Income Tax Assessment Act 1997
CHAPTER 1
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INTRODUCTION AND CORE PROVISIONS
PART 1-4
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CHECKLISTS OF WHAT IS COVERED BY CONCEPTS USED IN THE CORE PROVISIONS
Division 11
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Particular kinds of non-assessable income
Subdivision 11-B
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Particular kinds of non-assessable non-exempt income
SECTION 11-55
11-55
List of non-assessable non-exempt income provisions
The provisions set out in the list make amounts non-assessable non-exempt income.
View history note
Hide history noteThe provisions set out in the list make amounts non-assessable non-exempt income.
Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 .
| alienated personal services income | ||
| associate, non-deductible payment or obligation to | 85-20(3) | |
| entitlements to a share of net income that is personal services income already assessable to an individual | 86-35(2) | |
| payments by personal services entity or associate of personal services income already assessable to an individual | 86-35(1) | |
| personal services entity, amounts of personal services income assessable to an individual | 86-30 | |
| bonds | ||
| see securities | ||
| capital gains tax | ||
| small business retirement exemption, payments made directly or indirectly to CGT concession stakeholder so company or trust complies with section 152-325 | 152-310 | |
| cash flow boost | ||
| payments in accordance with the Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 | 59-90 | |
| Coronavirus economic response | ||
| certain payments in accordance with the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 | 59-95 | |
| State and Territory grants to small business relating to the recovery from the coronavirus | 59-97 | |
| Commonwealth small business support payments relating to the coronavirus | 59-98 | |
| COVID-19 disaster payment | 59-96 | |
| demutualisation of friendly society health or life insurers | ||
| amounts related to issue, or transfer from lost policy holders trust, of demutualisation assets | 316-255 | |
| payments received directly, or from lost policy holders trust, in exchange for cancellation or variation of interests under the demutualisation | 316-255 | |
| demutualisation of private health insurers | ||
| market value of shares and rights at time of issue | 315-310 | |
| payments received in exchange for cancellation or variation of interests under the demutualisation | 315-310 | |
| disasters | ||
| 2019-20 bushfires - payments for volunteer work with fire services | 59-55 | |
| 2019-20 bushfires - disaster relief payments and non - cash benefits | 59-60 | |
| 2019 floods - recovery grants | 59-85 | |
| 2019 floods - on-farm grant program | 59-86 | |
| 2021 floods and storms - recovery grants | 59-99 | |
| Cyclone Seroja - recovery grants | 59-105 | |
| dividends | ||
| demerger dividends | 44(4) | |
| later dividend set off against amount taken to be dividend | 109ZC(3) , 109ZCA(4) | |
| electricity generation | ||
| refund of large-scale generation shortfall charge | 59-100 | |
| employment | ||
| early retirement scheme payment, tax free amount of | 83-170 | |
| employment termination payment | 82-10 , 82-65 , 82-70 | |
| foreign termination payment | 83-235 , 83-240 | |
| genuine redundancy payment, tax free amount of | 83-170 | |
| unused long service leave payment, pre-16/8/78 period | 83-80 | |
| see superannuation and sections 82-10A and 82-10C of the Income Tax (Transitional Provisions) Act 1997 | ||
| environment | ||
| water infrastructure improvement payments | 59-65 | |
| farm-in farm-out arrangements | ||
| rewards for providing exploration benefits | 40-1135 | |
| financial arrangements | ||
| gains related to non-assessable non-exempt income | 230-30 | |
| firearms surrender arrangements | ||
| compensation under | 59-10 | |
| [ first home saver accounts] (Repealed by No 70 of 2015) | ||
| foreign aspects of income taxation | ||
| attributed controlled foreign company income, amounts paid out of | 23AI | |
| attributed foreign investment fund income, amounts paid out of | 23AK | |
| certain forex realisation gains | 775-25 | |
| branch profits of Australian companies | 23AH | |
| distributions of conduit foreign income | 802-20 | |
| income derived by foreign residents in exclusive economic zone or on or above continental shelf | 768-110 | |
| foreign equity distributions on participation interests | 768-5 | |
| income derived by temporary residents | 768-910 | |
| interest paid by temporary residents | 768-980 | |
| managed investment trust withholding tax, amount subject to | 840-815 | |
| labour mobility program withholding tax, amount subject to | 840-915 | |
| superannuation fund, foreign, interest and dividend income of | 128B(3)(jb) | |
| withholding tax, dividend royalty or interest subject to | 128D | |
| GST | ||
| GST payable on a taxable supply | 17-5(a) | |
| increasing adjustments | 17-5(b) and (c) | |
| investment manager regime | ||
| IMR concessions | 842-215 | |
| life insurance companies | Subdivision 320-B | |
| mining | ||
| withholding tax, payments to Indigenous persons and distributing bodies subject to | 59-15 | |
| mutual receipts | ||
| amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs | 59-35 | |
| National Rental Affordability Scheme | ||
| payments made, and non-cash benefits provided, by a State or Territory governmental body in relation to participation in the National Rental Affordability Scheme | 380-35 | |
| native title benefits | ||
| native title benefits | 59-50 | |
| non-cash benefits | ||
| fringe benefits | 23L(1) | |
| notional sale and loan | ||
| arrangement payments a notional seller receives or is entitled to receive | 240-40 | |
| luxury car leases, lease payments that the lessor receives or is entitled to receive | 242-40 | |
| deemed loan treatment for financial benefits provided for tax preferred use of asset | 250-160 | |
| [ offshore banking units] (Repealed by No 110 of 2021) | ||
| related entities | ||
| amounts from, where deduction reduced for | 26-35(4) | |
| repayable amounts | ||
| previously assessable amounts | 59-30 | |
| rights to acquire shares or units | ||
| market value of at time of issue | 59-40 | |
| [ securities] (Repealed by No 47 of 2016) | ||
| small business assets | ||
| income arising from CGT event, company or trust owned asset continuously for 15 years | 152-110(2) | |
| sovereign entities | Subdivision 880-C | |
| [social security or like payments] (Repealed by No 145 of 2010) | ||
| superannuation | ||
| benefits generally | Divisions 301 to 306 | |
| commutation of income stream, under 25 years | 303-5 | |
| death benefits | 302-60 , 302-65 , 302-70 , 302-140 | |
| departing Australia superannuation benefits | 301-175 | |
| foreign superannuation funds, lump sum benefits | 305-60 , 305-65 , 305-70 | |
| KiwiSaver schemes, contributions to complying superannuation funds from | 312-10 | |
| KiwiSaver schemes, superannuation benefits paid from complying superannuation funds to | 312-15 | |
| KiwiSaver schemes, superannuation benefits paid by Commissioner to | 312-20 | |
| member benefits | 301-10 , 301-15 , 301-30 , 301-225 | |
| release authorities, payments from | 303-15
303-20 |
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| roll-over superannuation benefits | 306-5 | |
| superannuation lump sum for recipient having terminal medical condition | 303-10 | |
| unclaimed money payment to government | 306-20 | |
| [ tax bonus] (Repealed by No 32 of 2014) | ||
| tax loss transfers | ||
| consideration received by loss company from income company, generally | 170-25(1) | |
| consideration received by loss company from income company, net capital loss | 170-125(1) | |
| consideration received for transfer of tax losses relating to transitioned petroleum activities | 417-70 | |
| temporary residents | ||
| see foreign aspects of income taxation | ||
| trading stock | ||
| disposal outside ordinary course of business, amounts received upon | 70-90(2) | |
| transfer of entitlements to deductions | ||
| consideration received for transfer of entitlements to deductions relating to transitioned petroleum activities | 417-70 | |
| trusts | ||
| attributable income, amounts representing | 99B(2A) | |
| family trust distribution tax, amounts subject to | 271-105(3) in Schedule 2F | |
| windfall amounts | ||
| business franchise fees, refund of when invalid | 59-20 | |
| State tax on Commonwealth place, refund of when invalid | 59-25 | |
| withholding taxes | ||
| see foreign aspects of income taxation and mining |
[CCH Note: Cyclone Larry and Cyclone Monica
No 80 of 2006, s 3 and Sch 2, contained the following provisions.
]Schedule 2 - Non-assessable, non-exempt income relating to Cyclone Larry
1 Certain Commonwealth payments relating to Cyclone Larry are non-assessable, non-exempt income
(1)
Each of the following payments that you receive from the Commonwealth in your 2005-06 or 2006-07 income year is not assessable income and is not exempt income:
(a) a payment associated with what is known as the Cyclone Larry Business Assistance Fund and made because your business was adversely affected by Cyclone Larry;
(b) a payment known as fuel excise relief and connected with your use of fuel to generate electricity for your business while supply of electricity through the grid to your business was disrupted as a result of Cyclone Larry.
(c) a payment associated with what is known as the Cyclone Larry Business Assistance Fund, or with what is known as the Cyclones Monica and Larry Business Assistance Fund, and made because your business was adversely affected by flooding due to the combined impacts of Cyclones Monica and Larry.Note:
This item does not deal with payments of income support to farmers and small business owners affected by Cyclone Larry or Cyclone Monica that are rebatable benefits under section 160AAA of the Income Tax Assessment Act 1936.
(2)
A term used in this item and in the Income Tax Assessment Act 1997 has the same meaning in this item as it has in that Act.
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