INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART IIIA - CAPITAL GAINS AND CAPITAL LOSSES  

Division 17A - Roll-over relief for certain disposals of assets related to small businesses  

Subdivision A - Interpretative provisions  

SECTION 160ZZPK   DEFINITIONS  

160ZZPK(1)   [Definitions]  

In this Division, unless the contrary intention appears:

active asset
has the meaning given by subsections 160ZZPL(3), (4), (5) and (6).

approved asset
has the meaning given by subsections 160ZZPT(1AA) to (1AC).

asset
has the meaning given by subsections 160ZZPL(1) and (2).

associate
has the meaning given by section 160ZZPM .

Australian Statistician
means the Australian Statistician referred to in subsection 5(2) of the Australian Bureau of Statistics Act 1975.

connected
has the meaning given by section 160ZZPN .

consideration
, in respect of the acquisition of an asset, means the amount that is that consideration within the meaning of section 160ZH .

controlling individual
has the meaning given by section 160ZZPNA .

depreciable asset
means an asset the cost of which is allowable as a deduction under this Act over a period of time.

disposal test time
, in relation to the disposal of an asset, means the time immediately before the disposal.

disposal year of income
, in relation to a taxpayer in relation to a roll-over asset, means the year of income in which the roll-over asset was disposed of by the taxpayer.

entity
means any of the following:

(a) an individual;

(b) a partnership;

(c) a company;

(d) a trust.

gross goodwill roll-over amount
has the meaning given by subsection 160ZZPQ(4) .

gross non-goodwill roll-over amount
has the meaning given by subsection 160ZZPQ(3) or (3A) .

gross roll-over amount
means a gross goodwill roll-over amount or a gross non-goodwill roll-over amount.

incidental costs
to a taxpayer of the acquisition of an asset means the amount constituting those costs within the meaning of section 160ZH .

listed public company
means a company in which any of the shares (except shares that carry the right to a fixed rate of dividend) are listed for quotation in the official list of an approved stock exchange.

mutual insurance organisation
means:

(a) a mutual insurance company within the meaning of section 121AB; or

(b) a mutual affiliate company within the meaning of section 121AC.

net goodwill roll-over amount
has the meaning given by subsection 160ZZPS(5) or (3A) .

net non-goodwill roll-over amount
has the meaning given by subsection 160ZZPR(5) .

net roll-over amount
means a net goodwill roll-over amount or a net non-goodwill roll-over amount.

notional capital gain
has the meaning given by paragraph 160ZZPQ(1)(b).

public company
means:

(a) a listed public company; or

(b) a company (other than a listed public company) all the shares in which are beneficially owned by any one or more of the following:

(i) listed public companies;

(ii) mutual insurance organisations;

(iii) publicly traded unit trusts.

public entity
means:

(a) a public company; or

(b) a mutual insurance organisation; or

(c) a publicly traded unit trust.

publicly traded unit trust
means a unit trust the units in which:

(a) are listed for quotation in the official list of an approved stock exchange; or

(b) are ordinarily available for subscription or purchase by the public.

replacement asset
has the meaning given by subsection 160ZZPT(1) but does not include an asset in respect of whose disposal:

(a) this Part would not apply because of a provision of section 160L; or

(b) a capital gain would not be taken to have accrued because of subsection 160Z(6) .

replacement goodwill asset
means a replacement asset that is goodwill.

replacement non-goodwill asset
means a replacement asset that is not goodwill.

resident unit trust
has the same meaning as in section 102Q .

roll-over asset
has the meaning given by subsection 160ZZPL(7), (8) or (9).

roll-over goodwill asset
means a roll-over asset that is goodwill.

roll-over non-goodwill asset
means a roll-over asset that is not goodwill.

total goodwill cost base
, in relation to a taxpayer in relation to a disposal year of income, means the amount that, apart from this Division, would be:

(a) the sum (worked out at the time of acquisition) of the consideration in respect of, and the incidental costs to the taxpayer of, the acquisition of the replacement goodwill asset nominated by the taxpayer in respect of a net goodwill roll-over amount that applies to the taxpayer in respect of that year of income; or

(b) if the taxpayer nominated 2 or more replacement goodwill assets in respect of such a net goodwill roll-over amount - the sum (worked out at the time of the relevant acquisition) of the considerations in respect of, and the incidental costs to the taxpayer of, the acquisition of those replacement goodwill assets.

total net roll-over amount
, in relation to a taxpayer in relation to a disposal year of income, means the net roll-over amount, or the sum of the net roll-over amounts, applying to the taxpayer in respect of that year of income.

total non-goodwill cost base
(Omitted by No 16 of 1998).

160ZZPK(2)   Application of Division to trusts.  

This Division applies to a trust as if the trust were a taxpayer. However, a trust is not a legal person and any thing to be done by the trust has to be done by the trustee of the trust. Accordingly, any provision of this Division that refers to a taxpayer or entity having been, or not having been, required to do any thing or having done, or not having done, any thing is taken, if the taxpayer or entity is a trust, to refer to the trustee of the trust having been, or not having been, required to do that thing or having done, or not having done, that thing, as the case may be.