at start of income year
SECTION 420-51 Valuation methods
SECTION 420-52 FIFO cost method of working out the value of units
SECTION 420-53 Actual cost method of working out the value of units
SECTION 420-54 Market value method of working out the value of units
SECTION 420-55 Valuation method for first income year at the end of which you held registered emissions units
SECTION 420-57 Valuation method for later income years at the end of which you held registered emissions units
### (Repealed) SECTION 420-58 Value of registered emissions units at end of income year - certain free carbon units
SECTION 420-60 Cost of registered emissions units
SECTION 420-62 Primary producer registered emissions units
Subdivision 420-E - Exclusivity of Division
SECTION 420-65 Exclusivity of deductions etc.
SECTION 420-70 Exclusivity of assessable income etc.
PART 3-80 - ROLL-OVERS APPLYING TO ASSETS GENERALLY
Division 615 - Roll-overs for business restructures
Guide to Division 615
SECTION 615-1 What this Division is about
Subdivision 615-A - Choosing to obtain roll-overs
SECTION 615-5 Disposing of interests in one entity for shares in a company
SECTION 615-10 Redeeming or cancelling interests in one entity for shares in a company
Subdivision 615-B - Further requirements for choosing to obtain roll-overs
SECTION 615-15 Interposed company must own all the original interests
SECTION 615-20 Requirements relating to your interests in the original entity
SECTION 615-25 Requirements relating to the interposed company
SECTION 615-30 Interposed company must make a particular choice
SECTION 615-35 ADI restructures - disregard certain preference shares
Subdivision 615-C - Consequences of roll-overs
SECTION 615-40 CGT consequences
SECTION 615-45 Additional consequences - deferral of profit or loss
SECTION 615-50 Trading stock
SECTION 615-55 Revenue assets
SECTION 615-60 Disregard CGT exemption for trading stock
Subdivision 615-D - Consequences for the interposed company
SECTION 615-65 Consequences for the interposed company
Division 620 - Assets of wound-up corporation passing to corporation with not significantly different ownership
Subdivision 620-A - Corporations covered by Subdivision 124-I
SECTION 620-5 What this Subdivision is about
SECTION 620-10 Application
SECTION 620-15 Object
SECTION 620-20 Disregard body ' s capital gains and losses from CGT assets
SECTION 620-25 Cost base and pre-CGT status of CGT asset for company
SECTION 620-30 Roll-over relief for balancing adjustment events
SECTION 620-40 Body taken to have sold trading stock to company
SECTION 620-50 Body taken to have sold revenue assets to company
PART 3-90 - CONSOLIDATED GROUPS
Division 700 - Guide and objects
Guide
SECTION 700-1 What this Part is about
SECTION 700-5 Overview of this Part
Objects
SECTION 700-10 Objects of this Part
Division 701 - Core rules
Common rule
SECTION 701-1 Single entity rule
Head company rules
SECTION 701-5 Entry history rule
SECTION 701-10 Cost to head company of assets of joining entity
SECTION 701-15 Cost to head company of membership interests in entity that leaves group
SECTION 701-20 Cost to head company of assets consisting of certain liabilities owed by entity that leaves group
SECTION 701-25 Tax-neutral consequence for head company of ceasing to hold assets when entity leaves group
Entity rules
SECTION 701-30 Where entity not subsidiary member for whole of income year
SECTION 701-35 Tax-neutral consequence for entity of ceasing to hold assets when it joins group
SECTION 701-40 Exit history rule
SECTION 701-45 Cost of assets consisting of liabilities owed to entity by members of the group
SECTION 701-50 Cost of certain membership interests of which entity becomes holder on leaving group
Supporting provisions
SECTION 701-55 Setting the tax cost of an asset
SECTION 701-56 Application of subsection 701-55(6)
SECTION 701-58 Effect of setting the tax cost of an asset that the head company does not hold under the single entity rule
SECTION 701-60 Tax cost setting amount
SECTION 701-60A Tax cost setting amount for asset emerging when entity leaves group
SECTION 701-61 Assets in relation to Division 230 financial arrangement - head company's assessable income or deduction
SECTION 701-63 Right to future income and WIP amount asset
SECTION 701-65 Net income and losses for trusts and partnerships
SECTION 701-67 Assets in this Part are CGT assets, etc.
Exceptions
SECTION 701-70 Adjustments to taxable income where identities of parties to arrangement merge on joining group
SECTION 701-75 Adjustments to taxable income where identities of parties to arrangement re-emerge on leaving group
SECTION 701-80 Accelerated depreciation
SECTION 701-85 Other exceptions etc. to the rules
### (Repealed) SECTION 701-90 Right to future income treated as separate asset
Division 703 - Consolidated groups and their members
SECTION 703-1 What this Division is about
Basic concepts
SECTION 703-5 What is a consolidated group ?
SECTION 703-10 What is a consolidatable group ?
SECTION 703-15 Members of a consolidated group or consolidatable group
SECTION 703-20 Certain entities that cannot be members of a consolidated group or consolidatable group
SECTION 703-25 Australian residence requirements for trusts
SECTION 703-30 When is one entity a wholly-owned subsidiary of another?
SECTION 703-33 Transfer time for sale of shares in company
SECTION 703-35 Treating entities as wholly-owned subsidiaries by disregarding employee shares
SECTION 703-37 Disregarding certain preference shares following an ADI restructure
SECTION 703-40 Treating entities held through non-fixed trusts as wholly-owned subsidiaries
SECTION 703-45 Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group
Choice to consolidate a consolidatable group
SECTION 703-50 Choice to consolidate a consolidatable group
Consolidated group created when MEC group ceases to exist
SECTION 703-55 Creating consolidated groups from certain MEC groups
Notice of events affecting consolidated group
SECTION 703-58 Notice of choice to consolidate
SECTION 703-60 Notice of events affecting consolidated group
Effects of choice to continue group after shelf company becomes new head company
SECTION 703-65 Application
SECTION 703-70 Consolidated group continues in existence with interposed company as head company and original entity as a subsidiary member
SECTION 703-75 Interposed company treated as substituted for original entity at all times before the completion time
SECTION 703-80 Effects on the original entity ' s tax position
Division 705 - Tax cost setting amount for assets where entities become subsidiary members of consolidated groups
SECTION 705-1 What this Division is about
Subdivision 705-A - Basic case: a single entity joining an existing consolidated group
SECTION 705-5 What this Subdivision is about
SECTION 705-10 Application and object of this Subdivision
SECTION 705-15 Cases where this Subdivision does not have effect
SECTION 705-20 Tax cost setting amount worked out under this Subdivision
SECTION 705-25 Tax cost setting amount for retained cost base assets
SECTION 705-27 Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets
SECTION 705-30 What is the joining entity ' s terminating value for an asset ?
SECTION 705-35 Tax cost setting amount for reset cost base assets
SECTION 705-40 Tax cost setting amount for reset cost base assets held on revenue account etc.
SECTION 705-45 Reduction in tax cost setting amount for accelerated depreciation assets
SECTION 705-47 Reduction in tax cost setting amount for some privatised assets
### (Repealed) SECTION 705-50 Reduction in tax cost setting amount for over-depreciated assets
SECTION 705-55 Order of application of sections 705-40, 705-45 and 705-47
SECTION 705-56 Modification for tax cost setting in relation to leases
### (Repealed) SECTION 705-56A Modification for tax cost setting in relation to certain rights to future income
SECTION 705-57 Adjustment to tax cost setting amount where loss of pre-CGT status of membership interests in joining entity
SECTION 705-58 Assets and liabilities not set off against each other
SECTION 705-59 Exception: treatment of linked assets and liabilities
SECTION 705-60 What is the joined group ' s allocable cost amount for the joining entity?
SECTION 705-62 No double counting of amounts in allocable cost amount
SECTION 705-65 Cost of membership interests in the joining entity - step 1 in working out allocable cost amount
SECTION 705-70 Liabilities of the joining entity - step 2 in working out allocable cost amount
SECTION 705-75 Liabilities of the joining entity - reductions for purposes of step 2 in working out allocable cost amount
SECTION 705-76 Liability arising from transfer or assignment of securitised assets
SECTION 705-80 Liabilities of the joining entity - reductions/increases for purposes of step 2 in working out allocable cost amount
SECTION 705-85 Liabilities of the joining entity - increases for purposes of step 2 in working out allocable cost amount
SECTION 705-90 Undistributed, taxed profits accruing to joined group before joining time - step 3 in working out allocable cost amount
SECTION 705-93 If pre-joining time roll-over from foreign resident company or head company - step 3A in working out allocable cost amount
SECTION 705-95 Pre-joining time distributions out of certain profits - step 4 in working out allocable cost amount
SECTION 705-100 Losses accruing to joined group before joining time - step 5 in working out allocable cost amount
SECTION 705-102 FRT disallowed amounts accruing to joined group before joining time - step 5A in working out allocable cost amount
SECTION 705-105 Continuity of holding membership interests - steps 3 to 5A in working out allocable cost amount
SECTION 705-110 If joining entity transfers a loss to the head company - step 6 in working out allocable cost amount
SECTION 705-112 If joining entity transfers a FRT disallowed amount to the head company - step 6A in working out allocable cost amount
SECTION 705-115 If head company becomes entitled to certain deductions - step 7 in working out allocable cost amount
### (Repealed) SECTION 705-120 Preservation of application of subdivision 165-CC (about unrealised losses)
SECTION 705-125 Pre-CGT proportion for joining entity
Subdivision 705-B - Case of group formation
SECTION 705-130 What this Subdivision is about
SECTION 705-135 Application and object of this Subdivision
SECTION 705-140 Subdivision 705-A has effect with modifications
SECTION 705-145 Order in which tax cost setting amounts are to be worked out where subsidiary members have membership interests in other subsidiary members
SECTION 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
### (Repealed) SECTION 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
SECTION 705-155 Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests
SECTION 705-160 Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain entities that become subsidiary members
SECTION 705-163 Modified application of section 705-57
### (Repealed) SECTION 705-165 Working out pre-CGT factors where subsidiary members have membership interests in other subsidiary members
Subdivision 705-C - Case where a consolidated group is acquired by another
SECTION 705-170 What this Subdivision is about
SECTION 705-175 Application and object of this Subdivision
SECTION 705-180 Modifications of Division 701
SECTION 705-185 Subdivision 705-A has effect with modifications
### (Repealed) SECTION 705-190 Modified application of section 705-50
SECTION 705-195 Modified application of subsection 705-65(6)
SECTION 705-200 Modified application of section 705-85
### (Repealed) SECTION 705-205 Modified application of section 705-125
Subdivision 705-D - Where multiple entities are linked by membership interests
SECTION 705-210 What this Subdivision is about
SECTION 705-215 Application and object of this Subdivision
SECTION 705-220 Subdivision 705-A has effect with modifications
SECTION 705-225 Order in which tax cost setting amounts are to be worked out where linked entities have membership interests in other linked entities
SECTION 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
SECTION 705-230 Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests
SECTION 705-235 Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain linked entities
SECTION 705-240 Modified application of section 705-57
### (Repealed) SECTION 705-245 Working out pre-CGT factors where subsidiary members have membership interests in other subsidiary members
Subdivision 705-E - Adjustments for errors etc.
SECTION 705-300 What this Subdivision is about
SECTION 705-305 Object of this Subdivision
SECTION 705-310 Operation of Part IVA of the Income Tax Assessment Act 1936
SECTION 705-315 Errors that attract special adjustment action
SECTION 705-320 Tax cost setting amounts taken to be correct
Division 707 - Losses for head companies when entities become members etc.
Subdivision 707-A - Transfer of losses to head company
SECTION 707-100 What this Subdivision is about
SECTION 707-105 Who can utilise the loss?
SECTION 707-110 Objects of this Subdivision
SECTION 707-115 What losses this Subdivision applies to
SECTION 707-120 Transfer of loss from joining entity to head company
SECTION 707-125 Modified business continuity test for companies ' post-1999 losses
SECTION 707-130 Modified pattern of distributions test
SECTION 707-135 Transferring loss transferred to joining entity because business continuity test was satisfied
SECTION 707-140 Effect of transfer of loss
SECTION 707-145 Cancelling the transfer of the loss
SECTION 707-150 Loss cannot be utilised for income year ending after the joining time
Subdivision 707-B - Can a transferred loss be utilised?
SECTION 707-200 What this Subdivision is about
SECTION 707-205 Modified period for test for maintaining same ownership
SECTION 707-210 Utilisation of certain losses transferred from a company depends on company that made the losses earlier
Subdivision 707-C - Amount of transferred losses that can be utilised
SECTION 707-300 What this Subdivision is about
SECTION 707-305 Object of this Subdivision
SECTION 707-310 How much of a transferred loss can be utilised?
SECTION 707-315 What is a bundle of losses?
SECTION 707-320 What is the available fraction for a bundle of losses?
SECTION 707-325 Modified market value of an entity becoming a member of a consolidated group
SECTION 707-330 Losses transferred from former head company
SECTION 707-335 Limit on utilising transferred losses if circumstances change during income year
SECTION 707-340 Utilising transferred losses while exempt income remains
SECTION 707-345 Other provisions are subject to this Subdivision
Subdivision 707-D - Special rules about losses
SECTION 707-400 Head company's business before and after consolidation not compared
### (Repealed) SECTION 707-405 Modified operation of other provisions
SECTION 707-410 Exit history rule does not treat entity as having made a loss
SECTION 707-415 Application of losses with nil available fraction for certain purposes
Division 709 - Other rules applying when entities become subsidiary members etc.
Subdivision 709-A - Franking accounts
SECTION 709-50 What this Subdivision is about
SECTION 709-55 Object of this Subdivision
SECTION 709-60 Nil balance franking account for joining entity
SECTION 709-65 Subsidiary member ' s franking account does not operate
SECTION 709-70 Credits arising in head company's franking account
SECTION 709-75 Debits arising in head company's franking account
SECTION 709-80 Subsidiary member ' s distributions on employee shares and certain preference shares taken to be distributions by the head company
SECTION 709-85 Non-share distributions by subsidiary members taken to be distributions by head company
SECTION 709-90 Subsidiary member ' s distributions to foreign resident taken to be distributions by head company
SECTION 709-95 Payment of group liability by former subsidiary member
SECTION 709-100 Refund of income tax to former subsidiary member
Subdivision 709-B - Imputation issues
SECTION 709-150 What this Subdivision is about
SECTION 709-155 Testing consolidated groups
SECTION 709-160 Subsidiary member is exempting entity
SECTION 709-165 Subsidiary member is former exempting entity
SECTION 709-170 Head company and subsidiary are exempting entities
SECTION 709-175 Head company is former exempting entity
Subdivision 709-C - Treatment of excess franking deficit tax offsets when entity becomes a subsidiary member of a consolidated group
SECTION 709-180 What this Subdivision is about
SECTION 709-185 Joining entity ' s excess franking deficit tax offsets transferred to head company
SECTION 709-190 Exit history rule not to treat leaving entity as having a franking deficit tax offset excess
Subdivision 709-D - Deducting bad debts
SECTION 709-200 What this Subdivision is about
SECTION 709-205 Application of this Subdivision
SECTION 709-210 Object of this Subdivision
SECTION 709-215 Limit on deduction of bad debt
SECTION 709-220 Limit on deduction of swap loss
Division 711 - Tax cost setting amount for membership interests where entities cease to be subsidiary members of consolidated groups
SECTION 711-1 What this Division is about
Application and object of this Division
SECTION 711-5 Application and object of this Division
Tax cost setting amount for membership interests etc.
SECTION 711-10 Tax cost setting amount worked out under this Division
SECTION 711-15 Tax cost setting amount where no multiple exit
SECTION 711-20 What is the old group ' s allocable cost amount for the leaving entity?
SECTION 711-25 Terminating values of the leaving entity's assets - step 1 in working out allocable cost amount
SECTION 711-30 What is the head company ' s terminating value for an asset?
SECTION 711-35 If head company becomes entitled to certain deductions - step 2 in working out allocable cost amount
SECTION 711-40 Liabilities owed to the leaving entity by members of the old group - step 3 in working out allocable cost amount
SECTION 711-45 Liabilities etc. owed by the leaving entity - step 4 in working out allocable cost amount
SECTION 711-46 Liability arising from transfer or assignment of securitised assets
### (Repealed) SECTION 711-50 Adjustment to allocable cost amount to ensure effect of Subdivision 165-CC not avoided - step 5 in working out allocable cost amount
SECTION 711-55 Tax cost setting amount for membership interests where multiple exit
### (Repealed) SECTION 711-60 Membership interests treated as potentially subject to Subdivision 165-CC (about unrealised losses)
SECTION 711-65 Membership interests treated as having been acquired before 20 September 1985
SECTION 711-70 Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711-65 - application of Division 149 to head company
SECTION 711-75 Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711-65 - application of CGT event K6
Division 713 - Rules for particular kinds of entities
Subdivision 713-A - Trusts
SECTION 713-20 Increasing the step 1 amount for settled capital that could be distributed tax free in respect of discretionary interests
SECTION 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
SECTION 713-50 Factors to consider
Subdivision 713-C - Some unit trusts treated like head companies of consolidated groups
SECTION 713-120 What this Subdivision is about
SECTION 713-125 Object of this Subdivision
SECTION 713-130 Choosing to form a consolidated group
SECTION 713-135 Effects of choice
SECTION 713-140 Modifications of the applied law
Subdivision 713-E - Partnerships
SECTION 713-200 What this Subdivision is about
SECTION 713-205 Objects of this Subdivision
SECTION 713-210 Partnership cost setting interests
SECTION 713-215 Terminating value for partnership cost setting interest
SECTION 713-220 Set tax cost of partnership cost setting interests if partner joins consolidated group
SECTION 713-225 Tax cost setting amount for partnership cost setting interest
### (Repealed) SECTION 713-230 Reduction in allocable cost amount if partnership asset is over-depreciated
SECTION 713-235 Partnership joins group - set tax cost of partnership assets
SECTION 713-240 Partnership joins group - tax cost setting amount for partnership asset
### (Repealed) SECTION 713-245 Partnership joins group - pre-CGT factor for partnership asset
SECTION 713-250 Partnership leaves group - standard provisions modified
SECTION 713-255 Partnership leaves group - tax cost setting amount for partnership cost setting interests
SECTION 713-260 Partnership leaves group - tax cost setting amount for assets consisting of being owed certain liabilities
SECTION 713-265 Partnership leaves group - adjustments to allocable cost amount of partner who also leaves group
### (Repealed) SECTION 713-270 Partnership leaves group - certain partnership cost setting interests treated as having been acquired before 20 September 1985
Subdivision 713-L - Life insurance companies
SECTION 713-500 What this Subdivision is about
SECTION 713-505 Head company treated as a life insurance company
SECTION 713-510 Certain subsidiaries of life insurance companies cannot be members of consolidated group
SECTION 713-510A Disregard single entity rule in working out certain amounts in respect of life insurance company
SECTION 713-511 Treatment of certain liabilities for income year when life insurance company joins consolidated group
SECTION 713-515 Certain assets taken to be retained cost base assets where life insurance company joins group
SECTION 713-520 Valuing certain liabilities where life insurance company joins group
SECTION 713-525 Obligation to value certain assets and liabilities at joining time
SECTION 713-530 Treatment of certain losses of life insurance company
SECTION 713-535 Losses of entities whose membership interests are complying superannuation assets of life insurance company
SECTION 713-540 Losses of entities whose membership interests are segregated exempt assets of life insurance company
SECTION 713-545 Treatment of franking surplus in franking account of life insurance subsidiary joining group
SECTION 713-550 Treatment of head company ' s franking account after joining
### (Repealed) SECTION 713-553 Special rules relating to segregated exempt assets
### (Repealed) SECTION 713-555 Transfer from segregated exempt assets because policyholder and life insurance company are in group
### (Repealed) SECTION 713-560 If valuation of segregated exempt assets is delayed
SECTION 713-565 Treatment of certain liabilities for income year when life insurance company leaves consolidated group
SECTION 713-570 Certain losses transferred to leaving company
SECTION 713-575 Terminating value of certain assets where life insurance company leaves group
SECTION 713-580 Valuing certain liabilities where life insurance company leaves group
SECTION 713-585 Obligation to value certain assets and liabilities at leaving time
Subdivision 713-M - General insurance companies
SECTION 713-700 What this Subdivision is about
SECTION 713-705 Certain assets taken to be retained cost base assets where general insurance company joins group
SECTION 713-710 Treatment of liabilities and reserves for income year when general insurance company joins or leaves group
SECTION 713-715 If general insurance company joins consolidated group
SECTION 713-720 If general insurance company leaves consolidated group
SECTION 713-725 Treatment of certain assets and liabilities of general insurance companies
Division 715 - Interactions between this Part and other areas of the income tax law
Subdivision 715-A - Treatment of unrealised losses existing when ownership or control of a company changes before or during consolidation
SECTION 715-15 Object of this Subdivision
SECTION 715-25 Subdivision 165-CC stops applying to earlier changeover time
SECTION 715-30 Meaning of 165-CC tagged asset
SECTION 715-35 Meaning of final RUNL
SECTION 715-50 Step 1 amount is reduced if membership interest in subsidiary member is 165-CC tagged asset and business continuity test is failed
SECTION 715-55 Step 2 amount is affected if liability of subsidiary member is 165-CC tagged asset of another group member and business continuity test is failed
SECTION 715-60 Assets that the head company already owns
SECTION 715-70 Assets of subsidiary member that become those of head company
SECTION 715-75 Extension of single entity rule and entry history rule
SECTION 715-80 Application of sections 715-85 to 715-110
SECTION 715-85 First changeover time for leaving company at or after leaving time
SECTION 715-90 How business continuity test applies if leaving time is changeover time for leaving company
SECTION 715-95 If ownership and control of leaving entity have not changed since head company ' s last changeover time
SECTION 715-100 First choice: adjustable values of leaving assets reduced to nil
SECTION 715-105 Second choice: head company's final RUNL applied in reducing adjustable values of leaving assets that are loss assets
SECTION 715-110 Third choice: loss denial pool of leaving entity created
SECTION 715-120 What happens
SECTION 715-125 First choice: adjustable values of leaving assets reduced to nil
SECTION 715-130 Second choice: pool's loss denial balance applied in reducing adjustable values of leaving assets that are loss assets
SECTION 715-135 Third choice: loss denial pool of leaving entity created
SECTION 715-145 Effect of choice on adjustable value of leaving asset
SECTION 715-155 When asset leaves pool
SECTION 715-160 How loss denial balance is applied to losses realised on assets in pool
SECTION 715-165 When pool ceases to exist
SECTION 715-175 When choice must be made
SECTION 715-180 Head company to notify leaving entity of choice
SECTION 715-185 Leaving entity may choose to cancel loss denial pool by reducing adjustable values of assets in the pool
Subdivision 715-B - How Subdivision 165-CD applies to consolidated groups and leaving entities
SECTION 715-215 Extension of single entity rule and entry history rule
SECTION 715-225 Working out adjusted unrealised loss using individual asset method
SECTION 715-230 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
SECTION 715-240 Application of sections 715-245 to 715-260
SECTION 715-245 If ownership or control of leaving entity has altered since head company's last alteration time or formation of group
SECTION 715-250 If head company has had an alteration time but ownership and control of leaving entity have not altered since
SECTION 715-255 Consequences if leaving entity is a loss company at the leaving time
SECTION 715-260 If neither of sections 715-245 and 715-250 applies
SECTION 715-265 Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest
SECTION 715-270 Subdivision 165-CD applies
Subdivision 715-C - Common rules for the purposes of Subdivisions 715-A and 715-B
SECTION 715-290 Additional assumptions to be made when using reference time
Subdivision 715-D - Treatment of company's deferred losses under Subdivision 170-D on joining a consolidated group
SECTION 715-310 What is a 170-D deferred loss , and when it revives
SECTION 715-355 Head company ' s own deferred losses at formation time
SECTION 715-360 Deferred losses brought in by subsidiary member
SECTION 715-365 How loss denial balance is applied when 170-D deferred loss revives
Subdivision 715-E - Interactions with Division 775 (Foreign currency gains and losses)
SECTION 715-370 Cost setting - reference time for determining currency exchange rate effect
Subdivision 715-F - Interactions with Division 230 (financial arrangements)
SECTION 715-375 Cost setting on joining - amount of liability that is Division 230 financial arrangement
SECTION 715-378 Cost setting on joining - head company ' s right to receive or obligation to provide payment
SECTION 715-379 Cost setting on leaving - amount of intragroup liability that is Division 230 financial arrangement
SECTION 715-379A Cost setting on leaving - head company ' s or leaving entity ' s right to receive or obligation to provide payment
SECTION 715-380 Exit history rule not to affect certain matters related to Division 230 financial arrangements
SECTION 715-385 Exit history rule and elective methods applying to Division 230 financial arrangements
Subdivision 715-G - How value shifting rules apply to a consolidated group
SECTION 715-410 Extension of single entity rule and entry history rule
SECTION 715-450 No reductions or other consequences for interests subject to loss cancellation under Subdivision 715-H
Subdivision 715-H - Cancelling loss on realisation event for direct or indirect interest in a member of a consolidated group
SECTION 715-610 Cancellation of loss
SECTION 715-615 Exception for interests in entity leaving consolidated group
SECTION 715-620 Exception if loss attributable to certain matters
Subdivision 715-J - Entry history rule and choices
SECTION 715-660 Head company ' s choice overriding entry history rule
SECTION 715-665 Head company ' s choice to override inconsistency
SECTION 715-670 Ongoing effect of choices made by entities before joining group
SECTION 715-675 Head company adopting choice with ongoing effect
Subdivision 715-K - Exit history rule and choices
SECTION 715-700 Choices leaving entity can make ignoring exit history rule
SECTION 715-705 Choices leaving entity can make ignoring exit history rule to overcome inconsistencies
Subdivision 715-U - Effect on conduit foreign income
SECTION 715-875 Extension of single entity rule and entry history rule
SECTION 715-880 No CFI for leaving entity
Subdivision 715-V - Entity ceasing to be exempt from income tax on becoming subsidiary member of consolidated group
SECTION 715-900 Transition time taken to be just before joining time
Subdivision 715-W - Effect on arrangements where CGT roll-overs are obtained
SECTION 715-910 Effect on restructures - original entity becomes a subsidiary member
SECTION 715-915 Effect on restructures - original entity is a head company
SECTION 715-920 Effect on restructures - original entity is a head company that becomes a subsidiary member of another group
SECTION 715-925 Effect on restructures - original entity ceases being a subsidiary member
Division 716 - Miscellaneous special rules
Subdivision 716-A - Assessable income and deductions spread over several membership or non-membership periods
SECTION 716-1 What this Division is about
SECTION 716-15 Assessable income spread over 2 or more income years
SECTION 716-25 Deductions spread over 2 or more income years
SECTION 716-70 Capital expenditure that is fully deductible in one income year
SECTION 716-75 Application
SECTION 716-80 Head company ' s assessable income and deductions
SECTION 716-85 Entity ' s assessable income and deductions for a non-membership period
SECTION 716-90 Entity's share of assessable income or deductions of partnership or trust
SECTION 716-95 Special rule if not all partnership or trust's assessable income or deductions taken into account in working out amount
SECTION 716-100 Spreading period
Subdivision 716-E - Tax cost setting for exploration and prospecting assets
SECTION 716-300 Prime cost method of working out decline in value
Subdivision 716-G - Low-value and software development pools
SECTION 716-330 Head company ' s deductions for decline in value of assets in joining entity ' s low-value pool
SECTION 716-335 Entity leaving group with asset allocated to head company ' s low-value pool
SECTION 716-340 Depreciating assets arising from expenditure in joining entity ' s software development pool
SECTION 716-345 Head company taken not to have incurred expenditure
Subdivision 716-S - Miscellaneous consequences of tax cost setting
SECTION 716-400 Tax cost setting and bad debts
### (Repealed) SECTION 716-405 Tax cost setting and rights to future income - deduction
### (Repealed) SECTION 716-410 Rights to amounts that are expected to be included in assessable income after joining time
SECTION 716-440 Membership interests in joining entity not subject to CGT under Division 855 - foreign entity ceasing to hold interests
Subdivision 716-V - Research and Development
SECTION 716-500 Head company bound by agreements binding on subsidiary members
SECTION 716-505 History for entitlement to tax offset: joining entity
SECTION 716-510 History for entitlement to tax offset: leaving entity
Subdivision 716-Z - Other
SECTION 716-800 Allocating amounts to periods if head company and subsidiary member have different income years
### (Repealed) SECTION 716-805 Some companies cannot satisfy the same business test
SECTION 716-850 Grossing up threshold amounts for periods of less than 365 days
SECTION 716-855 Working out the cost base or reduced cost base of a pre-CGT asset after certain roll-overs
SECTION 716-860 CGT event straddling joining or leaving time
Division 717 - International tax rules
Subdivision 717-A - Foreign income tax offsets
SECTION 717-1 What this Subdivision is about
SECTION 717-5 Object of this Subdivision
SECTION 717-10 Head company taken to be liable for subsidiary member ' s foreign income tax
Subdivision 717-D - Transfer of certain surpluses under CFC provisions and former FIF and FLP provisions: entry rules
SECTION 717-200 What this Subdivision is about
SECTION 717-205 Object of this Subdivision
SECTION 717-210 Attribution surpluses
### (Repealed) SECTION 717-215 Attributed tax account surpluses
SECTION 717-220 FIF surpluses
### (Repealed) SECTION 717-225 FIF attributed tax account surpluses
SECTION 717-227 Deferred attribution credits
### (Repealed) SECTION 717-230 Calculating FIF income where a company joins the group
Subdivision 717-E - Transfer of certain surpluses under CFC provisions and former FIF and FLP provisions: exit rules
SECTION 717-235 What this Subdivision is about
SECTION 717-240 Object of this Subdivision
SECTION 717-245 Attribution surpluses
### (Repealed) SECTION 717-250 Attributed tax account surpluses
SECTION 717-255 FIF surpluses
### (Repealed) SECTION 717-260 FIF attributed tax account surpluses
SECTION 717-262 Deferred attribution credits
### (Repealed) SECTION 717-265 Calculating FIF income where a company leaves the group
Subdivision 717-F - Elections etc. relating to CFCs, FIFs and FLPs: entry rules
### (Repealed) SECTION 717-270 What this Subdivision is about
### (Repealed) SECTION 717-275 Application
### (Repealed) SECTION 717-280 Object of this Subdivision
### (Repealed) SECTION 717-285 Pre-joining-time irrevocable elections etc. by joining entity not inherited by head company
### (Repealed) SECTION 717-290 Pre-joining-time actions of joining entity do not prevent head company from electing to apply the calculation method
### (Repealed) SECTION 717-292 Entry history rule does not affect when head company may elect to value trading stock at market value
Subdivision 717-G - Elections etc. relating to CFCs, FIFs and FLPs: exit rules
### (Repealed) SECTION 717-295 What this Subdivision is about
### (Repealed) SECTION 717-300 Application
### (Repealed) SECTION 717-305 Object of this Subdivision
### (Repealed) SECTION 717-310 Pre-leaving-time irrevocable declarations, elections, choices and selections by head company not inherited by leaving entity
### (Repealed) SECTION 717-315 Pre-leaving-time actions of head company do not prevent leaving entity from electing to apply the calculation method
### (Repealed) SECTION 717-320 Exit history rule does not affect when leaving entity may elect to value trading stock at market value
Subdivision 717-J - Foreign dividend accounts
### (Repealed) SECTION 717-500 What this Subdivision is about
### (Repealed) SECTION 717-505 Object of this Subdivision
### (Repealed) SECTION 717-510 No FDA surplus for joining company
### (Repealed) SECTION 717-515 Single entity rule for FDA credits and FDA debits
### (Repealed) SECTION 717-520 Head company may make FDA declaration
### (Repealed) SECTION 717-525 Multiple FDA declarations for dividends paid on same day
### (Repealed) SECTION 717-530 Extended operation of sections 717-520 and 717-525
Subdivision 717-O - Offshore banking units
SECTION 717-700 What this Subdivision is about
SECTION 717-705 Object of this Subdivision
SECTION 717-710 Head company treated as OBU
Division 719 - MEC groups
Subdivision 719-A - Modified application of Part 3-90 to MEC groups
SECTION 719-2 Modified application of Part 3-90 to MEC groups
Subdivision 719-B - MEC groups and their members
SECTION 719-4 What this Subdivision is about
SECTION 719-5 What is a MEC group ?
SECTION 719-10 What is a potential MEC group?
SECTION 719-15 What is an eligible tier-1 company ?
SECTION 719-20 What is a top company and a tier-1 company ?
SECTION 719-25 Head company, subsidiary members and members of a MEC group
SECTION 719-30 Treating entities as wholly-owned subsidiaries by disregarding employee shares
SECTION 719-35 Treating entities held through non-fixed trusts as wholly-owned subsidiaries
SECTION 719-40 Special conversion event - potential MEC group
SECTION 719-45 Application of sections 703-20 and 703-25
SECTION 719-50 Eligible tier-1 companies may choose to consolidate a potential MEC group
SECTION 719-55 When choice starts to have effect
SECTION 719-60 Appointment of provisional head company
SECTION 719-65 Qualifications for the provisional head company of a MEC group
SECTION 719-70 Income year of new provisional head company to be the same as that of former provisional head company
SECTION 719-75 Head company
SECTION 719-76 Notice of choice to consolidate
SECTION 719-77 Notice in relation to new eligible tier-1 members etc
SECTION 719-78 Notice of special conversion event
SECTION 719-79 Notice of appointment of provisional head company after formation of group
SECTION 719-80 Notice of events affecting MEC group
SECTION 719-85 Application
SECTION 719-90 New head company treated as substituted for old head company at all times before the transition time
SECTION 719-95 No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group
Subdivision 719-BA - Group conversions involving MEC groups
SECTION 719-120 Application
SECTION 719-125 Head company of new group retains history of head company of old group
SECTION 719-130 Provisions of this Part not to apply to conversion
SECTION 719-135 Provisions of this Part applying to conversion despite section 719-130
SECTION 719-140 Other provisions of this Part not applying to conversion
Subdivision 719-C - MEC group cost setting rules: joining cases
SECTION 719-150 What this Subdivision is about
SECTION 719-155 Object of this Subdivision
SECTION 719-160 Tax cost setting rules for joining have effect with modifications
SECTION 719-165 Trading stock value and registered emissions unit value not set for assets of eligible tier-1 companies
SECTION 719-170 Modified effect of subsections 705-175(1) and 705-185(1)
Subdivision 719-F - Losses
SECTION 719-250 What this Subdivision is about
SECTION 719-255 Special rules
SECTION 719-260 Special test for utilising a loss because a company maintains the same owners
SECTION 719-265 What is the test company?
SECTION 719-270 Assumptions about the test company having made the loss for an income year
SECTION 719-275 Assumptions about nothing happening to affect direct and indirect ownership of the test company
SECTION 719-280 Assumptions about the test company failing to meet the conditions in section 165-12
SECTION 719-285 Business continuity test and change of head company
SECTION 719-300 Application
SECTION 719-305 Subdivision 707-C affects utilisation of losses made by ongoing head company while it was head company
SECTION 719-310 Adjustment of available fractions for bundles of losses previously transferred to ongoing head company
SECTION 719-315 Further adjustment of available fractions for all bundles
SECTION 719-320 Limit on utilising losses other than the prior group losses
SECTION 719-325 Cancellation of all losses in a bundle
Subdivision 719-H - Imputation issues
SECTION 719-425 Guide to Subdivision 719-H
SECTION 719-430 Transfer of franking account balance on cessation event
SECTION 719-435 Distributions by subsidiary members of MEC group taken to be distributions by head company
Subdivision 719-I - Bad debts
SECTION 719-450 What this Subdivision is about
SECTION 719-455 Special test for deducting a bad debt because a company maintains the same owners
SECTION 719-460 Assumptions about nothing happening to affect direct and indirect ownership of the test company
SECTION 719-465 Assumptions about the test company failing to meet the conditions in section 165-123
Subdivision 719-J - MEC group cost setting rules: leaving cases
SECTION 719-500 What this Subdivision is about
SECTION 719-505 Application and object of this Subdivision
SECTION 719-510 Modified operation of paragraphs 711-15(1)(b) and (c)
Subdivision 719-K - MEC group cost setting rules: pooling cases
SECTION 719-550 What this Subdivision is about
SECTION 719-555 Application and object of this Subdivision
SECTION 719-560 Pooled interests
SECTION 719-565 Setting cost of reset interests
SECTION 719-570 Cost setting amount
Subdivision 719-T - Interactions between this Part and other areas of the income tax law: special rules for MEC groups
SECTION 719-700 Changeover times under section 165-115C or 165-115D
SECTION 719-705 Additional changeover times for head company of MEC group
SECTION 719-720 Alteration times under section 165-115L or 165-115M
SECTION 719-725 Additional alteration times for head company of MEC group
SECTION 719-730 Some alteration times only affect interests in top company
SECTION 719-735 Some alteration times affect only pooled interests
SECTION 719-740 Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest
SECTION 719-755 Effect on MEC group cost setting rules if head company is losing entity or gaining entity for indirect value shift
SECTION 719-775 Cancellation of loss
SECTION 719-780 Exception for pooled interests in eligible tier-1 companies
SECTION 719-785 Exception for interests in top company
SECTION 719-790 Exception for interests in entity leaving MEC group
SECTION 719-795 Exception if loss attributable to certain matters
Subdivision 719-X - International tax rules
### (Repealed) SECTION 719-900 General rules about foreign dividend accounts
### (Repealed) SECTION 719-903 Special rules for certain FDA credits and FDA debits
### (Repealed) SECTION 719-905 Transfer of balance of foreign dividend accounts on change in identity of provisional head company
Division 721 - Liability for payment of tax where head company fails to pay on time
SECTION 721-1 What this Division is about
Object
SECTION 721-5 Object of this Division
When this Division operates
SECTION 721-10 When this Division operates
Joint and several liability of contributing member
SECTION 721-15 Head company and contributing members jointly and severally liable to pay group liability
SECTION 721-17 Notice of joint and several liability for general interest charge
SECTION 721-20 Limit on liability where group first comes into existence
Tax sharing agreements
SECTION 721-25 When a group liability is covered by a tax sharing agreement
SECTION 721-30 TSA contributing members liable for contribution amounts
SECTION 721-32 Notice of general interest charge liability under TSA
SECTION 721-35 When a TSA contributing member has left the group clear of the group liability
SECTION 721-40 TSA liability and group liability are linked
PART 3-95 - VALUE SHIFTING
Division 723 - Direct value shifting by creating right over non-depreciating asset
Subdivision 723-A - Reduction in loss from realising non-depreciating asset
SECTION 723-1 Object
SECTION 723-10 Reduction in loss from realising non-depreciating asset over which right has been created
SECTION 723-15 Reduction in loss from realising non-depreciating asset at the same time as right is created over it
SECTION 723-20 Exceptions
SECTION 723-25 Realisation event that is only a partial realisation
SECTION 723-35 Multiple rights created to take advantage of the $50,000 threshold
SECTION 723-40 Application to CGT asset that is also trading stock or revenue asset
SECTION 723-50 Effects if right created over underlying asset is also trading stock or a revenue asset
Subdivision 723-B - Reducing reduced cost base of interests in entity that acquires non-depreciating asset under roll-over
SECTION 723-105 Reduced cost base of interest reduced when interest realised at a loss
SECTION 723-110 Direct and indirect roll-over replacement for underlying asset
Division 725 - Direct value shifting affecting interests in companies and trusts
Guide to Division 725
SECTION 725-1 What this Division is about
Subdivision 725-A - Scope of the direct value shifting rules
SECTION 725-45 Main object
SECTION 725-50 When a direct value shift has consequences under this Division
SECTION 725-55 Controlling entity test
SECTION 725-65 Cause of the value shift
SECTION 725-70 Consequences for down interest only if there is a material decrease in its market value
SECTION 725-80 Who is an affected owner of a down interest?
SECTION 725-85 Who is an affected owner of an up interest?
SECTION 725-90 Direct value shift that will be reversed
SECTION 725-95 Direct value shift resulting from reversal
Subdivision 725-B - What is a direct value shift?
SECTION 725-145 When there is a direct value shift
SECTION 725-150 Issue of equity or loan interests at a discount
SECTION 725-155 Meaning of down interests, decrease time, up interests and increase time
SECTION 725-160 What is the nature of a direct value shift?
SECTION 725-165 If market value decrease or increase is only partly attributable to the scheme
Subdivision 725-C - Consequences of a direct value shift
SECTION 725-205 Consequences depend on character of down interests and up interests
SECTION 725-210 Consequences for down interests depend on pre-shift gains and losses
SECTION 725-220 Neutral direct value shifts
SECTION 725-225 Issue of bonus shares or units
SECTION 725-230 Off-market buy-backs
Subdivision 725-D - Consequences for down interest or up interest as CGT asset
SECTION 725-240 CGT consequences; meaning of adjustable value
SECTION 725-245 Table of taxing events generating a gain for interests as CGT assets
SECTION 725-250 Table of consequences for adjustable values of interests as CGT assets
SECTION 725-255 Multiple CGT consequences for the same down interest or up interest
Subdivision 725-E - Consequences for down interest or up interest as trading stock or a revenue asset
SECTION 725-310 Consequences for down interest or up interest as trading stock
SECTION 725-315 Adjustable value of trading stock
SECTION 725-320 Consequences for down interest or up interest as a revenue asset
SECTION 725-325 Adjustable value of revenue asset
SECTION 725-335 How to work out those consequences
SECTION 725-340 Multiple trading stock or revenue asset consequences for the same down interest or up interest
Subdivision 725-F - Value adjustments and taxed gains
SECTION 725-365 Decreases in adjustable values of down interests (with pre-shift gains), and taxing events generating a gain
SECTION 725-370 Uplifts in adjustable values of up interests under certain table items
SECTION 725-375 Uplifts in adjustable values of up interests under other table items
SECTION 725-380 Decreases in adjustable value of down interests (with pre-shift losses)
Division 727 - Indirect value shifting affecting interests in companies and trusts, and arising from non-arm ' s length dealings
Guide to Division 727
SECTION 727-1 What this Division is about
SECTION 727-5 What is an indirect value shift?
SECTION 727-10 How does this Division deal with indirect value shifts?
SECTION 727-15 When does an indirect value shift have consequences under this Division?
SECTION 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
Subdivision 727-A - Scope of the indirect value shifting rules
SECTION 727-95 Main object
SECTION 727-100 When an indirect value shift has consequences under this Division
SECTION 727-105 Ultimate controller test
SECTION 727-110 Common-ownership nexus test (if both losing and gaining entities are closely held)
SECTION 727-125 No consequences if losing entity is a complying superannuation entity etc.
Subdivision 727-B - What is an indirect value shift
SECTION 727-150 How to determine whether a scheme results in an indirect value shift
SECTION 727-155 Providing economic benefits
SECTION 727-160 When an economic benefit is provided in connection with a scheme
SECTION 727-165 Preventing double-counting of economic benefits
Subdivision 727-C - Exclusions
SECTION 727-200 What this Subdivision is about
SECTION 727-215 Amount does not exceed $50,000
SECTION 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
SECTION 727-230 Services provided by losing entity to gaining entity for at least their direct cost
SECTION 727-235 Services provided by gaining entity to losing entity for no more than a commercially realistic price
SECTION 727-240 What services certain provisions apply to
SECTION 727-245 How to work out certain amounts for the purposes of sections 727-230 and 727-235
SECTION 727-250 Distribution by an entity to a member or beneficiary
SECTION 727-260 Shift down a wholly-owned chain of entities
Subdivision 727-D - Working out the market value of economic benefits
SECTION 727-300 What the rules in this Subdivision are for
SECTION 727-315 Transfer, for its adjustable value, of depreciating asset acquired for less than $1,500,000
Subdivision 727-E - Key concepts
SECTION 727-350 Ultimate controller
SECTION 727-355 Control (for value shifting purposes) of a company
SECTION 727-360 Control (for value shifting purposes) of a fixed trust
SECTION 727-365 Control (for value shifting purposes) of a non-fixed trust
SECTION 727-370 Preventing double counting for percentage stake tests
SECTION 727-375 Tests in this Subdivision are exhaustive
SECTION 727-400 When 2 entities have a common-ownership nexus within a period
SECTION 727-405 Ultimate stake of a particular percentage in a company
SECTION 727-410 Ultimate stake of a particular percentage in a fixed trust
SECTION 727-415 Rules for tracing
Subdivision 727-F - Consequences of an indirect value shift
SECTION 727-450 What this Subdivision is about
SECTION 727-455 Consequences of the indirect value shift
SECTION 727-460 Affected interests in the losing entity
SECTION 727-465 Affected interests in the gaining entity
SECTION 727-470 Exceptions
SECTION 727-520 Equity or loan interest and related terms
SECTION 727-525 Indirect equity or loan interest
SECTION 727-530 Who are the affected owners
SECTION 727-550 Choosing the adjustable value method
SECTION 727-555 Giving other affected owners information about the choice
Subdivision 727-G - The realisation time method
SECTION 727-600 What this Subdivision is about
SECTION 727-610 Consequences of indirect value shift
SECTION 727-615 Reduction of loss on realisation event for affected interest in losing entity
SECTION 727-620 Reduction of gain on realisation event for affected interest in gaining entity
SECTION 727-625 Total gain reductions not to exceed total loss reductions
SECTION 727-630 How cap in section 727-625 applies if affected interest is also trading stock or a revenue asset
SECTION 727-635 Splitting an equity or loan interest
SECTION 727-640 Merging equity or loan interests
SECTION 727-645 Effect of CGT roll-over
SECTION 727-700 When 95% services indirect value shift is excluded
SECTION 727-705 Another provision of the income tax law affects amount related to services by at least $100,000
SECTION 727-710 Ongoing or recent service arrangement reduces value of losing entity by at least $100,000
SECTION 727-715 Service arrangements reduce value of losing entity that is a group service provider by at least $500,000
SECTION 727-720 Abnormal service arrangement reduces value of losing entity that is not a group service provider by at least $500,000
SECTION 727-725 Meaning of predominantly-services indirect value shift
Subdivision 727-H - The adjustable value method
SECTION 727-750 What this Subdivision is about
SECTION 727-755 Consequences of indirect value shift
SECTION 727-770 Reduction under the adjustable value method
SECTION 727-775 Has there been a disaggregated attributable decrease?
SECTION 727-780 Working out the reduction on a loss-focussed basis
SECTION 727-800 Uplift under the attributable increase method
SECTION 727-805 Has there been a disaggregated attributable increase?
SECTION 727-810 Scaling-down formula
SECTION 727-830 CGT assets
SECTION 727-835 Trading stock
SECTION 727-840 Revenue assets
Subdivision 727-K - Reduction of loss on equity or loan interests realised before the IVS time
SECTION 727-850 Consequences of scheme under this Subdivision
SECTION 727-855 Presumed indirect value shift
SECTION 727-860 Conditions about the prospective gaining entity
SECTION 727-865 How other provisions of this Division apply to support this Subdivision
SECTION 727-870 Effect of CGT roll-over
SECTION 727-875 Application to CGT asset that is also trading stock or revenue asset
Subdivision 727-L - Indirect value shift resulting from a direct value shift
SECTION 727-905 How this Subdivision affects the rest of this Division
SECTION 727-910 Treatment of value shifted under the direct value shift
FORMER CHAPTER 4 - COLLECTION AND RECOVERY OF INCOME TAX (AND SOME OTHER TAXES)
CHAPTER 4 - INTERNATIONAL ASPECTS OF INCOME TAX
PART 4-5 - GENERAL
Division 764 - Source rules
Guide to Division 764
SECTION 764-1 What this Division is about
Subdivision 764-A - Source rules
SECTION 764-5 Source rule for international tax agreements
Division 768 - Foreign non-assessable income and gains
Subdivision 768-A - Returns on foreign investment
SECTION 768-1 What this Subdivision is about
SECTION 768-5 Foreign equity distributions on participation interests
SECTION 768-7 Foreign equity distributions entitled to a foreign income tax deduction
SECTION 768-10 Meaning of foreign equity distribution
SECTION 768-15 Participation test - minimum 10% participation
Subdivision 768-B - Some items of income that are exempt from income tax
SECTION 768-100 Foreign government officials in Australia
SECTION 768-105 Compensation arising out of Second World War
SECTION 768-110 Foreign residents deriving income from certain activities in Australia ' s exclusive economic zone or on or above Australia ' s continental shelf
Subdivision 768-G - Reduction in capital gains and losses arising from CGT events in relation to certain voting interests in active foreign companies
SECTION 768-500 What this Subdivision is about
SECTION 768-505 Reducing a capital gain or loss from certain CGT events in relation to certain voting interests
SECTION 768-510 Active foreign business asset percentage
SECTION 768-515 Choices to apply market value method or book value method
SECTION 768-520 Market value method - choice made under subsection 768-515(1)
SECTION 768-525 Book value method - choice made under subsection 768-515(2)
SECTION 768-530 Active foreign business asset percentage - modifications for foreign life insurance companies and foreign general insurance companies
SECTION 768-533 Foreign company that is a FIF using CFC calculation method - treatment as AFI subsidiary under this Subdivision
SECTION 768-535 Modified rules for foreign wholly-owned groups
SECTION 768-540 Active foreign business assets of a foreign company
SECTION 768-545 Assets included in the total assets of a foreign company
SECTION 768-550 Direct voting percentage in a company
SECTION 768-555 Indirect voting percentage in a company
SECTION 768-560 Total voting percentage in a company
(Repealed) Subdivision 768-H - Capital gains and losses of foreign residents through fixed trusts
### (Repealed) SECTION 768-600 Purpose of this Subdivision
### (Repealed) SECTION 768-605 Effect of capital gain or loss from underlying fixed trust assets
### (Repealed) SECTION 768-610 Conditions
### (Repealed) SECTION 768-615 Foreign resident companies
Subdivision 768-R - Temporary residents
SECTION 768-900 What this Subdivision is about
SECTION 768-905 Objects
SECTION 768-910 Income derived by temporary resident
SECTION 768-915 Certain capital gains and capital losses of temporary resident to be disregarded
### (Repealed) SECTION 768-920 Capital gains and losses on employee shares and rights where taxation of discount not deferred
### (Repealed) SECTION 768-925 Notional gain or loss
### (Repealed) SECTION 768-930 Adjustment to notional gain or loss
### (Repealed) SECTION 768-935 Adjustment for share or right acquired under employee share scheme
### (Repealed) SECTION 768-940 Adjustment for derived share
### (Repealed) SECTION 768-945 Amending assessment to take account of effect on capital gain or loss of recalculating discount
SECTION 768-950 Individual becoming an Australian resident
SECTION 768-955 Temporary resident who ceases to be temporary resident but remains an Australian resident
SECTION 768-960 Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules
### (Repealed) SECTION 768-965 Exemption of temporary resident from taxation in respect of foreign investment fund income
SECTION 768-970 Modification of rules for accruals system of taxation of certain non-resident trust estates
### (Repealed) SECTION 768-975 Calculation of beneficiary ' s share of net income of non-resident trust estate
SECTION 768-980 Interest paid by temporary resident
Division 770 - Foreign income tax offsets
Guide to Division 770
SECTION 770-1 What this Division is about
SECTION 770-5 Object
Subdivision 770-A - Entitlement rules for foreign income tax offsets
SECTION 770-10 Entitlement to foreign income tax offset
SECTION 770-15 Meaning of foreign income tax, credit absorption tax and unitary tax
Subdivision 770-B - Amount of foreign income tax offset
SECTION 770-65 What this Subdivision is about
SECTION 770-70 Amount of foreign income tax offset
SECTION 770-75 Foreign income tax offset limit
SECTION 770-80 Increase in offset limit for tax paid on amounts to which section 23AI or 23AK of the Income Tax Assessment Act 1936 apply
Subdivision 770-C - Rules about payment of foreign income tax
SECTION 770-130 When foreign income tax is considered paid - taxes paid by someone else
SECTION 770-135 Foreign income tax paid by CFCs on attributed amounts
SECTION 770-140 When foreign income tax is considered not paid - anti-avoidance rule
Subdivision 770-D - Administration
SECTION 770-190 Amendment of assessments
Division 775 - Foreign currency gains and losses
Guide to Division 775
SECTION 775-5 What this Division is about
Subdivision 775-A - Objects of this Division
SECTION 775-10 Objects of this Division
Subdivision 775-B - Realisation of forex gains or losses
SECTION 775-15 Forex realisation gains are assessable
SECTION 775-20 Certain forex realisation gains are exempt income
SECTION 775-25 Certain forex realisation gains are non-assessable non-exempt income
SECTION 775-27 Certain forex realisation gains are non-assessable non-exempt income
SECTION 775-30 Forex realisation losses are deductible
SECTION 775-35 Certain forex realisation losses are disregarded
SECTION 775-40 Disposal of foreign currency or right to receive foreign currency - forex realisation event 1
SECTION 775-45 Ceasing to have a right to receive foreign currency - forex realisation event 2
SECTION 775-50 Ceasing to have an obligation to receive foreign currency - forex realisation event 3
SECTION 775-55 Ceasing to have an obligation to pay foreign currency - forex realisation event 4
SECTION 775-60 Ceasing to have a right to pay foreign currency - forex realisation event 5
SECTION 775-65 Only one forex realisation event to be counted
SECTION 775-70 Tax consequences of certain short-term forex realisation gains
SECTION 775-75 Tax consequences of certain short-term forex realisation losses
SECTION 775-80 You may choose not to have sections 775-70 and 775-75 apply to you
SECTION 775-85 Forex cost base of a right to receive foreign currency
SECTION 775-90 Forex entitlement base of a right to pay foreign currency
SECTION 775-95 Proceeds of assuming an obligation to pay foreign currency
SECTION 775-100 Net costs of assuming an obligation to receive foreign currency
SECTION 775-105 Currency exchange rate effect
SECTION 775-110 Constructive receipts and payments
SECTION 775-115 Economic set-off to be treated as legal set-off
SECTION 775-120 Non-arm's length transactions
SECTION 775-125 CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3
SECTION 775-130 Certain deductions not allowable
SECTION 775-135 Right to receive or pay foreign currency
SECTION 775-140 Obligation to pay or receive foreign currency
SECTION 775-145 Application of forex realisation events to currency and fungible rights and obligations
SECTION 775-150 Transitional election
SECTION 775-155 Applicable commencement date
SECTION 775-160 Exception - event happens before the applicable commencement date
SECTION 775-165 Exception - currency or right acquired, or obligation incurred, before the applicable commencement date
SECTION 775-168 Exception - disposal or redemption of traditional securities
### (Repealed) SECTION 775-170 Exemption for ADIs and non-ADI financial institutions
SECTION 775-175 Application to things happening before commencement
Subdivision 775-C - Roll-over relief for facility agreements
SECTION 775-180 What this Subdivision is about
SECTION 775-185 What is a facility agreement ?
SECTION 775-190 What is an eligible security ?
SECTION 775-195 You may choose roll-over relief for a facility agreement
SECTION 775-200 Forex realisation event 4 does not apply
SECTION 775-205 What is a roll-over ?
SECTION 775-210 Notional loan
SECTION 775-215 Discharge of obligation to pay the principal amount of a notional loan under a facility agreement - forex realisation event 6
SECTION 775-220 Material variation of a facility agreement - forex realisation event 7
Subdivision 775-D - Qualifying forex accounts that pass the limited balance test
SECTION 775-225 What this Subdivision is about
SECTION 775-230 Election to have this Subdivision apply to one or more qualifying forex accounts
SECTION 775-235 Variation of election
SECTION 775-240 Withdrawal of election
SECTION 775-245 When does a qualifying forex account pass the limited balance test ?
SECTION 775-250 Tax consequences of passing the limited balance test
SECTION 775-255 Notional realisation when qualifying forex account starts to pass the limited balance test
SECTION 775-260 Modification of tax recognition time
Subdivision 775-E - Retranslation for qualifying forex accounts
SECTION 775-265 What this Subdivision is about
SECTION 775-270 You may choose retranslation for a qualifying forex account
SECTION 775-275 Withdrawal of choice
SECTION 775-280 Tax consequences of choosing retranslation for an account
SECTION 775-285 Retranslation of gains and losses relating to a qualifying forex account - forex realisation event 8
Subdivision 775-F - Retranslation under foreign exchange retranslation election under Subdivision 230-D
SECTION 775-290 What this Subdivision is about
SECTION 775-295 When this Subdivision applies
SECTION 775-300 Tax consequences of choosing retranslation for arrangement
SECTION 775-305 Retranslation of gains and losses relating to arrangement to which foreign exchange retranslation election applies - forex realisation event 9
SECTION 775-310 When election ceases to apply to arrangement
SECTION 775-315 Balancing adjustment when election ceases to apply to arrangement
Division 802 - Foreign residents ' income with an underlying foreign source
Subdivision 802-A - Conduit foreign income
SECTION 802-5 What this Subdivision is about
SECTION 802-10 Objects
SECTION 802-15 Foreign residents - exempting CFI from Australian tax
SECTION 802-17 Trust estates and foreign resident beneficiaries - exempting CFI from Australian tax
SECTION 802-20 Distributions between Australian corporate tax entities - non-assessable non-exempt income
SECTION 802-25 Conduit foreign income of an Australian corporate tax entity
SECTION 802-30 Foreign source income amounts
SECTION 802-35 Capital gains and losses
SECTION 802-40 Effect of foreign income tax offset on conduit foreign income
SECTION 802-45 Previous declarations of conduit foreign income
SECTION 802-50 Receipt of an unfranked distribution from another Australian corporate tax entity
SECTION 802-55 No double benefits
SECTION 802-60 No streaming of distributions
Division 815 - Cross-border transfer pricing
Subdivision 815-A - Treaty-equivalent cross-border transfer pricing rules
SECTION 815-1 What this Subdivision is about
SECTION 815-5 Object
SECTION 815-10 Transfer pricing benefit may be negated
SECTION 815-15 When an entity gets a transfer pricing benefit
SECTION 815-20 Cross-border transfer pricing guidance
SECTION 815-25 Modified transfer pricing benefit for thin capitalisation
SECTION 815-30 Determinations negating transfer pricing benefit
SECTION 815-35 Consequential adjustments
SECTION 815-40 No double taxation
Subdivision 815-B - Arm ' s length principle for cross-border conditions between entities
SECTION 815-101 What this Subdivision is about
SECTION 815-105 Object
SECTION 815-110 Operation of Subdivision
SECTION 815-115 Substitution of arm ' s length conditions
SECTION 815-120 When an entity gets a transfer pricing benefit
SECTION 815-125 Meaning of arm ' s length conditions
SECTION 815-130 Relevance of actual commercial or financial relations
SECTION 815-135 Guidance
SECTION 815-140 Modification for thin capitalisation
SECTION 815-145 Consequential adjustments
SECTION 815-150 Amendment of assessments
Subdivision 815-C - Arm ' s length principle for permanent establishments
SECTION 815-201 What this Subdivision is about
SECTION 815-205 Object
SECTION 815-210 Operation of Subdivision
SECTION 815-215 Substitution of arm ' s length profits
SECTION 815-220 When an entity gets a transfer pricing benefit
SECTION 815-225 Meaning of arm ' s length profits
SECTION 815-230 Source rules for certain arm ' s length profits
SECTION 815-235 Guidance
SECTION 815-240 Amendment of assessments
Subdivision 815-D - Special rules for trusts and partnerships
SECTION 815-301 What this Subdivision is about
SECTION 815-305 Special rule for trusts
SECTION 815-310 Special rules for partnerships
Subdivision 815-E - Reporting obligations for country by country reporting entities
SECTION 815-350 What this Subdivision is about
SECTION 815-355 Requirement to give statements
SECTION 815-360 Replacement reporting periods
SECTION 815-365 Exemptions
SECTION 815-370 Meaning of country by country reporting entity (or CBC reporting entity )
SECTION 815-375 Meaning of country by country reporting parent (or CBC reporting parent )
SECTION 815-380 Meaning of country by country reporting group (or CBC reporting group )
Division 820 - Thin capitalisation rules
Guide to Division 820
SECTION 820-1 What this Division is about
### (Repealed) SECTION 820-5 Does this Division apply to an entity?
SECTION 820-10 Map of Division
Subdivision 820-A - Preliminary
SECTION 820-30 Object of Division
SECTION 820-31 Order of application of Subdivisions
SECTION 820-32 Exemption for private or domestic assets and non-debt liabilities
SECTION 820-35 Application - $2 million threshold
SECTION 820-37 Application - assets threshold
SECTION 820-39 Exemption of certain special purpose entities
SECTION 820-40 Meaning of debt deduction
Subdivision 820-AA - Thin capitalisation rules for general class investors
SECTION 820-45 What this Subdivision is about
SECTION 820-46 Thin capitalisation rule for general class investors
SECTION 820-47 Choices under subsection 820-46(3) or (4)
SECTION 820-48 Where entity is taken to make third party debt test choice
SECTION 820-49 Meaning of obligor group etc.
SECTION 820-50 Amount of debt deduction disallowed
SECTION 820-51 Meaning of fixed ratio earnings limit and group ratio earnings limit
SECTION 820-52 Meaning of tax EBITDA
SECTION 820-53 Meaning of group ratio, GR group, GR group parent and GR group member
SECTION 820-54 Meaning of GR group net third party interest expense, financial statement net third party interest expense and adjusted net third party interest expense
SECTION 820-55 Meaning of entity EBITDA and GR group EBITDA
SECTION 820-56 Special deduction for previously FRT disallowed amounts - fixed ratio test
SECTION 820-57 Meaning of FRT disallowed amount
SECTION 820-58 FRT disallowed amount is treated as zero where subsequent choice means fixed ratio test does not apply
SECTION 820-59 When FRT disallowed amount is treated as zero for companies and trusts
SECTION 820-60 Excess tax EBITDA amount
Subdivision 820-B - Thin capitalisation rules for outward investing financial entities (non-ADI)
SECTION 820-65 What this Subdivision is about
SECTION 820-85 Thin capitalisation rule for outward investing financial entities (non-ADI)
SECTION 820-90 Maximum allowable debt
### (Repealed) SECTION 820-95 Safe harbour debt amount - outward investor (general)
SECTION 820-100 Safe harbour debt amount - outward investing financial entity (non-ADI)
### (Repealed) SECTION 820-105 Arm ' s length debt amount
SECTION 820-110 Worldwide gearing debt amount - outward investor that is not also an inward investment vehicle
SECTION 820-111 Worldwide gearing debt amount - outward investor that is also an inward investment vehicle
SECTION 820-115 Amount of debt deduction disallowed
SECTION 820-120 Application to part year periods
Subdivision 820-C - Thin capitalisation rules for inward investing financial entities (non-ADI)
SECTION 820-180 What this Subdivision is about
SECTION 820-185 Thin capitalisation rule for inward investing financial entities (non-ADI)
SECTION 820-190 Maximum allowable debt
### (Repealed) SECTION 820-195 Safe harbour debt amount - inward investment vehicle (general)
SECTION 820-200 Safe harbour debt amount - inward investment vehicle (financial)
### (Repealed) SECTION 820-205 Safe harbour debt amount - inward investor (general)
SECTION 820-210 Safe harbour debt amount - inward investor (financial)
### (Repealed) SECTION 820-215 Arm ' s length debt amount
### (Repealed) SECTION 820-216 Worldwide gearing debt amount - inward investment vehicle (general)
SECTION 820-217 Worldwide gearing debt amount - inward investment vehicle (financial)
### (Repealed) SECTION 820-218 Worldwide gearing debt amount - inward investor (general)
SECTION 820-219 Worldwide gearing debt amount - inward investor (financial)
SECTION 820-220 Amount of debt deduction disallowed
SECTION 820-225 Application to part year periods
Subdivision 820-D - Thin capitalisation rules for outward investing entities (ADI)
SECTION 820-295 What this Subdivision is about
SECTION 820-300 Thin capitalisation rule for outward investing entities (ADI)
SECTION 820-305 Minimum capital amount
SECTION 820-310 Safe harbour capital amount
SECTION 820-315 Arm ' s length capital amount
SECTION 820-320 Worldwide capital amount
SECTION 820-325 Amount of debt deduction disallowed
SECTION 820-330 Application to part year periods
Subdivision 820-E - Thin capitalisation rules for inward investing entities (ADI)
SECTION 820-390 What this Subdivision is about
SECTION 820-395 Thin capitalisation rule for inward investing entities (ADI)
SECTION 820-400 Minimum capital amount
SECTION 820-405 Safe harbour capital amount
SECTION 820-410 Arm ' s length capital amount
SECTION 820-415 Amount of debt deduction disallowed
SECTION 820-420 Application to part year periods
Subdivision 820-EAA - Debt deduction limitation rules for debt deduction creation (all relevant entities)
SECTION 820-423 What this Subdivision is about
SECTION 820-423A Debt deduction limitation rule for debt deduction creation (all relevant entities)
SECTION 820-423AA Exceptions for acquisition of certain CGT assets
SECTION 820-423B Amount of debt deduction disallowed
SECTION 820-423C This Subdivision does not limit reduction of debt deductions under other provisions
SECTION 820-423D Schemes relating to this Subdivision
SECTION 820-423E Modified meaning of associate pair
SECTION 820-423F Modified meaning of Australian entity
Subdivision 820-EAB - Third party debt concepts
SECTION 820-427 What this Subdivision is about
SECTION 820-427A Meaning of third party earnings limit and third party debt conditions
SECTION 820-427B Modified third party debt conditions for conduit financing
SECTION 820-427C Conduit financing conditions
SECTION 820-427D Modified meaning of associate entity
SECTION 820-427E Modified meaning of Australian entity
Subdivision 820-EA - Some financial entities may choose to be treated as ADIs
SECTION 820-430 When choice can be made, and what effect it has
SECTION 820-435 Conditions
SECTION 820-440 Revocation of choice
SECTION 820-445 How this Subdivision interacts with Subdivision 820-FA
Subdivision 820-FA - How the thin capitalisation rules apply to consolidated groups and MEC groups
SECTION 820-579 What this Subdivision is about
SECTION 820-581 How this Division applies to head company for income year in which group comes into existence or ceases to exist
SECTION 820-583 Classification of head company
SECTION 820-584 Exempt special purpose entities treated as not being member of group
SECTION 820-585 Exemption for consolidated group headed by foreign-controlled Australian ADI or its holding company
SECTION 820-587 Additional application of Subdivision 820-D to MEC group that includes foreign-controlled Australian ADI
SECTION 820-588 Choice to treat specialist credit card institutions as being financial entities and not ADIs
SECTION 820-589 How Subdivision 820-D applies to a MEC group
SECTION 820-590 Treatment of FRT disallowed amounts - joining case
SECTION 820-591 Effect of transfer of FRT disallowed amount
SECTION 820-592 Cancelling the transfer of FRT disallowed amount
SECTION 820-593 FRT disallowed amount cannot be applied for income year ending after the joining time
SECTION 820-594 Treatment of FRT disallowed amounts - leaving case
Subdivision 820-FB - Grouping branches of foreign banks and foreign financial entities with a consolidated group, MEC group or single Australian resident company
SECTION 820-595 What this Subdivision is about
SECTION 820-597 Choice by head company of consolidated group or MEC group
SECTION 820-599 Choice by Australian resident company outside consolidatable group and MEC group
SECTION 820-601 Application
SECTION 820-603 General
SECTION 820-605 Effect on establishment entity if certain debt deductions disallowed
SECTION 820-607 Effect on test periods under this Division
SECTION 820-609 Effect on classification of head company or single company
SECTION 820-610 Choice not to be outward investing entity (ADI) or inward investing entity (ADI)
SECTION 820-611 Values to be based on what would be in consolidated accounts for group
SECTION 820-613 How Subdivision 820-D applies
SECTION 820-615 How Subdivision 820-E applies
### (Repealed) SECTION 820-617 Effect on safe harbour capital amount if single company is foreign-controlled Australian ADI and on-lends section 128F amounts
Subdivision 820-G - Calculating the average values
SECTION 820-625 What this Subdivision is about
SECTION 820-630 Methods of calculating average values
SECTION 820-635 The opening and closing balances method
SECTION 820-640 The 3 measurement days method
SECTION 820-645 The frequent measurement method
SECTION 820-675 Amount to be expressed in Australian currency
SECTION 820-680 Valuation of assets, liabilities and equity capital
SECTION 820-682 Recognition of assets and liabilities - modifying application of accounting standards
### (Repealed) SECTION 820-683 Recognition of internally generated intangible items - modifying application of accounting standards
### (Repealed) SECTION 820-684 Valuation of intangible assets if no active market - modifying application of accounting standards
SECTION 820-685 Valuation of debt capital
SECTION 820-690 Commissioner ' s power
Subdivision 820-H - Control of entities
SECTION 820-740 What this Subdivision is about
SECTION 820-745 What is an Australian controlled foreign entity?
SECTION 820-750 What is an Australian controller of a controlled foreign company?
SECTION 820-755 What is an Australian controller of a controlled foreign trust?
SECTION 820-760 What is an Australian controller of a controlled foreign corporate limited partnership?
SECTION 820-780 What is a foreign controlled Australian entity?
SECTION 820-785 What is a foreign controlled Australian company?
SECTION 820-790 What is a foreign controlled Australian trust?
SECTION 820-795 What is a foreign controlled Australian partnership?
SECTION 820-815 General rule about thin capitalisation control interest in a company, trust or partnership
SECTION 820-820 Special rules about calculating TC control interest held by an entity
SECTION 820-825 Special rules about calculating TC control interests held by a group of entities
SECTION 820-830 Special rules about determining percentage of TC control interest
SECTION 820-835 Commissioner ' s power
SECTION 820-855 TC direct control interest in a company
SECTION 820-860 TC direct control interest in a trust
SECTION 820-865 TC direct control interest in a partnership
SECTION 820-870 TC indirect control interest in a company, trust or partnership
SECTION 820-875 TC control tracing interest in a company, trust or partnership
Subdivision 820-HA - Controlled foreign entity debt and controlled foreign entity equity
SECTION 820-880 What this Subdivision is about
SECTION 820-881 Application
SECTION 820-885 What is controlled foreign entity debt ?
SECTION 820-890 What is controlled foreign entity equity ?
Subdivision 820-I - Associate entities
SECTION 820-900 What this Subdivision is about
SECTION 820-905 Associate entity
SECTION 820-910 Associate entity debt
SECTION 820-915 Associate entity equity
SECTION 820-920 Associate entity excess amount
Subdivision 820-J - Equity interest in a trust or partnership
SECTION 820-925 What this Subdivision is about
SECTION 820-930 Equity interest in a trust or partnership
Subdivision 820-JA - Worldwide debt and equity concepts
SECTION 820-931 What this Subdivision is about
SECTION 820-932 Worldwide debt and worldwide equity
SECTION 820-933 Statement worldwide debt, statement worldwide equity and statement worldwide assets
SECTION 820-935 Meaning of audited consolidated financial statements
Subdivision 820-K - Zero-capital amount
SECTION 820-940 What this Subdivision is about
SECTION 820-942 How to work out the zero-capital amount
Subdivision 820-KA - Cost-free debt capital and excluded equity interests
SECTION 820-945 What this Subdivision is about
SECTION 820-946 Cost-free debt capital and excluded equity interest
Subdivision 820-L - Record keeping requirements
SECTION 820-950 What this Subdivision is about
SECTION 820-960 Records about Australian permanent establishments
SECTION 820-962 Records about Australian permanent establishments - exemptions from Australian accounting standards
SECTION 820-965 Review of Commissioner ' s decision
SECTION 820-980 Records about arm ' s length capital amount
SECTION 820-985 Records about group ratio
SECTION 820-990 Offences - treatment of partnerships
SECTION 820-995 Offences - treatment of unincorporated companies
Division 830 - Foreign hybrids
Guide to Division 830
SECTION 830-1 What this Division is about
Subdivision 830-A - Meaning of ' foreign hybrid '
SECTION 830-5 Foreign hybrid
SECTION 830-10 Foreign hybrid limited partnership
SECTION 830-15 Foreign hybrid company
Subdivision 830-B - Extension of normal partnership provisions to foreign hybrid companies
SECTION 830-20 Treatment of company as a partnership
SECTION 830-25 Partners are the shareholders in the company
SECTION 830-30 Individual interest of a partner in net income etc. equals percentage of notional distribution of company's profits
SECTION 830-35 Partner's interest in assets
SECTION 830-40 Control and disposal of share in partnership income
Subdivision 830-C - Special rules applicable while an entity is a foreign hybrid
SECTION 830-45 Partner's revenue and net capital losses from foreign hybrid not to exceed partner's loss exposure amount
SECTION 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
SECTION 830-55 Meaning of foreign hybrid net capital loss amount
SECTION 830-60 Meaning of loss exposure amount
SECTION 830-65 Meaning of outstanding foreign hybrid revenue loss amount
SECTION 830-70 Meaning of outstanding foreign hybrid net capital loss amount
SECTION 830-75 Extended meaning of subject to foreign tax
Subdivision 830-D - Special rules applicable when an entity becomes or ceases to be a foreign hybrid
SECTION 830-80 Setting the tax cost of partners ' interests in the assets of an entity that becomes a foreign hybrid
SECTION 830-85 Setting the tax cost of assets of an entity when it ceases to be a foreign hybrid
SECTION 830-90 What the expression tax cost is set means
SECTION 830-95 What the expression tax cost setting amount means
SECTION 830-100 What the expression tax cost means
SECTION 830-105 What the expression asset-based income tax regime means
SECTION 830-110 No disposal of assets etc. on entity becoming or ceasing to be a foreign hybrid
SECTION 830-115 Tax losses cannot be transferred to a foreign hybrid
SECTION 830-120 End of CFC's last statutory accounting period
SECTION 830-125 How long interest in asset, or asset, held
Division 832 - Hybrid mismatch rules
Guide to Division 832
SECTION 832-1 What this Division is about
Subdivision 832-A - Preliminary
SECTION 832-5 What this Subdivision is about
SECTION 832-10 Entitlement to receive payment
SECTION 832-15 Entitlement to receive non-cash benefits
SECTION 832-20 Losses that arise from payments or parts of payments
SECTION 832-25 Recipients and payers of a payment
SECTION 832-30 How this Division applies to entities
SECTION 832-35 Single entity rule otherwise not disregarded
SECTION 832-40 Schemes outside Australia
SECTION 832-45 Relationship between this Division and other charging provisions in this Act
SECTION 832-50 Relationship between this Division and Division 820
SECTION 832-55 Division does not affect foreign residence rules
SECTION 832-60 Valuation of trading stock affected by hybrid mismatch rules
Subdivision 832-B - Concepts relating to mismatches
SECTION 832-100 What this Subdivision is about
SECTION 832-105 When a payment gives rise to a deduction/non-inclusion mismatch
SECTION 832-110 When a payment gives rise to a deduction/deduction mismatch
SECTION 832-115 Disregard effect of Division in determining deductions
SECTION 832-120 Meaning of foreign income tax deduction
SECTION 832-125 Meaning of subject to Australian income tax
SECTION 832-130 Meaning of subject to foreign income tax
SECTION 832-135 Safe harbour for translation rates
Subdivision 832-C - Hybrid financial instrument mismatch
SECTION 832-175 What this Subdivision is about
SECTION 832-180 Deduction not allowable - Australian primary response
SECTION 832-185 Inclusion in assessable income - Australian secondary response
SECTION 832-190 Exception where entity not a party to the structured arrangement
SECTION 832-195 When a hybrid financial instrument mismatch is an offshore hybrid mismatch
SECTION 832-200 When a payment gives rise to a hybrid financial instrument mismatch
SECTION 832-205 Meaning of Division 832 control group
SECTION 832-210 Meaning of structured arrangement
SECTION 832-215 Hybrid mismatch
SECTION 832-220 Hybrid requirement - payments under financial instruments
SECTION 832-225 Hybrid requirement - payments under transfers of certain financial instruments
SECTION 832-230 Hybrid mismatch - integrity rule for substitute payments
SECTION 832-235 Extended operation of this Subdivision in relation to concessional foreign taxes
SECTION 832-240 Adjustment if hybrid financial instrument payment is income in a later year
Subdivision 832-D - Hybrid payer mismatch
SECTION 832-280 What this Subdivision is about
SECTION 832-285 Deduction not allowable - Australian primary response
SECTION 832-290 Inclusion in assessable income - Australian secondary response
SECTION 832-295 Exception where entity not a party to the structured arrangement
SECTION 832-300 When a hybrid payer mismatch is an offshore hybrid mismatch
SECTION 832-305 When a payment gives rise to a hybrid payer mismatch
SECTION 832-310 Hybrid mismatch
SECTION 832-315 Hybrid requirement - assume payment was made to same recipient but by an ungrouped payer
SECTION 832-320 Hybrid payer
SECTION 832-325 Meaning of liable entity
SECTION 832-330 Neutralising amount
SECTION 832-335 Adjustment if hybrid payer has dual inclusion income in a later year
Subdivision 832-E - Reverse hybrid mismatch
SECTION 832-375 What this Subdivision is about
SECTION 832-380 Deduction not allowable - Australian primary response
SECTION 832-385 Exception where entity not a party to the structured arrangement
SECTION 832-390 When a reverse hybrid mismatch is an offshore hybrid mismatch
SECTION 832-395 When a payment gives rise to a reverse hybrid mismatch
SECTION 832-400 Hybrid mismatch
SECTION 832-405 Hybrid requirement - assume payment was made to an investor
SECTION 832-410 Reverse hybrid
Subdivision 832-F - Branch hybrid mismatch
SECTION 832-450 What this Subdivision is about
SECTION 832-455 Deduction not allowable
SECTION 832-460 Exception where entity not a party to the structured arrangement
SECTION 832-465 When a branch hybrid mismatch is an offshore hybrid mismatch
SECTION 832-470 Branch hybrid mismatch
SECTION 832-475 Hybrid mismatch
SECTION 832-480 Hybrid requirement - payment made directly or indirectly to a branch hybrid
SECTION 832-485 Branch hybrid
Subdivision 832-G - Deducting hybrid mismatch
SECTION 832-525 What this Subdivision is about
SECTION 832-530 Deduction not allowable
SECTION 832-535 Additional requirements for secondary response
SECTION 832-540 When a deducting hybrid mismatch is an offshore hybrid mismatch
SECTION 832-545 When an amount gives rise to a deducting hybrid mismatch
SECTION 832-550 Deducting hybrid
SECTION 832-555 Identifying a secondary response country
SECTION 832-560 Neutralising amount
SECTION 832-565 Adjustment if deducting hybrid has dual inclusion income in a later year
Subdivision 832-H - Imported hybrid mismatch
SECTION 832-605 What this Subdivision is about
SECTION 832-610 Deduction not allowable
SECTION 832-615 When a payment gives rise to an imported hybrid mismatch
SECTION 832-620 Hybrid mismatch
SECTION 832-625 Meaning of importing payment
SECTION 832-630 Working out the amount of the imported hybrid mismatch
SECTION 832-635 Carry forward of residual offshore hybrid mismatches
Subdivision 832-I - Dual inclusion income
SECTION 832-675 What this Subdivision is about
SECTION 832-680 Dual inclusion income, and when an entity is eligible to apply it
Subdivision 832-J - Integrity rule
SECTION 832-720 What this Subdivision is about
SECTION 832-725 Payments made to interposed foreign entity (integrity measure) - denial of deduction
SECTION 832-730 Back to back arrangements, etc.
SECTION 832-735 Determination may specify kinds of scheme and circumstances where no denial of deduction
Subdivision 832-K - Modifications for Division 230 (about taxation of financial arrangements)
SECTION 832-775 What this Subdivision is about
SECTION 832-780 Section 832-20 applies to Division 230 losses
SECTION 832-785 Adjusting Division 230 loss
SECTION 832-790 Modifications relating to Division 230 gains and losses
Division 840 - Withholding taxes
Guide to Division 840
SECTION 840-1 What this Division is about
Subdivision 840-M - Managed investment trust withholding tax
SECTION 840-800 What this Subdivision is about
SECTION 840-805 Liability for managed investment trust withholding tax
SECTION 840-810 When managed investment trust withholding tax is payable
SECTION 840-815 Certain income is non-assessable non-exempt income
SECTION 840-820 Agency rules
Subdivision 840-S - Labour mobility program withholding tax
SECTION 840-900 What this Subdivision is about
SECTION 840-905 Liability for labour mobility program withholding tax
SECTION 840-906 Covered labour mobility programs
SECTION 840-910 When labour mobility program withholding tax is payable
SECTION 840-915 Certain income is non-assessable non-exempt income
SECTION 840-920 Overpayment of labour mobility program withholding tax
Division 842 - Exempt Australian source income and gains of foreign residents
Subdivision 842-B - Some items of Australian source income of foreign residents that are exempt from income tax
SECTION 842-100 What this Subdivision is about
SECTION 842-105 Amounts of Australian source ordinary income and statutory income that are exempt
Subdivision 842-I - Investment manager regime
SECTION 842-200 What this Subdivision is about
SECTION 842-205 Object of this Subdivision
SECTION 842-210 IMR concessions apply only to foreign residents etc.
SECTION 842-215 IMR concessions
SECTION 842-220 Meaning of IMR entity
SECTION 842-225 Meaning of IMR financial arrangement
SECTION 842-230 Meaning of IMR widely held entity
SECTION 842-235 Rules for determining total participation interests for the purposes of the widely held test
SECTION 842-240 Extended meaning of IMR widely held entity - temporary circumstances outside entity ' s control
SECTION 842-245 Meaning of independent Australian fund manager
SECTION 842-250 Reductions in IMR concessions if independent Australian fund manager entitled to substantial share of IMR entity ' s income
Division 855 - Capital gains and foreign residents
Guide to Division 855
SECTION 855-1 What this Division is about
Subdivision 855-A - Disregarding a capital gain or loss by foreign residents
SECTION 855-5 Objects of this Subdivision
SECTION 855-10 Disregarding a capital gain or loss from CGT events
SECTION 855-15 When an asset is taxable Australian property
SECTION 855-16 Meaning of permanent establishment article
SECTION 855-20 Taxable Australian real property
SECTION 855-25 Indirect Australian real property interests
SECTION 855-30 Principal asset test
SECTION 855-32 Disregard market value of duplicated non-TARP assets
SECTION 855-35 Reducing a capital gain or loss from a business asset - Australian permanent establishments
SECTION 855-40 Capital gains and losses of foreign residents through fixed trusts
Subdivision 855-B - Becoming an Australian resident
SECTION 855-45 Individual or company becomes an Australian resident
SECTION 855-50 Trust becomes a resident trust
SECTION 855-55 CFC becomes an Australian resident
Division 880 - Sovereign entities and activities
Subdivision 880-A - Basic concepts
SECTION 880-10 What this Subdivision is about
SECTION 880-15 Meaning of sovereign entity
SECTION 880-20 Meaning of sovereign entity group
Subdivision 880-B - Basic tax treatment of sovereign entities
SECTION 880-50 What this Subdivision is about
SECTION 880-55 Sovereign entity liable to pay tax
SECTION 880-60 Bodies politic of foreign countries and foreign government agencies treated as foreign residents
Subdivision 880-C - Sovereign immunity
SECTION 880-100 What this Subdivision is about
SECTION 880-105 Sovereign entity ' s income from membership interest etc. in trust or company - non-assessable non-exempt income
SECTION 880-110 Sovereign entity ' s deduction from membership interest etc. - loss not deductible
SECTION 880-115 Sovereign entity ' s capital gain from membership interest etc. - gain disregarded
SECTION 880-120 Sovereign entity ' s capital loss from membership interest etc. in trust or company - loss disregarded
SECTION 880-125 Covered sovereign entities
SECTION 880-130 Meaning of public non-financial entity and public financial entity
Subdivision 880-D - Consular activities
SECTION 880-200 What this Subdivision is about
SECTION 880-205 Income from consular functions - non-assessable non-exempt income
CHAPTER 5 - ADMINISTRATION
PART 5-30 - RECORD-KEEPING AND OTHER OBLIGATIONS
Division 900 - Substantiation rules
Guide to Division 900
SECTION 900-1 What this Division is about
Subdivision 900-A - Application of Division
SECTION 900-5 Application of the requirements of Division 900
SECTION 900-10 Substantiation requirement
SECTION 900-12 Application to recipients and payers of certain withholding payments
Subdivision 900-B - Substantiating work expenses
SECTION 900-15 Getting written evidence
SECTION 900-20 Keeping travel records
SECTION 900-25 Retaining the written evidence and travel records
SECTION 900-30 Meaning of work expense
SECTION 900-35 Exception for small total of expenses
SECTION 900-40 Exception for laundry expenses below a certain limit
SECTION 900-45 Exception for work expense related to award transport payment
SECTION 900-50 Exception for domestic travel allowance expenses
SECTION 900-55 Exception for overseas travel allowance expenses
SECTION 900-60 Exception for reasonable overtime meal allowance
SECTION 900-65 Crew members on international flights need not keep travel records
Subdivision 900-C - Substantiating car expenses
SECTION 900-70 Getting written evidence
SECTION 900-75 Retaining the written evidence and odometer records
Subdivision 900-D - Substantiating business travel expenses
SECTION 900-80 Getting written evidence
SECTION 900-85 Keeping travel records
SECTION 900-90 Retaining the written evidence and travel records
SECTION 900-95 Meaning of business travel expense
Subdivision 900-E - Written evidence
SECTION 900-100 What this Subdivision is about
SECTION 900-105 Ways of getting written evidence
SECTION 900-110 Time limits
SECTION 900-115 Written evidence from supplier
SECTION 900-120 Written evidence of depreciating asset expense
SECTION 900-125 Evidence of small expenses
SECTION 900-130 Evidence of expenses considered otherwise too hard to substantiate
SECTION 900-135 Evidence on a payment summary
Subdivision 900-F - Travel records
SECTION 900-140 What this Subdivision is about
SECTION 900-145 Purpose of a travel record
SECTION 900-150 Recording activities in travel records
SECTION 900-155 Showing which of your activities were income-producing activities
Subdivision 900-G - Retaining and producing records
SECTION 900-160 What this Subdivision is about
SECTION 900-165 The retention period
SECTION 900-170 Extending the retention period if an expense is disputed
SECTION 900-175 Commissioner may tell you to produce your records
SECTION 900-180 How to comply with a notice
SECTION 900-185 What happens if you don't comply
Subdivision 900-H - Relief from effects of failing to substantiate
SECTION 900-195 Commissioner's discretion to review failure to substantiate
SECTION 900-200 Reasonable expectation that substantiation would not be required
SECTION 900-205 What if your documents are lost or destroyed?
Subdivision 900-I - Award transport payments
SECTION 900-210 What this Subdivision is about
SECTION 900-215 Deducting an expense related to an award transport payment
SECTION 900-220 Definition of award transport payment
SECTION 900-225 Substituted industrial instruments
SECTION 900-230 Changes to industrial instruments applied for before 29 October 1986
SECTION 900-235 Changes to industrial instruments solely referable to matters in the instrument
SECTION 900-240 Deducting in anticipation of receiving award transport payment
SECTION 900-245 Effect of exception in this Subdivision on exception for small total of expenses
SECTION 900-250 Effect of exception in this Subdivision on methods of calculating car expense deductions
PART 5-35 - MISCELLANEOUS
Division 905 - Offences
SECTION 905-5 Application of the Criminal Code
Division 909 - Regulations
SECTION 909-1 Regulations
CHAPTER 6 - THE DICTIONARY
PART 6-1 - CONCEPTS AND TOPICS
Division 950 - Rules for interpreting this Act
SECTION 950-100 What forms part of this Act
SECTION 950-105 What does not form part of this Act
SECTION 950-150 Guides, and their role in interpreting this Act
Division 960 - General
Subdivision 960-B - Utilisation of tax attributes
SECTION 960-20 Utilisation
Subdivision 960-C - Foreign currency
SECTION 960-49 Objects of this Subdivision
SECTION 960-50 Translation of amounts into Australian currency
SECTION 960-55 Application of translation rules
Subdivision 960-D - Functional currency
SECTION 960-56 What this Subdivision is about
SECTION 960-59 Object of this Subdivision
SECTION 960-60 You may choose a functional currency
SECTION 960-61 Functional currency for calculating capital gains and losses on indirect Australian real property interests
SECTION 960-65 Backdated startup choice
SECTION 960-70 What is the applicable functional currency ?
SECTION 960-75 What is a transferor trust ?
SECTION 960-80 Translation rules
SECTION 960-85 Special rule about translation - events that happened before the current choice took effect
SECTION 960-90 Withdrawal of choice
Subdivision 960-E - Entities
SECTION 960-100 Entities
SECTION 960-105 Certain entities treated as agents
Subdivision 960-F - Distribution by corporate tax entities
SECTION 960-115 Meaning of corporate tax entity
SECTION 960-120 Meaning of distribution
Subdivision 960-G - Membership of entities
SECTION 960-130 Members of entities
SECTION 960-135 Membership interest in an entity
SECTION 960-140 Ordinary membership interest
Subdivision 960-GP - Participation interests in entities
SECTION 960-180 Total participation interest
SECTION 960-185 Indirect participation interest
SECTION 960-190 Direct participation interest
SECTION 960-195 Non-portfolio interest test
Subdivision 960-H - Abnormal trading in shares or units
SECTION 960-220 Meaning of trading
SECTION 960-225 Abnormal trading
SECTION 960-230 Abnormal trading - 5% of shares or units in one transaction
SECTION 960-235 Abnormal trading - suspected 5% of shares or units in a series of transactions
SECTION 960-240 Abnormal trading - suspected acquisition or merger
SECTION 960-245 Abnormal trading - 20% of shares or units traded over 60 day period
Subdivision 960-J - Family relationships
SECTION 960-250 What this Subdivision is about
SECTION 960-252 Object of this Subdivision
SECTION 960-255 Family relationships
Subdivision 960-M - Indexation
SECTION 960-260 What this Subdivision is about
SECTION 960-265 The provisions for which indexation is relevant
SECTION 960-270 Indexing amounts
SECTION 960-275 Indexation factor
SECTION 960-280 Index number
SECTION 960-285 Indexation - superannuation and employment termination
SECTION 960-290 Indexation - levy threshold for the major bank levy
(Repealed) Subdivision 960-Q - Small business taxpayers
### (Repealed) SECTION 960-330 What this Subdivision is about
### (Repealed) SECTION 960-335 Meaning of small business taxpayer
### (Repealed) SECTION 960-340 Meaning of average turnover
### (Repealed) SECTION 960-345 Meaning of group turnover
### (Repealed) SECTION 960-350 Recalculating average turnover for opening years
### (Repealed) SECTION 960-355 Winding up a business
Subdivision 960-S - Market value
SECTION 960-400 What this Subdivision is about
SECTION 960-405 Effect of GST on market value of an asset
SECTION 960-410 Market value of non-cash benefits
SECTION 960-412 Working out market value using an approved method
SECTION 960-415 Amounts that depend on market value
Subdivision 960-T - Meaning of Australia
SECTION 960-500 What this Subdivision is about
SECTION 960-505 Meaning of Australia
Subdivision 960-U - Significant global entities
SECTION 960-550 What this Subdivision is about
SECTION 960-555 Meaning of significant global entity
SECTION 960-560 Meaning of global parent entity
SECTION 960-565 Meaning of annual global income
SECTION 960-570 Meaning of global financial statements
SECTION 960-575 Meaning of notional listed company group
Division 961 - Notional tax offsets
Subdivision 961-A - Dependant (non-student child under 21 or student) notional tax offset
SECTION 961-1 What this Subdivision is about
SECTION 961-5 Who is entitled to the notional tax offset
SECTION 961-10 Amount of the dependant (non-student child under 21 or student) notional tax offset
SECTION 961-15 Reduced amounts of the dependant (non-student child under 21 or student) notional tax offset
SECTION 961-20 Reductions to take account of the dependant ' s income
Subdivision 961-B - Dependant (sole parent of a non-student child under 21 or student) notional tax offset
SECTION 961-50 What this Subdivision is about
SECTION 961-55 Who is entitled to the notional tax offset
SECTION 961-60 Amount of the dependant (sole parent of a non-student child under 21 or student) notional tax offset
SECTION 961-65 Reductions to take account of change in circumstances
Division 974 - Debt and equity interests
Subdivision 974-A - General
SECTION 974-1 What this Division is about
SECTION 974-5 Overview of Division
SECTION 974-10 Object
Subdivision 974-B - Debt interests
SECTION 974-15 Meaning of debt interest
SECTION 974-20 The test for a debt interest
SECTION 974-25 Exceptions to the debt test
SECTION 974-30 Providing a financial benefit
SECTION 974-35 Valuation of financial benefits - general rules
SECTION 974-40 Valuation of financial benefits - rights and options to terminate early
SECTION 974-45 Valuation of financial benefits - convertible interests
SECTION 974-50 Valuation of financial benefits - value in present value terms
SECTION 974-55 The debt interest and its issue
SECTION 974-60 Debt interest arising out of obligations owed by a number of entities
SECTION 974-65 Commissioner's power
Subdivision 974-C - Equity interests in companies
SECTION 974-70 Meaning of equity interest in a company
SECTION 974-75 The test for an equity interest
SECTION 974-80 Equity interest arising from arrangement funding return through connected entities
SECTION 974-85 Right or return contingent on aspects of economic performance
SECTION 974-90 Right or return at discretion of company or connected entity
SECTION 974-95 The equity interest
Subdivision 974-D - Common provisions
SECTION 974-100 Treatment of convertible and converting interests
SECTION 974-105 Effect of action taken in relation to interest arising from related schemes
SECTION 974-110 Effect of material change
SECTION 974-112 Determinations by Commissioner
Subdivision 974-E - Non-share distributions by a company
SECTION 974-115 Meaning of non-share distribution
SECTION 974-120 Meaning of non-share dividend
SECTION 974-125 Meaning of non-share capital return
Subdivision 974-F - Related concepts
SECTION 974-130 Financing arrangement
SECTION 974-135 Effectively non-contingent obligation
SECTION 974-140 Ordinary debt interest
SECTION 974-145 Benchmark rate of return
SECTION 974-150 Schemes
SECTION 974-155 Related schemes
SECTION 974-160 Financial benefit
SECTION 974-165 Convertible and converting interests
Division 975 - Concepts about companies
Subdivision 975-A - General
### (Repealed) SECTION 975-100 When a company is in existence
SECTION 975-150 Position to affect rights in relation to a company
SECTION 975-155 When is an entity a controller (for CGT purposes) of a company?
SECTION 975-160 When an entity has an associate-inclusive control interest
Subdivision 975-G - What is a company ' s share capital account?
SECTION 975-300 Meaning of share capital account
Subdivision 975-W - Wholly-owned groups of companies
SECTION 975-500 Wholly-owned groups
SECTION 975-505 What is a 100% subsidiary?
Division 976 - Imputation
SECTION 976-1 Franked part of a distribution
SECTION 976-5 Unfranked part of a distribution
SECTION 976-10 The part of a distribution that is franked with an exempting credit
SECTION 976-15 The part of a distribution that is franked with a venture capital credit
Division 977 - Realisation events, and the gains and losses they realise for income tax purposes
CGT assets
SECTION 977-5 Realisation event
SECTION 977-10 Loss realised for income tax purposes
SECTION 977-15 Gain realised for income tax purposes
Trading stock
SECTION 977-20 Realisation event
SECTION 977-25 Disposal of trading stock: loss realised for income tax purposes
SECTION 977-30 Ending of an income year: loss realised for income tax purposes
SECTION 977-35 Disposal of trading stock: gain realised for income tax purposes
SECTION 977-40 Ending of an income year: gain realised for income tax purposes
Revenue assets
SECTION 977-50 Meaning of revenue asset
SECTION 977-55 Loss or gain realised for income tax purposes
Division 980 - Affordable housing
SECTION 980-1 What this Division is about
Subdivision 980-A - Providing affordable housing
SECTION 980-5 Providing affordable housing
SECTION 980-10 Eligible community housing providers
SECTION 980-15 Affordable housing certificates
PART 6-5 - DICTIONARY DEFINITIONS
Division 995 - Definitions
SECTION 995-1 Definitions

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