Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 2 - Collection, recovery and administration of income tax  

PART 2-10 - PAY AS YOU GO (PAYG) INSTALMENTS  

Division 45 - Instalment payments  

Subdivision 45-P - Anti-avoidance rules  

SECTION 45-635   NO TAX BENEFIT OR DETRIMENT RESULTS FROM CHOICE FOR WHICH INCOME TAX LAW EXPRESSLY PROVIDES  

Choice under the income tax law generally

45-635(1)    
The difference between the 2 amounts referred to in subsection 45-605(4) or 45-630(4) is not a *tax benefit or *tax detriment if there would have been no difference between the 2 amounts but for one or more matters covered by subsection (3).

45-635(2)    
The difference between the 2 amounts is not a *tax benefit or *tax detriment to the extent that the difference between the 2 amounts would have been less but for one or more matters covered by subsection (3).

45-635(3)    
This subsection covers:

(a) an entity making an agreement, choice, declaration, election or selection; or

(b) an entity giving a notice or exercising an option;

for which this Act expressly provides. However, this subsection does not cover an entity doing such a thing under:

(c) Subdivision 126-B (about CGT roll-overs involving certain companies in the same wholly-owned group) of the Income Tax Assessment Act 1997 ; or

(d) Subdivision 170-B of that Act (about transferring a net capital loss between certain companies in the same wholly-owned group).

Matters excluded in applying subsection (1) or (2)

45-635(4)    
Subsection (1) or (2) does not apply to a matter covered by subsection (3) if an entity entered into or carried out the *scheme (or part of it) for the sole or dominant purpose of creating a circumstance or state of affairs whose existence is necessary for the entity referred to in subsection (3):

(a) to make the agreement, choice, declaration, election or selection; or

(b) to give the notice or exercise the option.

Choice under some CGT provisions

45-635(5)    
The difference between the 2 amounts is not a *tax benefit or *tax detriment if:

(a) there would have been no difference between the 2 amounts but for one or more matters covered by subsection (7); and

(b) the *scheme consisted wholly of that matter or those matters.

45-635(6)    
Also, the difference between the 2 amounts is not a *tax benefit or *tax detriment to the extent that the difference between the 2 amounts would have been less but for one or more matters covered by subsection (7), but only if the *scheme consisted wholly of that matter or those matters.

45-635(7)    
This subsection covers:

(a) a choice made under Subdivision 126-B (about CGT roll-overs involving certain companies in the same wholly-owned group) of the Income Tax Assessment Act 1997 ; or

(b) an agreement made under Subdivision 170-B of that Act (about transferring a net capital loss between certain companies in the same wholly-owned group);