INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 1 - Preliminary  

Subdivision B - Interpretation  

SECTION 160K   OTHER INTERPRETATIVE PROVISIONS  

160K(1)   [Definitions]  

In this Part, unless the contrary intention appears:

"building"
includes a structure;

"Crown lease"
means:

(a) a lease of land granted by the Crown under a statutory law of the Commonwealth, of a State or of a Territory; or

(b) a similar lease granted under a statutory law of a foreign country (whether or not that country is a republic);

"land"
includes:

(a) a legal or equitable estate or interest in land;

(b) a right, power or privilege over, or in connection with, land;

(c) a legal or equitable estate or interest in a stratum unit; or

(d) a share in a company that owns land on which a building is erected, being a share that entitles the holder to a right of occupancy of a dwelling of a kind known as a flat or home unit contained in the building;

"law"
, in relation to a foreign country, means a law of that country, or of any part of, or place in, that country;

"relevant exempting provision"
means any of the following provisions:

(a) section 50-5, 50-10, 50-15, 50-20, 50-25, 50-30, 50-40 or 50-45 of the Income Tax Assessment Act 1997 ;

(b) paragraph 23(ja) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 ;

(baa) paragraph 23(x) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 2) 1988 ;

(ba) section 23F , 23FA or 23FB , as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 ;

(bb) paragraph 23(jaa) or section 23FC or 23FD , as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 2) 1989 ;

(bca) section 24AM ;

(bc) regulations under the International Organisations (Privileges and Immunities) Act 1963 , insofar as those regulations provide that an organisation is not liable to income tax;

(c) any provision of an Act other than this Act to the effect that income of a particular person or body is not subject to taxation under any law of the Commonwealth or to the effect that a particular person or body is not subject to taxation under any law of the Commonwealth;

"statutory law"
means a law, being a statutory instrument;

"stratum unit"
means a unit on a unit plan registered under a law of a State or Territory that provides for the registration of titles of a kind known as unit titles or strata titles, being a unit that comprises:

(a) a part of a building containing a dwelling, being a part consisting of a flat or home unit; or

(b) a part of a parcel of land, being a part on which a building containing the dwelling is constructed;

"transfer"
includes conveyance;

"will"
includes a codicil.

160K(2)   [Reference to spouse]  

In this Part (other than sections 160ZZM and 160ZZMA), or in a provision of this Act other than this Part insofar as that provision has effect for the purposes of this Part, a reference to the spouse of a person (in this subsection called the ``first person'' ) does not include a reference to a person who is legally married to the first person but is living separately and apart from the first person on a permanent basis.

160K(3)   [Entitlement to receive money or property]  

A reference in this Part to a person being entitled to receive money or property other than money includes a reference to a person being entitled to receive money or property other than money either immediately or at a future date and, in the case of money, either in a lump sum or by instalments.

160K(4)   [Requirement to pay money or give property]  

A reference in this Part to a person being required to pay money or give property other than money includes a reference to a person being required to pay money or give property other than money either immediately or at a future date and, in the case of money, either in a lump sum or by instalments.

160K(5)   [Amount expressed in foreign currency]  

Where an amount of money, or the value of any property, that is to be taken into account for the purposes of this Part as, or as part of:

(a) the cost base to a taxpayer in respect of an asset; or

(b) the consideration in respect of the disposal of an asset;

would, but for this subsection, be an amount in the currency of a foreign country, the amount to be so taken into account is the equivalent amount in Australian currency at the time when the costs were incurred or the time of disposal of the asset, as the case may be.

160K(6)   [When deemed consideration given]  

Where by virtue of a provision of this Part a taxpayer is deemed for the purposes of this Part to have paid or given any consideration in respect of the acquisition of an asset, the taxpayer shall be deemed, unless the contrary intention appears, to have paid or given that consideration at the time when the taxpayer acquired the asset.

160K(7)   [Person who did not pay consideration]  

Where a provision of this Part refers to a person who did not pay or give any consideration in respect of the acquisition of an asset, a person shall not be taken by reason of subsection 160ZH(9) not to be a person to whom the provision applies.

160K(8)   [Person who did not receive consideration]  

Where a provision of this Part refers to a person who did not receive any consideration in respect of the disposal of an asset, a person shall not be taken by reason of subsection 160ZD(2) not to be a person to whom the provision applies.

160K(9)   [Where Part does not apply to disposal]  

A provision of this Part that provides that this Part does not apply in respect of a disposal of an asset has effect only in relation to the person disposing of the asset and does not have effect in relation to the person who acquired the asset as a result of the disposal.

160K(10)   [Trustee]  

In this Part, unless the contrary intention appears, a reference to the trustee of a trust estate includes a reference to the trustee of a unit trust.