INCOME TAX ASSESSMENT ACT 1997 - SECT 995.1 Definitions
INCOME TAX ASSESSMENT ACT 1997 - SECT 995.1
Definitions(1) In this Act, except so far as the contrary intention appears:
"4% manner" has the meaning given by section 43 - 145.
"70% DFE rule" has the meaning given by section 394 - 35.
"95% services indirect value shift" has the meaning given by section 727 - 700.
"100% subsidiary" has the meaning given by section 975 - 505.
"165-CC tagged asset" has the meaning given by section 715 - 30.
"170-D deferred loss" has the meaning given by section 715 - 310.
"AAT" means the Administrative Appeals Tribunal.
"ABN" has the meaning given by the A New Tax System (Australian Business Number) Act 1999 .
"abnormal trading" has the meaning given by Subdivision 960 - H.
"above-average special professional income" has the meaning given by section 405 - 15.
"acceptable amount" of an instalment for an * instalment quarter has the meaning given by section 45 - 232 in Schedule 1 to the Taxation Administration Act 1953 .
"accountable membership interest" has the meaning given by section 208 - 30.
"accountable partial interest" has the meaning given by section 208 - 35.
"account-based annuity" has the meaning given by the Superannuation Industry (Supervision) Regulations 1994 .
"accounting principles" : A matter is in accordance with accounting principles if it is in accordance with:
(a) * accounting standards; or
(b) if there are no accounting standards applicable to the matter--authoritative pronouncements of the Australian Accounting Standards Board that apply to the preparation of financial statements.
"accounting principles for tax cost setting" has the meaning given by:
(a) subsection 705 - 70(3); and
(b) subsection 711 - 45(1A).
"accounting standards" has the same meaning as in the Corporations Act 2001 .
"accrued leave transfer payment" has the meaning given by subsection 26 - 10(2).
"accumulated AASL debt" has the meaning given by section 35 of the Australian Apprenticeship Support Loans Act 2014 .
"accumulated ABSTUDY SSL debt" has the meaning given by section 9C of the Student Assistance Act 1973 .
"accumulated HELP debt" has the meaning given by section 140 - 25 of the Higher Education Support Act 2003 .
"accumulated SSL debt" has the meaning given by section 1061ZVEC of the Social Security Act 1991 .
"accumulated VETSL debt" has the same meaning as in the VET Student Loans Act 2016 .
"accumulation phase value" of a * superannuation interest has the meaning given by subsection 307 - 205(2).
"ACNC type of entity" means an entity that meets the description of a type of entity in column 1 of the table in subsection 25 - 5(5) of the Australian Charities and Not - for - profits Commission Act 2012 .
(a) a * CGT asset: you acquire a CGT asset (in its capacity as a CGT asset) in the circumstances and at the time worked out under Division 109 (including under a provision listed in Subdivision 109 - B); and
Note: A CGT asset acquired before 20 September 1985 may be treated as having been acquired on or after that day: see, for example, Division 149.
(b) an item of * intellectual property: an entity does not acquire an item of intellectual property merely because a licence relating to a patent, design or copyright is surrendered to the entity.
"acquisition time" has the meaning given by section 58 - 5.
"acquisition year" has the meaning given by section 58 - 5.
"active asset" has the meaning given by section 152 - 40.
"active foreign business asset" of a company that is a foreign resident has the meaning given by section 768 - 540.
"active foreign business asset percentage" of a company has the meaning given by section 768 - 510.
(a) in a * scheme under which there is a * direct value shift, has the meaning given by subsection 725 - 65(2); and
(b) in a * scheme under which there is an * indirect value shift, has the meaning given by subsection 727 - 530(3).
"actual cost method" of working out the * value of a * registered emissions unit has the meaning given by section 420 - 53.
"actuary" means a Fellow or Accredited Member of the Institute of Actuaries of Australia.
"additional investment requirements for ESVCLPs" has the meaning given by subsection 118 - 428(1).
"ADI" (authorised deposit - taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 .
"ADI equity capital" of an entity at a particular time means the total of the following:
(a) all the entity's * equity capital at that time; and
(b) the total value of all the * debt interests * issued by the entity that satisfy all of the following:
(i) at that time, the interests are * on issue and have been on issue for 90 days or more;
(ii) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820 - 40(1)(a).
A debt interest is treated as having satisfied subparagraph (b)(i) at that time if it was on issue at that time, and the total period for which it remains on issue is 90 days or more.
"adjacent land" has the meaning given by subsection 118 - 120(2).
"adjacent structure" has the meaning given by subsection 118 - 120(6).
(a) of a * depreciating asset, has the meaning given by section 40 - 85; and
(ba) of an asset, for the purposes of determining the consequences of a choice under any of sections 715 - 100, 715 - 105, 715 - 125, 715 - 130 and 715 - 185, has the meaning given by section 715 - 145; and
(b) of an * equity or loan interest:
(i) for the purposes of determining the consequences of a * direct value shift--has the meaning given by sections 725 - 240, 725 - 315 and 725 - 325; and
(ii) for the purposes of determining the consequences of an * indirect value shift--has the meaning given by sections 727 - 830, 727 - 835 and 727 - 840.
"adjustable value method" means the method (for determining the effect of * indirect value shifts) for which Subdivision 727 - H provides.
"adjusted assessed tax" has the meaning given by section 45 - 375 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted assessed taxable income" has the meaning given by section 45 - 370 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted available frankable profits" has the meaning given by subsection 215 - 25(2).
"adjusted average debt" has the meaning given by sections 820 - 85, 820 - 120, 820 - 185 and 820 - 225.
"adjusted average equity capital" has the meaning given by sections 820 - 300, 820 - 330, 820 - 589 and 820 - 613.
"adjusted Division 6 percentage" , in relation to a trust estate, has the same meaning as in Division 6 of Part III of the Income Tax Assessment Act 1936 .
"adjusted on-lent amount" has the meaning given by sections 820 - 100, 820 - 200 and 820 - 210.
"adjusted tax" on * adjusted taxable income or on * adjusted withholding income has the meaning given by section 45 - 340 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted taxable income" has the meaning given by sections 45 - 330 and 45 - 480 in Schedule 1 to the Taxation Administration Act 1953 .
"adjusted taxable income for offsets" means adjusted taxable income for rebates within the meaning of subsection 6(1) of the Income Tax Assessment Act 1936 .
"adjusted unrealised loss" at an * alteration time for a company has the meaning given by section 165 - 115U.
"adjusted withholding income" has the meaning given by sections 45 - 335 and 45 - 485 in Schedule 1 to the Taxation Administration Act 1953 .
"adopted child" of a person means someone the person has adopted:
(a) under a * State law or * Territory law about adoption of children; or
(b) under a * foreign law about adoption of children, if the adoption would be recognised as valid under a State law or Territory law.
(a) in the * losing entity for an * indirect value shift, has the meaning given by section 727 - 460; or
(b) in the * gaining entity for an indirect value shift, has the meaning given by section 727 - 465.
(a) of * down interests, has the meaning given by section 725 - 80; and
(b) of * up interests, has the meaning given by section 725 - 85; and
(c) for an * indirect value shift, has the meaning given by section 727 - 530.
"affiliate" has the meaning given by section 328 - 130.
"AFOF" means an * Australian venture capital fund of funds.
"agent" : this Act applies to some entities that are not agents in the same way as it applies to agents: see section 960 - 105.
"aggregated turnover" has the meaning given by section 328 - 115.
"Agriculture Department" means the Department administered by the Minister administering the Farm Household Support Act 2014 .
"Agriculture Secretary" means the Secretary of the * Agriculture Department.
"alienated personal services payment" has the meaning given by section 13 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"All Groups Consumer Price Index number" means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician.
"allocable cost amount" has the meaning given by section 705 - 60 and subsection 711 - 20(1). annuity ">
"allocated annuity" means an * immediate annuity that satisfies the requirements of subregulation 1.05(4) of the Superannuation Industry (Supervision) Regulations.
"allocated pension" means a * current pension that satisfies the requirements of subregulation 1.06(4) of the Superannuation Industry (Supervision) Regulations.
"allowable OB deduction" has the meaning given by subsection 121EF(2) of the Income Tax Assessment Act 1936 .
(a) for a company has the meaning given by sections 165 - 115L, 165 - 115M, 165 - 115N, 165 - 115P, 165 - 115Q, 715 - 245, 715 - 250 and 719 - 725; and
(b) for a trust, has the meaning given by section 715 - 270.
"AMIT" (short for attribution managed investment trust ) has the meaning given by section 276 - 10.
"AMIT cost base increase amount" has the meaning given by section 104 - 107E.
"AMIT cost base net amount" has the meaning given by section 104 - 107C.
"AMIT cost base reduction amount" has the meaning given by section 104 - 107D.
"AMIT DIR payment" has the meaning given by section 12A - 25 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT dividend payment" has the meaning given by section 12A - 30 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT interest payment" has the meaning given by section 12A - 35 in Schedule 1 to the Taxation Administration Act 1953 .
"AMIT member annual statement" : see AMMA statement .
"AMIT royalty payment" has the meaning given by section 12A - 40 in Schedule 1 to the Taxation Administration Act 1953 .
"AMMA statement" (short for AMIT member annual statement ) has the meaning given by section 276 - 460.
"amount" includes a nil amount.
"amount required to be withheld" by an entity from a * withholding payment means:
(a) the amount that the entity must withhold from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or
(aaa) the amount that Division 12A in that Schedule requires the entity to pay to the Commissioner in respect of the payment; or
(aa) the amount that Division 13 in that Schedule requires the entity to pay to the Commissioner in respect of the * alienated personal services payment to which the withholding payment relates; or
(b) the amount that Division 14 in that Schedule requires the entity to pay to the Commissioner in respect of the * non - cash benefit, * capital proceeds or * taxable supply to which the withholding payment relates;
or that amount as varied by the Commissioner under section 15 - 15 in the Schedule.
"amount withheld" by an entity from a * withholding payment means:
(a) an amount that the entity withheld from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or
(aaa) an amount that the entity paid to the Commissioner under Division 12A in that Schedule in respect of the payment; or
(aa) an amount that the entity paid to the Commissioner under Division 13 in that Schedule in respect of the * alienated personal services payment to which the withholding payment relates; or
(b) an amount that the entity paid to the Commissioner under Division 14 in that Schedule in respect of the * non - cash benefit, * capital proceeds or * taxable supply to which the withholding payment relates.
(a) a * public ancillary fund; or
(b) a * private ancillary fund.
"ancillary mining activities" has the meaning given by section 40 - 740.
"annual exploration cap" for an income year has the meaning given by subsection 418 - 103(1).
"annual global income" has the meaning given by section 960 - 565.
"annual instalment component" of your * tax position has the meaning given by section 45 - 610 in Schedule 1 to the Taxation Administration Act 1953 .
"annual investment income report" means a report, relating to * Part VA investments, that an entity is required to give to the Commissioner, in respect of a * financial year, under section 393 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"annual payer" means an entity that has become an annual payer under section 45 - 140 in Schedule 1 to the Taxation Administration Act 1953 , and has not since ceased to be an annual payer under section 45 - 150 or 45 - 155 or former section 45 - 180 in that Schedule.
"annual tax period election" has the same meaning as in the * GST Act.
"annual turnover" has the meaning given by section 328 - 120.
(a) an annuity, within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or
(b) a pension, within the meaning of the Retirement Savings Accounts Act 1997 .
"annuity instrument" means an instrument that secures the grant of an annuity (whether dependent on the life of an individual or not).
"apartment building" has the meaning given by section 43 - 95.
"applicable functional currency" has the meaning given by section 960 - 70.
"applicable fund earnings" has the meaning given by section 305 - 75.
"apportionable deductions" are:
(a) amounts deducted or deductible under section 25 - 75 (which provides a deduction for rates and land tax); or
(b) amounts deducted or deductible under section 30 - 15 because of item 1, 2, 7 or 8 in the table in that section, except amounts deducted or deductible for gifts of * trading stock in cases where:
(i) the gifts are covered by section 70 - 90 (which has the effect that the giver's assessable income includes the market value of the gift); and
(ii) no election has been made, or is made, under Subdivision 385 - E (which allows the giver to choose to spread the market value of a gift of live stock over the giver's assessable income for 5 income years or to reduce the amount included in the giver's assessable income by the cost of replacement live stock).
"approved deposit fund" has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993 .
"approved deposit fund payment" has the meaning given by section 307 - 5.
"approved form" has the meaning given by section 388 - 50 in Schedule 1 to the Taxation Administration Act 1953 .
"approved investment plan" , of an * ESVCLP, has the meaning given by subsection 13 - 15(2) of the Venture Capital Act 2002 .
"approved management plan" for land has the meaning given by section 40 - 640.
"approved occupational clothing guidelines" has the meaning given by subsection 34 - 55(1).
"approved stock exchange" means a stock exchange named in regulations made for the purposes of this definition.
"APRA" means the Australian Prudential Regulation Authority.
"area covered by an international tax sharing treaty" : if, under an * international tax sharing treaty, Australia and another country share tax revenues from activities undertaken in an area identified by or under the treaty, that area is an area covered by an international tax sharing treaty .
"arm's length" : in determining whether parties deal at arm's length , consider any connection between them and any other relevant circumstance.
"arm's length capital amount" :
(a) for an * outward investing entity (ADI)--has the meaning given by section 820 - 315; and
(b) for an * inward investing entity (ADI)--has the meaning given by section 820 - 410.
"arm's length conditions" has the meaning given by section 815 - 125.
(a) for an * outward investing entity (non - ADI)--has the meaning given by section 820 - 105; and
(b) for an * inward investing entity (non - ADI)--has the meaning given by section 820 - 215.
"arm's length profits" has the meaning given by section 815 - 225.
"arrangement" means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings.
"arrangement payment" has the meaning given by section 240 - 65.
"arrangement payment period" has the meaning given by section 240 - 70.
"arrangement period" for a * tax preferred use of an asset has the meaning given by section 250 - 65.
"artistic support" has the meaning given by subsection 405 - 25(5).
"Arts Minister" means the Minister administering the National Gallery Act 1975 .
"Arts Secretary" means the Secretary of the Department administered by the * Arts Minister.
(a) a painting, sculpture, drawing, engraving or photograph; or
(b) a reproduction of such a thing; or
(c) property of a similar description or use.
"ASIC" means the Australian Securities and Investments Commission.
"assessable amount" has the meaning given by subsection 155 - 5(2) in Schedule 1 to the Taxation Administration Act 1953 .
"assessable FHSS released amount" , for an income year, means the amount included in a person's assessable income for the income year under section 313 - 20 in respect of the person's * FHSS released amounts.
"assessable film income" for an income year is so much of the amount, or the sum of the amounts, to which section 26AG of the Income Tax Assessment Act 1936 applies in relation to you for the income year as is assessable income.
"assessable income" has the meaning given by sections 6 - 5, 6 - 10, 6 - 15, 17 - 10 and 17 - 30.
For the effect of GST - related amounts on assessable income, see Division 17.
Note: For income years before 1997 - 98, assessable income has the meaning given by section 6 - 3 of the Income Tax (Transitional Provisions) Act 1997 .
"assessable non-primary production income" has the meaning given by subsection 392 - 85(2).
"assessable primary production income" has the meaning given by subsection 392 - 80(2).
"assessable professional income" has the meaning given by subsection 405 - 20(1).
"assessable recoupment" has the meaning given by section 20 - 20.
"assessed Division 293 tax" means * Division 293 tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 .
"assessed excess transfer balance tax" means * excess transfer balance tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 .
"assessed first home super saver tax" means * first home super saver tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 .
"assessed GST" has the meaning given by the * GST Act.
"assessed net amount" has the meaning given by the * GST Act.
"assessed net fuel amount" has the meaning given by the Fuel Tax Act 2006 .
(a) of an * assessable amount, means an ascertainment of the assessable amount; and
(b) in relation to a * tax - related liability not covered by paragraph (a), has the meaning given by a * taxation law that provides for the assessment of the amount of the liability.
Note: The table lists provisions of taxation laws that define assessment .
Taxation laws that define assessment | ||
Item | Provision | |
1 | subsection 6(1) | |
5 | subsection 136(1) | |
10 | section 2 | |
15 | section 6 | |
20 | Superannuation Contributions Tax (Assessment and Collection) Act 1997 | section 43 |
25 | section 38 | |
"assessment day" for an income year of a * life insurance company has the meaning given by section 219 - 45.
"asset" , of a * sub - fund of a * CCIV, means any of the assets of the sub - fund, ascertained in accordance with Subdivision B of Division 3 of Part 8B.5 of the Corporations Act 2001 .
"asset-based income tax regime" has the meaning given by section 830 - 105.
"asset entity" has the meaning given by section 12 - 436 in Schedule 1 to the Taxation Administration Act 1953 .
"asset included in the total assets" of a company that is a foreign resident has the meaning given by section 768 - 545.
"associate" has the meaning given by section 318 of the Income Tax Assessment Act 1936 .
Note: Under section 87 - 35, Australian government agencies, and certain parts of Australian governments and authorities, are not treated as associates for the purposes of ascertaining whether an entity is conducting a personal services business.
"associated enterprises article" has the meaning given by subsection 815 - 15(5).
"associated government entity" means:
(a) for the Commonwealth--each authority of the Commonwealth; or
(b) for an authority of the Commonwealth--each other authority of the Commonwealth; or
(c) for a State--each authority of the State; or
(d) for an authority of a State--each other authority of the State; or
(e) for a Territory--each authority of the Territory; or
(f) for an authority of a Territory--each other authority of the Territory.
"associate entity" has the meaning given by section 820 - 905.
"associate entity debt" has the meaning given by section 820 - 910.
"associate entity equity" has the meaning given by section 820 - 915.
"associate entity excess amount" has the meaning given by section 820 - 920.
"associate-inclusive control interest" in a company has the meaning given by section 975 - 160.
"associate interest" has the meaning given by section 820 - 905.
"at risk" has the meaning given by section 118 - 430.
"attributable income" has the meaning given by Division 7 of Part X of the Income Tax Assessment Act 1936 .
"attributable taxpayer" has the meaning given by Part X of the Income Tax Assessment Act 1936 .
"attribution managed investment trust" : see AMIT .
"attribution percentage" , in relation to a * CFC or a * CFT, has the meaning given by Part X of the Income Tax Assessment Act 1936 .
"audited consolidated financial statements" for an entity for a period has the meaning given by section 820 - 935.
"auditing principles" : a matter is in accordance with auditing principles if it is in accordance with:
(a) * auditing standards; or
(b) if there are no auditing standards applicable to the matter--authoritative pronouncements of the Auditing and Assurance Standards Board that apply to the preparation of financial statements.
"auditing standard" has the same meaning as in the Corporations Act 2001 .
"Australia" has the meaning affected by section 960 - 505.
"Australian agricultural land for rent" has the meaning given by section 12 - 448 in Schedule 1 to the Taxation Administration Act 1953 .
"Australian Business Register" means the Australian Business Register established and maintained under the A New Tax System (Australian Business Number) Act 1999 .
"Australian Business Registrar" means the Registrar of the * Australian Business Register.
"Australian carbon credit unit" has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011 .
"Australian controlled foreign entity" has the meaning given by section 820 - 745.
(a) of a * controlled foreign company mentioned in paragraph 820 - 745(a)--has the meaning given by section 820 - 750; and
(b) of a * controlled foreign trust--has the meaning given by section 820 - 755; and
(c) of a * controlled foreign corporate limited partnership--has the meaning given by section 820 - 760.
"Australian corporate tax entity" : an entity is an Australian corporate tax entity at a particular time if the entity is:
(a) a * corporate tax entity at that time; and
(b) for a company or a * corporate limited partnership--an Australian resident at that time; and
(c) for a * public trading trust--a * resident unit trust for the income year in which that time occurs.
"Australian entity" has the same meaning as in Part X of the Income Tax Assessment Act 1936 .
"Australian financial market" means a financial market (within the meaning of Chapter 7 of the Corporations Act 2001 ) operating under an Australian market licence granted under subsection 795B(1) of that Act.
"Australian financial services licence" has the same meaning as in the Corporations Act 2001 .
"Australian fund" has the meaning given by section 74 of the Life Insurance Act 1995 .
"Australian government agency" means:
(a) the Commonwealth, a State or a Territory; or
(b) an authority of the Commonwealth or of a State or a Territory.
"Australian law" means a * Commonwealth law, a * State law or a * Territory law.
"Australian legislature" means:
(a) the Parliament of the Commonwealth of Australia; or
(b) the Parliament of a State; or
(c) the Legislative Assembly for the Australian Capital Territory; or
(d) the Legislative Assembly of the Northern Territory of Australia.
"Australian/overseas fund" has the meaning given by section 74 of the Life Insurance Act 1995 .
"Australian permanent establishment" , of an entity, means a * permanent establishment of the entity that is in Australia.
"Australian resident" means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .
"Australian source" : without limiting when * ordinary income or * statutory income has an Australian source , it has an Australian source if it is * derived from a source in Australia for the purposes of the Income Tax Assessment Act 1936 .
"Australian-sourced amount" has the meaning given by the regulations mentioned in section 312 - 5 (about trans - Tasman portability of retirement savings).
"Australian superannuation fund" has the meaning given by section 295 - 95.
"Australian trust" has the same meaning as in Part X of the Income Tax Assessment Act 1936.
"Australian venture capital fund of funds" has the meaning given by subsection 118 - 410(3).
"authorised ASIO officer" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"authorised law enforcement agency officer" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"available expense" has the meaning given by section 175 - 30.
"available fraction" for a * bundle of losses has the meaning given by sections 707 - 320, 719 - 310 and 719 - 315.
"available frankable profits" has the meaning given by section 215 - 20 and affected by subsection 215 - 25(1).
"available income" has the meaning given by section 175 - 30.
"available loss exposure amount" has the meaning given by paragraph 830 - 50(1)(a).
"average equity capital" has the meaning given by sections 820 - 395, 820 - 420 and 820 - 615 .
"average income" has the meaning given in subsection 392 - 45(1).
"average taxable professional income" has the meaning given by subsections 405 - 50(1) and (2).
"averaging adjustment" has the meaning given in section 392 - 75.
"averaging component" has the meaning given in subsection 392 - 90(1).
"award transport payment" has the meaning given by section 900 - 220.
"balancing adjustment event" has the meaning given by section 40 - 295.
Note: Subsection 417 - 30(1) provides that certain events (connected with Timor Sea petroleum) are taken not to be balancing adjustment events.
"BAS amount" means any debt or credit that arises directly under the * BAS provisions.
Note: BAS stands for Business Activity Statement.
"base assessment" has the meaning given by sections 45 - 320 and 45 - 470 in Schedule 1 to the Taxation Administration Act 1953 .
"base interest rate" has the meaning given by section 8AAD of the Taxation Administration Act 1953 .
"base penalty amount" : the base penalty amount for calculating the amount of an administrative penalty is worked out under the relevant provision in this table:
Item | For a penalty for this: | See: |
1 | False or misleading statement Position not reasonably arguable | Section 284 - 90 in Schedule 1 to the Taxation Administration Act 1953 |
2 | * Schemes | Section 284 - 160 in that Schedule |
3 | Failure to lodge returns etc. | Section 286 - 80 in that Schedule |
"base value" , of a * depreciating asset, has the meaning given by subsection 40 - 70(1).
"base year" , in relation to an income year, has the meaning given by sections 45 - 320 and 45 - 470 in Schedule 1 to the Taxation Administration Act 1953 .
"basic assessable income" has the meaning given by subsection 392 - 45(2).
"basic concessional contributions cap" means the concessional contributions cap under subsection 291 - 20(2), disregarding any increase under subsection 291 - 20(3).
"basic rates" has the meaning given by subsection 392 - 35(4).
"basic taxable income" has the meaning given by section 392 - 15.
(a) Part VII of the Fringe Benefits Tax Assessment Act 1986 ; and
(b) the * indirect tax law; and
(c) Parts 2 - 5 and 2 - 10 in Schedule 1 to the Taxation Administration Act 1953 (which are about the PAYG system); and
(d) Division 389 in Schedule 1 to the Taxation Administration Act 1953 ; and
(e) the Major Bank Levy Act 2017 .
Note: BAS stands for Business Activity Statement.
"behaviour that is harmful or abusive" means one or more of the following:
"benchmark franking percentage" has the meaning given by section 203 - 30.
"benchmark instalment rate" has the meaning given by sections 45 - 360 and 45 - 530 in Schedule 1 to the Taxation Administration Act 1953 .
"benchmark rate of return" for an interest has the meaning given by section 974 - 145.
"benchmark rule" is the rule in section 203 - 25.
"benchmark tax" has the meaning given by sections 45 - 365 and 45 - 535 in Schedule 1 to the Taxation Administration Act 1953 .
"beneficiary" , of a * CCIV sub - fund trust, means a * member of the * sub - fund who is taken because of subsection 195 - 110(1) to be a beneficiary of the trust.
"bereavement Subdivision" has the meaning given by section 52 - 20.
"bid period" has the meaning given by section 9 of the Corporations Act 2001 .
"borrowed securities amount" of an entity at a particular time means the total of the liabilities of the entity, to the extent that they meet these conditions:
(a) the value of the liability at that time is worked out by reference to the value at that time of securities that the entity has short sold;
(b) as at that time, the entity has settled the sale using securities it acquired under one or more of these * arrangements:
(i) a reciprocal purchase agreement (otherwise known as a repurchase agreement);
(ii) a sell - buyback arrangement;
(iii) a securities loan arrangement.
"borrowing" means any form of borrowing, whether secured or unsecured, and includes the raising of funds by the issue of a bond, debenture, discounted security or other document evidencing indebtedness.
"branch hybrid" has the meaning given by section 832 - 485.
"branch hybrid mismatch" has the meaning given by section 832 - 470.
"bribe to a foreign public official" has the meaning given by section 26 - 52.
"bribe to a public official" has the meaning given by section 26 - 53.
"bundle" of losses has the meaning given by section 707 - 315.
"business" includes any profession, trade, employment, vocation or calling, but does not include occupation as an employee.
"business continuity test" has the meaning given by Subdivision 165 - E.
"business continuity test period" has the meaning given by sections 165 - 13, 165 - 15, 165 - 35, 165 - 40, 165 - 45, 165 - 126, 165 - 129, 165 - 132, 166 - 5, 166 - 20, 166 - 40, 707 - 125, 707 - 135, 715 - 50, 715 - 55, 715 - 60, 715 - 70, 715 - 95, 715 - 355 and 715 - 360, and affected by sections 415 - 35, 415 - 40 and 707 - 400.
"business day" means a day other than:
(a) a Saturday or a Sunday; or
(b) a day which is a public holiday for the whole of:
(ii) the Australian Capital Territory; or
"business kilometres" has the meaning given by sections 28 - 25 and 28 - 90.
"business meeting" has the meaning given by subsections 32 - 65(3) and (4).
"business profits article" has the meaning given by subsection 815 - 15(6).
"business travel expense" has the meaning given by section 900 - 95.
"business use percentage" has the meaning given by section 28 - 90.
"capital allowance" means a deduction under:
(a) Division 40 (capital allowances) of this Act; or
(ab) Division 43 (capital works) of this Act; or
(ac) Subdivision 328 - D (capital allowances for small business entities) of this Act; or
(d) former Division 10BA of Part III of that Act (Australian films); or
(e) former Division 10B of Part III of that Act (copyright in Australian films).
"capital gain" : for each * CGT event a capital gain is worked out in the way described in that event.
Note 1: There are some CGT events for which there is no capital gain.
Note 2: For income years before 1998 - 99, capital gain has the meaning given by section 102 - 20 of the Income Tax (Transitional Provisions) Act 1997 .
"capital loss" : for each * CGT event a capital loss is worked out in the way described in that event.
Note 1: There are some CGT events for which there is no capital loss.
Note 2: For income years before 1998 - 99, capital loss has the meaning given by section 102 - 20 of the Income Tax (Transitional Provisions) Act 1997 .
"capital proceeds" has the meaning given by Division 116.
"capital protected borrowing" has the meaning given by section 247 - 10.
"capital protection" has the meaning given by section 247 - 10.
"capital stake" has the meaning given by section 166 - 235.
"capped defined benefit income stream" has the meaning given by section 294 - 130.
"capped life" of a * depreciating asset has the meaning given by section 40 - 102.
"car" means a * motor vehicle (except a motor cycle or similar vehicle) designed to carry a load of less than 1 tonne and fewer than 9 passengers.
"carbon sequestration" has the meaning given by section 40 - 1015.
"carbon service provider" means an entity that carries on the * business of providing services wholly or mainly relating to offsets projects (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ), including services involving the entity carrying out such projects as the project proponent (within the meaning of that Act).
"car expense" has the meaning given by section 28 - 13.
"car fringe benefit" has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"car limit" has the meaning given by section 40 - 230.
(a) of a * general partner in a * VCLP, an * ESVCLP or an * AFOF--has the meaning given by subsections 104 - 255(4) and (6); and
(b) of a * limited partner in a * VCMP--has the meaning given by subsections 104 - 255(5) and (6).
"carry back" : you carry back to an income year so much of a * tax loss for a later income year as you specify, in a * loss carry back choice, to be carried back to the earlier income year.
Note: You can make a loss carry back choice only for the 2020 - 21, 2021 - 22 or 2022 - 23 income year.
"carry-forward trust component deficit" , of a particular character, has the meaning given by section 276 - 330.
"carrying on" an * enterprise includes doing anything in the course of the commencement or termination of the enterprise.
"cash management trust" means a trust that satisfies these requirements:
(a) the trust is of a kind commonly known as a cash management trust;
(b) each unit in the trust carries the same rights as every other unit in the trust.
"cash settlable" has the meaning given by subsection 230 - 45(2).
"CBC reporting entity" : see country by country reporting entity .
"CBC reporting group" : see country by country reporting group .
"CBC reporting parent" : see country by country reporting parent .
"CCIV" : see corporate collective investment vehicle .
"CCIV sub-fund trust" has the meaning given by subsection 195 - 110(2).
"cessation event" , in relation to a * provisional head company of a * MEC group, has the meaning given by subsection 719 - 60(6).
"CFC" has the meaning given by Part X of the Income Tax Assessment Act 1936 .
"CFT" has the meaning given by section 342 of the Income Tax Assessment Act 1936 .
"CGT asset" has the meaning given by section 108 - 5.
"CGT cap amount" has the meaning given by section 292 - 105.
"CGT concession stakeholder" has the meaning given by subsection 152 - 60.
"CGT event" means any of the CGT events described in Division 104. A CGT event described by number (for example: CGT event A1 ) refers to the relevant event in that Division.
"CGT exempt amount" has the meaning given by section 152 - 315.
"CGT retirement exemption limit" has the meaning given by section 152 - 320.
"CGT small business entity" has the meaning given by subsection 152 - 10(1AA).
"chain of trusts" has the meaning given by section 104 - 71.
"changeover time" for a company has the meaning given by sections 165 - 115C, 165 - 115D and 719 - 705.
"child" : without limiting who is a child of an individual, each of the following is the child of an individual:
(a) the individual's * adopted child, stepchild or exnuptial child;
(b) a child of the individual's * spouse;
(c) someone who is a child of the individual within the meaning of the Family Law Act 1975 .
"child recipient" of a * superannuation income stream has the meaning given by section 294 - 175.
"class" of a taxable income or a * tax loss of a * life insurance company has the meaning given by section 320 - 133.
"class" : * membership interests in a company or trust form a class if the interests have the same, or substantially the same, rights.
"clean building" has the meaning given by section 12 - 430 in Schedule 1 to the Taxation Administration Act 1953 .
"clean building managed investment trust" has the meaning given by section 12 - 425 in Schedule 1 to the Taxation Administration Act 1953 .
"Climate Change Minister" means the Minister administering the National Greenhouse and Energy Reporting Act 2007 .
"Climate Change Secretary" means the Secretary of the Department administered by the * Climate Change Minister.
"closing pool balance" has the meaning given by:
(a) for a low - value pool--section 40 - 440; or
(b) for a * general small business pool--section 328 - 200.
"closing pool value" has the meaning given by section 40 - 830.
"collectable" has the meaning given by section 108 - 10.
"commencing day" of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936 .
"commencing day asset" of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936 .
"commercial horticulture" has the meaning given by 40 - 535.
"commercial residential premises" has the same meaning as in the * GST Act.
"Commissioner" means the Commissioner of Taxation.
Note: The office of Commissioner of Taxation is created by section 4 of the Taxation Administration Act 1953 .
"Commissioner's instalment rate" has the meaning given by section 45 - 115 in Schedule 1 to the Taxation Administration Act 1953 .
"committed capital" of a partnership has the meaning given by section 118 - 445.
"common ownership" : see under common ownership .
"common-ownership nexus" : see section 727 - 400.
"common stake" has the meaning given by sections 124 - 783 and 124 - 783A.
"common stakeholder" has the meaning given by section 124 - 783.
"Commonwealth education or training payment" has the meaning given by subsection 52 - 145(1).
"Commonwealth labour market program" has the meaning given by subsection 52 - 145(2).
"Commonwealth law" means a law of the Commonwealth.
"Commonwealth of Nations country" means:
(a) a foreign country that is a member of the Commonwealth of Nations; or
(b) a colony, overseas territory or protectorate of such a member; or
(c) a territory for whose international relations such a member is responsible;
other than one declared by the regulations not to be a Commonwealth of Nations country.
"Commonwealth public sector superannuation scheme" has the same meaning as in the Superannuation (Unclaimed Money and Lost Members) Act 1999 .
"community shed" means a public institution that satisfies all of the following requirements:
(a) the institution's dominant purposes are advancing mental health and preventing or relieving social isolation;
(b) the institution seeks to achieve those purposes principally by providing a physical location where it supports individuals to undertake activities, or work on projects, in the company of others;
(i) there are no particular criteria for membership of the institution; or
(ii) the criteria for membership of the institution relate only to an individual's gender or Indigenous status (in that membership is, for cultural reasons, open only to * Indigenous persons) or both.
(b) any other unincorporated association or body of persons;
but does not include a partnership or a * non - entity joint venture.
Note 1: Division 830 treats foreign hybrid companies as partnerships.
Note 2: A reference to a company includes a reference to a corporate limited partnership: see section 94J of the Income Tax Assessment Act 1936 .
(a) of a partnership's * notional loss or * notional net income--has the meaning given by sections 165 - 80 and 165 - 85; and
(b) of a partnership's * full year deductions--has the meaning given by sections 165 - 90.
"comparison rate" has the meaning given by section 392 - 55.
"compensable work-related trauma" has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
(a) in relation to a * film, has the meaning given by subsection 376 - 55(2); and
(b) in relation to a * digital game, has the meaning given by subsection 378 - 25(2).
"complying approved deposit fund" means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993 .
"complying health insurance policy" has the meaning given by the Private Health Insurance Act 2007 .
"complying superannuation asset" has the meaning given by subsection 320 - 170(6).
"complying superannuation asset pool" has the meaning given by subsection 320 - 170(6).
"complying superannuation class" :
(a) for a taxable income of a * life insurance company--has the meaning given by section 320 - 137; or
(b) for a * tax loss of a * life insurance company--has the meaning given by section 320 - 141.
"complying superannuation entity" means:
(a) a * complying superannuation fund; or
(b) a * complying approved deposit fund; or
(c) a * pooled superannuation trust.
"complying superannuation fund" means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993 .
"complying superannuation liabilities" of a * life insurance company means liabilities of the company under * life insurance policies referred to in subsection 320 - 190(1).
"complying superannuation life insurance policy" means a * life insurance policy that:
(a) is held by the trustee of a * complying superannuation entity; or
(b) is held by an individual and:
(i) provides for an * annuity that is not presently payable, if the annuity was purchased out of a * superannuation lump sum or an * employment termination payment; or
(ia) provides for an * immediate annuity, if the annuity is a * superannuation income stream that is not in the * retirement phase; or
(ii) is so held in the benefit fund of a * friendly society, being a fund that is a * regulated superannuation fund; or
(c) is held by another * life insurance company and is a * complying superannuation asset of that company;
and is not an * excluded complying superannuation life insurance policy.
"complying superannuation plan" means:
(a) a * complying superannuation fund; or
(b) a * public sector superannuation scheme that is:
(i) a * regulated superannuation fund; or
(ii) an exempt public sector superannuation scheme (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993 ); or
(c) a * complying approved deposit fund; or
"component" of your * tax position has the meaning given by section 45 - 610 in Schedule 1 to the Taxation Administration Act 1953 .
"concessional contributions" has the meaning given by sections 291 - 25 and 291 - 165.
"concessional contributions cap" has the meaning given by section 291 - 20.
"concessional cross staple rent cap" has the meaning given by sections 12 - 443 and 12 - 444 in Schedule 1 to the Taxation Administration Act 1953 .
"conduit foreign income" has the meaning given by Subdivision 802 - A.
"connected entity" of an entity means:
(a) an * associate of the entity; or
(b) another member of the same * wholly owned group if the entity is a company and is a member of such a group.
"connected with" : an entity is connected with you in the circumstances described in section 328 - 125.
Note: This meaning is affected by section 152 - 78.
"connecting power to land or upgrading the connection" has the meaning given by section 40 - 655.
"conservation covenant" has the meaning given by section 31 - 5.
"consideration" , for a * taxable supply, has the same meaning as in the * GST Act.
(a) consideration receivable on the disposal of a leased * car has the meaning given by section 20 - 115; and
(b) consideration receivable for * trading stock changing hands has the meaning given by subsection 70 - 100(11).
"consolidatable group" has the meaning given by section 703 - 10.
"consolidated group" has the meaning given by section 703 - 5.
Note 1: Part 3 - 90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719 - 2).
Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3 - 90) referring only to consolidated groups do not apply to MEC groups.
"consolidation transitional year" for a * member of a * consolidated group or a member of a * MEC group, is an income year for that member that satisfies both of the following conditions:
(a) the group is in existence during all or any part of that year;
(b) Subdivision 45 - Q in Schedule 1 to the Taxation Administration Act 1953 (including that Subdivision as applied under Subdivision 45 - S in that Schedule):
(i) does not apply at all to the * head company or the * provisional head company of the group during that year; or
(ii) starts to apply at any time during that year to the head company or the provisional head company of the group because of subsection 45 - 705(2) or subparagraph 45 - 705(3)(c)(ii), (4)(d)(ii) or (iv), or subsection 45 - 915(2) or subparagraph 45 - 915(3)(c)(ii), (4)(b)(ii) or (iv), in that Schedule.
"constitution" of a company means the memorandum and articles of association of the company, or any other rules or document constituting the company or governing its activities.
"constitutional corporation" means:
(a) a corporation to which paragraph 51(xx) of the Constitution applies; or
(b) a body corporate that is incorporated in a Territory.
"constitutionally protected fund" means a fund that is declared by the regulations to be a constitutionally protected fund.
"construction expenditure" has the meaning given by section 43 - 70.
"construction expenditure area" has the meaning given by section 43 - 75.
"contingent on aspects of the economic performance" has the meaning given by section 974 - 85.
"continuing shareholders" has the meaning given by sections 175 - 10, 175 - 20, 175 - 25, 175 - 45, 175 - 60, 175 - 65 and 175 - 85.
"continuous disability policy" has the meaning given by section 9A of the Life Insurance Act 1995 .
"contract of reinsurance" , in respect of * life insurance policies, does not include a contract of reinsurance in respect of:
(a) the parts of * complying superannuation life insurance policies in respect of which the liabilities of the company that issued the policies are to be discharged out of a * complying superannuation asset pool; or
(b) policies that are * exempt life insurance policies.
"contributions segment" has the meaning given by section 307 - 220.
"contributions-splitting superannuation benefit" has the meaning given by the regulations.
"control a non-fixed trust" has the meaning given by Subdivision 269 - E in Schedule 2F to the Income Tax Assessment Act 1936 .
"control (for value shifting purposes)" has the meaning given by sections 727 - 355, 727 - 360, 727 - 365 and 727 - 375.
"controlled foreign company" has the same meaning as in Part X of the Income Tax Assessment Act 1936.
"controlled foreign corporate limited partnership" has the meaning given by section 820 - 760 .
"controlled foreign entity debt" has the meaning given by section 820 - 885.
"controlled foreign entity equity" has the meaning given by section 820 - 890.
"controlled foreign trust" has the same meaning as in Part X of the Income Tax Assessment Act 1936.
"controller (for CGT purposes)" : an entity is a controller (for CGT purposes) of a company in the circumstances mentioned in section 975 - 155.
"controller (for imputation purposes)" has the meaning given by subsections 207 - 130(5) and (6).
"convertible interest" means a convertible interest in a company or in a trust or unit trust and:
(a) a convertible interest in a company is an interest of the kind referred to in item 4 of the table in subsection 974 - 75(1); and
(b) a convertible interest in a trust or unit trust is an interest that has the same or a similar effect in relation to the trust or unit trust.
(a) a convertible note of a company has the meaning given by section 82L of the Income Tax Assessment Act 1936 ; and
(b) a convertible note of a trust or unit trust means a note that has the same or a similar effect in relation to the trust or unit trust.
"co-operative company" has the same meaning as in Division 9 of Part III of the Income Tax Assessment Act 1936 .
"copyright collecting society" means either of the following bodies:
(a) a body that satisfies all of the following conditions:
(i) a declaration under the Copyright Act 1968 is in force in respect of the body;
(ii) the body is a company whose * constitution contains provisions about the distribution of amounts collected or * derived by it, including a requirement that a * member of the society cannot direct the body to pay an amount at a particular time;
(iii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met;
(b) a company that satisfies all of the following conditions:
(i) the company is incorporated under an * Australian law relating to companies;
(ii) the company has and maintains the purpose of collective administration of copyrights;
(iii) if the company has other purposes--these purposes are incidental to the purpose described in subparagraph (ii) or, if the company is the * resale royalty collecting society, relate to the company's functions or duties as resale royalty collecting society;
(iv) the company collects or derives, and distributes, income of a kind mentioned in paragraph 51 - 43(2)(a) or (b);
(v) the company's constitution allows any copyright owner, or his or her * agent, to be a member of the society, or allows all copyright owners of a particular type to be members;
(vi) the company's constitution prohibits the payment of * dividends;
(vii) the company's constitution contains provisions about the payment, out of amounts collected or derived by it, of the administrative costs of collecting those amounts;
(viii) the company's constitution contains provisions about the distribution of amounts collected or derived by it, including a requirement that an amount must be paid to a member as soon as is reasonably possible after the allocation of the amount to the member, as well as a requirement that a member cannot direct the company to pay an amount at a particular time;
(ix) the company's constitution, or contracts with members, contains such other provisions as are prescribed by the regulations (if any), being provisions necessary to ensure that the interests of members or their agents are protected adequately;
(x) the company's constitution requires the company to hold amounts on trust for copyright owners who are not members, or for members pending the payment of amounts to them;
(xi) the company's constitution, or contracts with members, allows all members to access the company's records;
(xii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met.
"core R&D activities" has the meaning given by section 355 - 25.
"core shipping activities" has the meaning given by section 51 - 110.
"corporate change" has the meaning given by section 166 - 175.
"corporate collective investment vehicle" or CCIV has the same meaning as in the Corporations Act 2001 .
"corporate limited partnership" has the meaning given by section 94D of the Income Tax Assessment Act 1936 .
"corporate tax entity" has the meaning given by section 960 - 115.
"corporate tax gross-up rate" , of an entity for an income year, means the amount worked out using the following formula:
"corporate tax rate" :
(a) in relation to a company to which paragraph 23(2)(a) of the Income Tax Rates Act 1986 applies--means the rate of tax in respect of the taxable income of a company covered by that paragraph; or
(b) in relation to another entity--means the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(b) of that Act.
"corporate tax rate for imputation purposes" , of an entity for an income year, means:
(a) unless paragraph (b) applies--the entity's * corporate tax rate for the income year, worked out on the assumptions that:
(i) the entity's * aggregated turnover for the income year is equal to its aggregated turnover for the previous income year; and
(ii) the entity's base rate entity passive income (within the meaning of the Income Tax Rates Act 1986 ) for the income year is equal to its base rate entity passive income for the previous income year; and
(iii) the entity's assessable income for the income year is equal to its assessable income for the previous income year; or
(b) if the entity did not exist in the previous income year--the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(a) of the Income Tax Rates Act 1986 .
(a) cost of a * depreciating asset has the meaning given by Subdivision 40 - C; and
(b) cost of an item of * trading stock, in the case of an animal that you acquired by natural increase, has the meaning given by section 70 - 55; and
Note: The cost of an animal acquired by natural increase before the 1997 - 98 income year is the cost price of the animal under former section 34 of the Income Tax Assessment Act 1936 . See subsection 70 - 55(2) of the Income Tax (Transitional Provisions) Act 1997 .
(c) cost of a * registered emissions unit has the meaning given by section 420 - 60.
"cost base" of a * CGT asset has the meaning given by Subdivision 110 - A.
"cost-free debt capital" has the meaning given by section 820 - 946.
"COT transfer" of a loss has the meaning given by section 707 - 210.
"country by country reporting entity" has the meaning given by section 815 - 370.
"country by country reporting group" has the meaning given by section 815 - 380.
"country by country reporting parent" has the meaning given by section 815 - 375.
"CRC program" means the program administered by the Commonwealth known as the Cooperative Research Centres Program.
(a) a * consolidated group is created from a * MEC group if the consolidated group comes into existence under section 703 - 55 at the time the MEC group ceases to exist (as mentioned in that section); and
(b) a MEC group is created from a consolidated group if:
(i) the MEC group comes into existence under section 719 - 40 when a * special conversion event happens to a * potential MEC group derived from an * eligible tier - 1 company of a * top company; and
(ii) the eligible tier - 1 company was the * head company of the consolidated group (as mentioned in paragraph 719 - 40(1)(b)).
"creditable acquisition" has the meaning given by section 195 - 1 of the * GST Act.
"creditable importation" has the meaning given by section 195 - 1 of the * GST Act.
"creditable purpose" has the meaning given by section 195 - 1 of the * GST Act.
"credit absorption tax" has the meaning given by section 770 - 15.
"credit reporting bureau" has the meaning given by subsection 355 - 72(7) in Schedule 1 to the Taxation Administration Act 1953 .
"cross-character allocation amount" , of a particular character, has the meaning given by section 276 - 330.
"cross staple arrangement" has the meaning given by section 12 - 436 in Schedule 1 to the Taxation Administration Act 1953 .
"Crown lease" has the meaning given by section 124 - 580.
"CRS" (short for Common Reporting Standard) has the meaning given by subsection 396 - 110(1) in Schedule 1 to the Taxation Administration Act 1953 .
"CRS Commentary" has the meaning given by subsection 396 - 110(2) in Schedule 1 to the Taxation Administration Act 1953 .
"crystallised pre-July 83 amount" , in relation to a * superannuation interest, means the amount mentioned in paragraph 307 - 225(2)(e) in relation to the interest.
"crystallised reduction amount" has the meaning given by section 136 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"crystallised segment" has the meaning given by section 307 - 225.
"currency exchange rate effect" has the meaning given by section 775 - 105.
"current GST turnover" has the meaning given by section 195 - 1 of the * GST Act.
"current pension" means a pension that has begun to be paid.
"current termination value" of a * life insurance policy, or of the * net risk component of a life insurance policy, has the meaning given in prudential standards made under section 230A of the Life Insurance Act 1995 .
"current year" means the income year for which you are working out your assessable income, deductions and * tax offsets.
"custodian" has the meaning given by section 12 - 390 in Schedule 1 to the Taxation Administration Act 1953 .
"customs dealing" has the meaning given by the * Wine Tax Act.
"customs duty" has the meaning given by the * GST Act.
"date of the settlement or order" , for a * structured settlement or a * structured order, has the meaning given by section 54 - 5.
"death benefits dependant" has the meaning given by section 302 - 195.
"death benefit termination payment" has the meaning given by subsection 82 - 130(3).
"debenture" of a company or unit trust includes debenture stock, bonds, notes and any other securities of the company or trust, whether or not constituting a charge on its assets.
"debit value" , of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream, has the meaning given by section 294 - 145.
"debt account discharge liability" has the meaning given by section 133 - 120 in Schedule 1 to the Taxation Administration Act 1953 .
"debt capital" , of an entity and at a particular time, means any * debt interests issued by the entity that are still * on issue at that time.
"debt deduction" has the meaning given by section 820 - 40.
"debt interest" in an entity has the meaning given by Subdivision 974 - B.
"debt-like trust instrument" has the meaning given by section 276 - 505.
"debt property" has the meaning given by section 243 - 30.
"decrease time" for a * direct value shift has the meaning given by section 725 - 155.
"decreasing adjustment" has the meaning given by section 195 - 1 of the * GST Act.
"deduct" has the meaning given by sections 8 - 1 and 8 - 5.
"deductible gift recipient" has the meaning given by section 30 - 227.
"deducting hybrid" has the meaning given by section 832 - 550.
"deducting hybrid mismatch" has the meaning given by section 832 - 545.
"deduction" means an amount that you can deduct.
Note: For income years before 1997 - 98, deduction has the meaning given by section 8 - 3 of the Income Tax (Transitional Provisions) Act 1997 .
(a) of a * deduction/non - inclusion mismatch--has the meaning given by subsections 832 - 105(1) and 832 - 105(2); and
(b) of a * deduction/deduction mismatch--has the meaning given by subsection 832 - 110(2); and
(c) of a * hybrid financial instrument mismatch--has the meaning given by subsection 832 - 200(2); and
(d) of a * hybrid payer mismatch--has the meaning given by subsection 832 - 305(2); and
(e) of a * reverse hybrid mismatch--has the meaning given by subsection 832 - 395(2); and
(f) of a * branch hybrid mismatch--has the meaning given by subsection 832 - 470(2); and
(g) of a * deducting hybrid mismatch--has the meaning given by subsection 832 - 545(2); and
(h) of an * offshore hybrid mismatch--means the * deduction component of the relevant hybrid financial instrument mismatch, hybrid payer mismatch, reverse hybrid mismatch, branch hybrid mismatch or deducting hybrid mismatch.
"deduction/deduction mismatch" has the meaning given by section 832 - 110.
"deduction/non-inclusion mismatch" has the meaning given by section 832 - 105.
"deduction year" has the meaning given by section 170 - 20.
"default commutation notice" has the meaning given by section 136 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"Defence Minister" means the Minister administering section 1 of the Defence Act 1903 .
"Defence Secretary" means the Secretary of the Department administered by the * Defence Minister.
"deferral reversal" , for a * superannuation interest, has the meaning given by section 133 - 25 in Schedule 1 to the Taxation Administration Act 1953 .
"deferred BAS payer" , at a particular time, means an entity that has an obligation to notify the Commissioner of a * BAS amount at that time, other than:
(a) an entity that has an obligation at that time to give the Commissioner a * GST return for a monthly * tax period; or
(b) an entity whose obligation to notify a BAS amount at that time relates only to one or more of the following:
(i) an * amount withheld by a * medium withholder or a * large withholder;
(ii) the * PAYG instalment of an * annual payer.
Note: You are therefore a deferred BAS payer if you have an obligation to give the Commissioner a GST return for a quarterly tax period or if you are a GST instalment payer within the meaning of the GST Act.
"deferred roll-over gain" : an asset has a deferred roll - over gain at a particular time if:
(a) before that time there was a roll - over under a provision or former provision of this Act in relation to a disposal or a * CGT event that happened in relation to the asset; and
(b) as a result of the roll - over all or part of a * capital gain from the disposal or CGT event was disregarded.
The amount of the deferred roll - over gain is equal to the amount of the capital gain that was disregarded, reduced by the amount (if any) by which the gain has been taken into account in working out a * net capital gain (section 102 - 5) or * net capital loss (section 102 - 10) in relation to the asset between the roll - over time and the particular time.
"deferred roll-over loss" : an asset has a deferred roll - over loss at a particular time if:
(a) before that time there was a roll - over under a provision or former provision of this Act in relation to a disposal or a * CGT event that happened in relation to the asset; and
(b) as a result of the roll - over all or part of a * capital loss from the disposal or CGT event was disregarded.
The amount of the deferred roll - over loss is equal to the amount of the capital loss that was disregarded, reduced by the amount (if any) by which the loss has been taken into account in working out a * net capital gain (section 102 - 5) or * net capital loss (section 102 - 10) in relation to the asset between the roll - over time and the particular time.
"deferred superannuation income stream" has the meaning given by the Superannuation Industry (Supervision) Regulations 1994 .
"deferred to a debt account" , for a * superannuation interest, in relation to * assessed Division 293 tax, has the meaning given by section 133 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
(a) section 205 - 40 sets out when a * franking account is in deficit; and
(b) section 208 - 125 sets out when an * exempting account is in deficit; and
(c) section 210 - 130 sets out when a * venture capital sub - account is in deficit.
"defined benefit contributions" has the meaning given by sections 293 - 115, 293 - 150 and 293 - 195.
"defined benefit income" has the meaning given by section 303 - 2.
"defined benefit income cap" has the meaning given by section 303 - 4.
"defined benefit interest" has the meaning given by section 291 - 175.
"defined benefit tax" has the meaning given by section 133 - 15 in Schedule 1 to the Taxation Administration Act 1953 .
"demerged entity" has the meaning given by section 125 - 70.
"demerger" has the meaning given by section 125 - 70.
"demerger dividend" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"demerger group" has the meaning given by section 125 - 65.
"demerger subsidiary" has the meaning given by section 125 - 65.
"demerging entity" has the meaning given by section 125 - 70.
"demutualise" : a mutual entity (within the meaning of the Corporations Act 2001 ) that issues one or more MCIs (within the meaning of that Act) is taken not to demutualise by doing so.
Note: MCI is short for mutual capital instrument (see section 167AD of the Corporations Act 2001 ).
"departing Australia superannuation payment" has the meaning given by section 301 - 170.
"depository entity" has the meaning given by section 166 - 260.
"depreciating asset" has the meaning given by section 40 - 30.
"depreciating asset lease" : a depreciating asset lease is an agreement (including a renewal of an agreement) under which the entity that * holds the * depreciating asset grants a * right to use the asset to another entity. However, a depreciating asset lease does not include a * hire purchase agreement or a * short - term hire agreement.
"Deputy Commissioner" means a Deputy Commissioner of Taxation.
"derivative financial arrangement" has the meaning given by subsection 230 - 350(1).
"derive" has a meaning affected by subsection 6 - 5(4).
"design" of a uniform has the meaning given by subsection 34 - 25(2).
"designated infrastructure project" means an infrastructure project designated under section 415 - 70.
"designated infrastructure project entity" has the meaning given by section 415 - 20.
"determined member component" has the meaning given by section 276 - 205.
"determined trust component" has the meaning given by section 276 - 255.
"development assistance" for a * film has the meaning given by section 376 - 55.
(a) in relation to a * film, means expenditure to the extent to which it is incurred in meeting the development costs for the film and includes expenditure to the extent to which it is incurred on any of the following:
(i) location surveys and other activities undertaken to assess locations for possible use in the film;
(ii) storyboarding for the film;
(iii) scriptwriting for the film;
(iv) research for the film;
(v) casting actors for the film;
(vi) developing a budget for the film;
(vii) developing a shooting schedule for the film; and
(b) in relation to a * digital game, has the meaning given by section 378 - 35.
"died in the line of duty" has the meaning given by subsection 302 - 195(3).
"digital currency" has the same meaning as in the * GST Act.
"digital game" has the meaning given by section 378 - 20.
"diminishing value method" has the meaning given by sections 40 - 70 and 40 - 72.
"dining facility" has the meaning given by section 32 - 60.
"direct equity interests" in a company are * shares in the company.
"direct forestry expenditure" has the meaning given by section 394 - 45.
"direct participation interest" has the meaning given by section 960 - 190.
"direct roll-over replacement" has the meaning given by section 723 - 110.
"direct small business participation percentage" has the meaning given by section 152 - 70.
"direct SRWUIP payment" has the meaning given by subsection 59 - 67(3).
"direct value shift" has the meaning given by section 725 - 145.
"direct voting percentage" in a company has the meaning given by section 768 - 550.
"disability policy" means a * life insurance policy under which a benefit is payable in the event of:
(a) the death, by accident or by some other cause stated in the contract, of the person whose life is insured (the insured ); or
(b) injury to, or disability of, the insured as a result of accident or sickness; or
(c) the insured being found to have a stated condition or disease;
but does not include a contract of consumer credit insurance within the meaning of the Insurance Contracts Act 1984 .
"disability superannuation benefit" means a * superannuation benefit if:
(a) the benefit is paid to an individual because he or she suffers from ill - health (whether physical or mental); and
(b) 2 legally qualified medical practitioners have certified that, because of the ill - health, it is unlikely that the individual can ever be * gainfully employed in a capacity for which he or she is reasonably qualified because of education, experience or training.
"disaggregated attributable decrease" : section 727 - 775 sets out how to determine whether an * indirect value shift has produced a disaggregated attributable decrease in the * market value of an * equity or loan interest.
"disaggregated attributable increase" : section 727 - 805 sets out how to determine whether an * indirect value shift has produced a disaggregated attributable increase in the * market value of an * equity or loan interest.
(a) a * net capital loss--has the meaning given by section 175 - 40; or
(b) a * capital loss--has the meaning given by section 175 - 55.
"disallowed capital allowance percentage" has the meaning given by subsection 250 - 150(4).
"discount" : an * equity or loan interest is issued at a discount as provided in section 725 - 150.
"discount capital gain" has the meaning given by Subdivision 115 - A.
"discount percentage" has the meaning given by Subdivision 115 - B.
"discretionary benefits" means investment account benefits (as defined by section 14 of the Life Insurance Act 1995 ) that are regarded as non - participating benefits for the purposes of that Act solely because of the operation of Prudential Rules No. 22 in force under section 252 of that Act.
"disease" has the meaning given by subsection 34 - 20(3).
"disentitling event" has the meaning given by section 385 - 163.
"disposal year" has the meaning given by subsection 385 - 105(2).
"dispose of" a * CGT asset: you dispose of a CGT asset (in its capacity as a CGT asset) in the circumstances specified in section 104 - 10.
"disregarded small fund assets" has the meaning given by section 295 - 387.
"distributable profits" of a company has the meaning given by section 317 of the Income Tax Assessment Act 1936 .
"distributing body" has the meaning given by section 128U of the Income Tax Assessment Act 1936 .
"distribution" , by a * corporate tax entity, has the meaning given by section 960 - 120.
"distribution event" has the meaning given by subsection 207 - 120(5).
"distribution statement" has the meaning given by section 202 - 80.
"diverted profits tax" means tax imposed by the Diverted Profits Tax Act 2017 .
"dividend" has the meaning given by subsections 6(1) and (4) and 6BA(5) and section 94L of the Income Tax Assessment Act 1936 .
"dividend stake" has the meaning given by section 166 - 235.
"dividend stripping operation" has the meaning given by section 207 - 155.
"Division 6C land" has the meaning given by section 12 - 448 in Schedule 1 to the Taxation Administration Act 1953 .
"Division 230 financial arrangement" : a * financial arrangement is a Division 230 financial arrangement if Division 230 applies in relation to your gains and losses from the arrangement.
"Division 230 starting value" :
(a) the Division 230 starting value of an asset or liability that is or is part of a * Division 230 financial arrangement to which Subdivision 230 - C (fair value method) applies is the amount of the asset or the amount of the liability according to the relevant standards mentioned in section 230 - 230 that apply in relation to the arrangement; and
(b) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230 - D (foreign exchange retranslation method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230 - 280 that apply in relation to the arrangement; and
(c) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230 - F (reliance on financial reports method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230 - 420 that apply in relation to the arrangement.
"Division 293 tax" means tax imposed by the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 .
(a) the Income Tax Assessment Act 1997 , so far as it relates to the * Division 293 tax; and
(b) any Act that imposes Division 293 tax; and
(c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b) (or to so much of that Act as is covered); and
(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations and other legislative instruments under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
"Division 405 payment" has the meaning given by section 405 - 5 in Schedule 1 to the Taxation Administration Act 1953 .
"Division 405 report" has the meaning given by section 405 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"Division 410 payment" has the meaning given by section 410 - 5 in Schedule 1 to the Taxation Administration Act 1953 .
"Division 410 report" has the meaning given by section 410 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"Division 415 payment" has the meaning given by section 415 - 5 in Schedule 1 to the Taxation Administration Act 1953 .
"Division 417 payment" has the meaning given by section 417 - 5 in Schedule 1 to the Taxation Administration Act 1953 .
"Division 832 control group" has the meaning given by section 832 - 205.
"documentary" has the meaning given by section 376 - 25.
"down interest" has the meaning given by section 725 - 155.
"DPT assessment" has the meaning given by section 145 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"dual inclusion income" has the meaning given by section 832 - 680.
"dual listed company arrangement" has the meaning given by section 125 - 60.
"dual listed company voting share" has the meaning given by section 125 - 60.
"dual resident investment company" has the meaning given by section 6F of the Income Tax Assessment Act 1936 .
"dwelling" has the meaning given by section 118 - 115.
"early retirement scheme" has the meaning given by section 83 - 180.
"early retirement scheme payment" has the meaning given by section 83 - 180.
"early stage venture capital limited partnership" has the meaning given by subsection 118 - 407(4).
"economic infrastructure facility" has the meaning given by section 12 - 439 in Schedule 1 to the Taxation Administration Act 1953 .
(a) a * superannuation guarantee education direction; or
(b) a * tax - records education direction.
"effective life" : the effective life of a * depreciating asset is worked out under sections 40 - 95, 40 - 100, 40 - 102, 40 - 103, 40 - 105 and 40 - 110.
"effectively non-cancellable" has the meaning given by section 250 - 130.
"effectively non-contingent obligation" has the meaning given by section 974 - 135.
"election to rely on financial reports" has the meaning given by section 230 - 395.
"electronic payment" means a payment by way of electronic transmission, in an electronic format approved by the Commissioner.
"electronic sales suppression tool" has the meaning given by section 8WAB of the Taxation Administration Act 1953 .
"electronic signature" of an entity means a unique identification of the entity in electronic form that is approved by the Commissioner.
"element taxed in the fund" has the meaning given by section 307 - 275.
"element untaxed in the fund" has the meaning given by section 307 - 275.
"eligible community housing provider" has the meaning given by section 980 - 10.
"eligible continuing substantial member" of a * former exempting entity has the meaning given by section 208 - 155.
"eligible Division 166 company" means a company:
(a) that is not a * widely held company; and
(i) * voting stakes that carry rights to more than 50% of the voting power in the company; or
(ii) * dividend stakes that carry rights to receive more than 50% of any dividends that the company may pay; or
(iii) * capital stakes that carry rights to receive more than 50% of any distribution of capital of the company;
are beneficially owned (whether directly, or * indirectly through one or more interposed entities) by:
(iv) a widely held company; or
(v) an entity mentioned in subsection 166 - 245(2) that satisfies the condition in subsection 166 - 245(3); or
(vi) a * non - profit company; or
(viii) 2 or more entities mentioned in subparagraphs (iv) to (vii).
Note: For subparagraphs (b)(i), (ii) and (iii), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.
"eligible for a granny flat interest" has the meaning given by subsection 137 - 10(2).
"eligible security" has the meaning given by section 775 - 190.
"eligible tier-1 company" has the meaning given by section 719 - 15.
"eligible venture capital investment" has the meaning given by sections 118 - 425 and 118 - 427.
Note: This meaning is also affected by subsection 118 - 435(2).
"eligible venture capital investor" has the meaning given by subsection 118 - 415(2).
"eligible venture capital partner" has the meaning given by section 118 - 420.
"employee share scheme" has the meaning given by subsection 83A - 10(2).
"employee share trust" has the meaning given by subsection 130 - 85(4).
"Employment Secretary" means the Secretary of the Department responsible for employment policy.
"employment termination payment" has the meaning given by section 82 - 130.
"end benefit" has the meaning given by section 133 - 130 in Schedule 1 to the Taxation Administration Act 1953 .
"endowment policy" has the meaning given by section 295 - 480.
"ends" , in relation to a * corporate change, has the meaning given by section 166 - 175.
"end user" of an asset has the meaning given by section 250 - 50.
"end value" of an asset has the meaning given by section 250 - 180.
"enterprise" has the meaning given by section 9 - 20 of the * GST Act.
"entertainment" has the meaning given by section 32 - 10.
"entity" has the meaning given by section 960 - 100.
"entity maintenance deduction" has the meaning given by subsection 86 - 65(2).
"environmental protection activities" has the meaning given by section 40 - 755.
"Environment Minister" means the Minister administering the Environment Protection and Biodiversity Conservation Act 1999 .
"Environment Secretary" means the Secretary of the Department administered by the * Environment Minister.
"equity capital" of an entity at a particular time means the total of the following as at that time:
(a) the issue price (however described) of each * equity interest in the entity that is still * on issue, reduced by so much (if any) of the issue price as remains unpaid;
(b) the entity's general reserves and asset revaluation reserves;
(c) the entity's retained earnings;
(d) the entity's net earnings (if any) for the current year, reduced by:
(i) the * tax the entity expects to pay in respect of those net earnings; and
(ii) so much of each distribution to the entity's * members that has been made or declared as at that time as is attributable to the entity's earnings for the current year;
(e) if the entity is a * corporate tax entity--provisions for * distributions of profit;
(f) if paragraph (e) does not apply--provisions for distributions to the entity's * members;
reduced by the total of the following as at that time:
(g) the entity's negative retained earnings (if any);
(h) the entity's net loss (if any) for the current year.
"equity holder" in a company means an entity that holds an * equity interest in the company.
"equity interest" in an entity has the meaning given by:
(a) in the case of a company--Subdivision 974 - C; and
(b) in the case of a trust or partnership--section 820 - 930.
"equity or loan interest" has the meaning given by section 727 - 520.
"ESS deferred taxing point" , for an * ESS interest, has the meaning given by sections 83A - 115 and 83A - 120.
Note 1: ESS is short for employee share scheme.
Note 2: For ESS interests acquired before 1 July 2009, see subsection 83A - 5(4) of the Income Tax (Transitional Provisions) Act 1997 .
"ESS interest" , in a company, has the meaning given by subsection 83A - 10(1).
Note: ESS is short for employee share scheme.
"ESVCLP" means an * early stage venture capital limited partnership.
"ETP cap amount" has the meaning given by section 82 - 160.
"excepted MIT CSA income" has the meaning given by section 12 - 442 in Schedule 1 to the Taxation Administration Act 1953 .
"excepted trust" has the meaning given by section 272 - 100 in Schedule 2F to the Income Tax Assessment Act 1936 .
"excess concessional contributions" has the meaning given by section 291 - 20.
"excess concessional contributions determination" has the meaning given by section 97 - 5 in Schedule 1 to the Taxation Administration Act 1953 .
"excess exploration credit tax" means tax imposed by the Excess Exploration Credit Tax Act 2015 .
"excess franking offsets" has the meaning given by section 36 - 55.
"excess non-concessional contributions" has the meaning given by section 292 - 85.
"excess non-concessional contributions determination" has the meaning given by subsection 97 - 25(2) in Schedule 1 to the Taxation Administration Act 1953 .
"excess non-concessional contributions tax" means tax imposed under the Superannuation (Excess Non - concessional Contributions Tax) Act 2007 .
"excess non-concessional contributions tax assessment" has the meaning given by sections 292 - 230 and 292 - 310.
"excess transfer balance" has the meaning given by section 294 - 30 and modified by section 294 - 140.
"excess transfer balance determination" has the meaning given by section 136 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"excess transfer balance earnings" has the meaning given by section 294 - 235.
"excess transfer balance period" has the meaning given by section 294 - 230.
"excess transfer balance tax" means tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 .
"excess untaxed roll-over amount" has the meaning given by section 306 - 15.
"exchangeable interest" has the meaning given by section 130 - 100.
"excisable goods" has the meaning given by the * GST Act.
"Excise Acts" has the meaning given by the Excise Act 1901 .
"excise duty" has the meaning given by the * GST Act.
"excise-equivalent goods" has the same meaning as in the Customs Act 1901 .
(a) the Excise Act 1901 ; and
(b) any Act that imposes * excise duty; and
(c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and
(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations under any Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
"excluded complying superannuation life insurance policy" means a * life insurance policy that:
(a) provides only for * superannuation death benefits, * disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295 - 460(c), that are not * participating benefits; or
(b) is an * exempt life insurance policy.
"excluded equity interest" has the meaning given by section 820 - 946.
"excluded foreign resident" has the meaning given by subsection 118 - 110(4).
"excluded loss" has the meaning given by sections 175 - 5 and 175 - 40.
"excluded STB" has the same meaning as in section 24AT of the Income Tax Assessment Act 1936 .
"exempt Australian government agency" means:
(a) the Commonwealth, a State or a Territory; or
(b) an authority of the Commonwealth or of a State or a Territory whose * ordinary income and * statutory income is exempt from income tax because of Division 50; or
(c) an STB (within the meaning of Division 1AB of Part III of the Income Tax Assessment Act 1936 ) whose * ordinary income and * statutory income is exempt from income tax under that Division of that Part.
(a) an entity all of whose * ordinary income and * statutory income is exempt from income tax because of this Act or because of another * Commonwealth law, no matter what kind of ordinary income or statutory income the entity might have; or
(b) an * untaxable Commonwealth entity.
Note: See section 11 - 5 for a list of entities of the kind referred to in paragraph (a).
"exempt film income" for an income year is so much of the amount, or the sum of the amounts, to which section 26AG of the Income Tax Assessment Act 1936 applies in relation to you for the income year as is * exempt income.
"exempt foreign employment income" means amounts that are exempt from tax under section 23AF or 23AG of the Income Tax Assessment Act 1936 .
"exempt foreign government agency" means:
(a) the government of a foreign country, or of part of a foreign country; or
(b) an authority of the government of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency; or
(c) an authority of the government of part of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency.
"exempt income" has the meaning given by section 6 - 20.
Note: For income years before 1997 - 98, exempt income has the meaning given by section 6 - 20 of the Income Tax (Transitional Provisions) Act 1997 .
"exempting account" means an account that arises under section 208 - 110.
"exempting credit" has the meaning given by section 208 - 115.
"exempting debit" has the meaning given by section 208 - 120.
"exempting deficit" has the meaning given by subsection 208 - 125(2).
"exempting entity" has the meaning given by section 208 - 20 and affected by section 220 - 500 if relevant.
"exempting percentage" has the meaning given by section 208 - 95.
"exempting surplus" has the meaning given by subsection 208 - 125(1).
"exempt institution that is eligible for a refund" has the meaning given in section 207 - 115.
Note: This definition is affected by sections 207 - 119 to 207 - 136.
"exempt life insurance policy" has the meaning given by section 320 - 246.
Note: This definition is affected by section 320 - 247.
"exempt life insurance policy liabilities" of a * life insurance company means liabilities of the company under the * life insurance policies referred to in subsection 320 - 245(1).
"expected financial benefits" has the meaning given by section 250 - 95.
"exploration benefit" has the meaning given by subsection 40 - 1100(2).
"exploration credit" means an exploration credit created, or to be created under Subdivision 418 - D.
"exploration credits allocation" for an entity for an income year has the meaning given by section 418 - 81.
"exploration credits remainder" for an income year has the meaning given by subsection 418 - 103(2).
"exploration investment" has the meaning given by section 418 - 111.
"exploration or prospecting" has a meaning affected by subsection 40 - 730(4).
"external indirect equity or loan interest" in a * subsidiary member of a * consolidated group or * MEC group has the meaning given by section 715 - 610 or 719 - 775.
"facility agreement" has the meaning given by section 775 - 185.
"failure to notify penalty" means the penalty worked out under Division 2 of Part IIA of the Taxation Administration Act 1953 .
"fair value election" has the meaning given by subsection 230 - 210(1).
"Families Department" means the Department administered by the * Families Minister.
"Families Minister" means the Minister administering the Data - matching Program (Assistance and Tax) Act 1990 .
"Families Secretary" means the Secretary of the * Families Department.
"family law superannuation payment" has the meaning given by section 307 - 5.
"family trust" has the same meaning as in section 272 - 75 in Schedule 2F to the Income Tax Assessment Act 1936 .
"farm-in farm-out arrangement" has the meaning given by subsection 40 - 1100(1).
"farm management deposit" has the meaning given by Subdivision 393 - B.
"FATCA Agreement" has the meaning given by section 396 - 15 in Schedule 1 to the Taxation Administration Act 1953 .
"feature film" includes a * film that is an animated feature film, but does not include a film that is not * feature - length.
"feature-length" : a * film is feature-length if:
(a) if the film is a large format film--the film is at least 45 minutes in duration; and
(b) otherwise--the film is more than 60 minutes in duration.
"feedstock revenue" has the meaning given by subsection 355 - 445(4).
"fencing asset" has the meaning given by subsection 40 - 520(4).
"FHSS eligible concessional contribution" for a * financial year means a * concessional contribution for the financial year that is eligible to be released under section 138 - 35 in Schedule 1 to the Taxation Administration Act 1953 .
"FHSS eligible non-concessional contribution" for a * financial year means a * non - concessional contribution for the financial year that is eligible to be released under section 138 - 35 in Schedule 1 to the Taxation Administration Act 1953 .
"FHSS maximum release amount" has the meaning given by section 138 - 25 in Schedule 1 to the Taxation Administration Act 1953 .
"FHSS releasable contributions amount" has the meaning given by subsection 138 - 30(1) in Schedule 1 to the Taxation Administration Act 1953 .
"FHSS released amounts" has the meaning given by section 313 - 10.
"FIFO cost method" of working out the * value of a * registered emissions unit has the meaning given by section 420 - 52.
"film" means an aggregate of images, or of images and sounds, embodied in any material.
"film authority" has the meaning given by section 376 - 55.
"film component" has the meaning given by section 36 - 40.
"film deductions" for an income year are the following:
(a) amounts you could deduct for the income year under former section 124ZAFA of the Income Tax Assessment Act 1936 ;
(b) amounts that you could deduct for the income year and to which former section 124ZAO of that Act applied in relation to you for the income year.
"film loss" has the meaning given by section 36 - 40.
Note: Section 701 - 30 (rules about where an entity is not a subsidiary member for the whole of an income year) may affect a film loss.
"final RUNL" has the meaning given by section 715 - 35.
"Finance Department" means the Department administered by the * Finance Minister.
"financed property" has the meaning given by section 243 - 30.
"Finance Minister" means the Minister administering the Public Governance, Performance and Accountability Act 2013 .
"Finance Secretary" means the Secretary of the * Finance Department.
"financial arrangement" has the meaning given by sections 230 - 45 to 230 - 55.
"financial benefit" has the meaning given by section 974 - 160.
"financial entity" , at a particular time, means an entity other than an * ADI that is any of the following at that time:
(a) a registered corporation under the Financial Sector (Collection of Data) Act 2001 ;
(b) a * securitisation vehicle;
(c) an entity that:
(i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in at least one of the financial products mentioned in paragraphs 764A(1)(a), (b) and (j) of that Act; or
(ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in at least one of those financial products;
and carries on a * business of dealing in securities, but not predominantly for the purposes of dealing in securities with, or on behalf of, the entity's * associates;
Note 1: Paragraphs 764A(1)(a), (b) and (j) of the Corporations Act 2001 deal respectively with securities, managed investment products and government debentures, stocks and bonds.
Note 2: Paragraph 911A(2)(h) of that Act exempts financial services provided to wholesale clients by a person who is regulated by an overseas regulatory authority if the provision of the service is covered by an exemption from the Australian Securities and Investments Commission (ASIC).
Note 3: Paragraph 911A(2)(l) of that Act empowers ASIC to exempt financial services.
(d) an entity that:
(i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in derivatives within the meaning of that Act; or
(ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in such derivatives;
and carries on a business of dealing in such derivatives, but not predominantly for the purposes of dealing in such derivatives with, or on behalf of, the entity's associates.
"financial institution" has the meaning given by section 202A of the Income Tax Assessment Act 1936 .
"financial investment" includes the following:
(b) an interest in a managed investment scheme (within the meaning of the Corporations Act 2001 );
(c) a * forestry interest in a * forestry managed investment scheme;
(d) a right or option in respect of an investment referred to in paragraph (a), (b) or (c);
(e) an investment of a like nature to any of those referred to in paragraphs (a) to (d).
"financial year" means a period of 12 months beginning on 1 July.
"financing arrangement" has the meaning given by section 974 - 130.
"financing cost" has the meaning given by section 26 - 80.
"firearms surrender arrangements" means:
(a) an * Australian law; or
(b) administrative arrangements of a State or Territory;
implementing the agreement arising from the meeting of the Police Ministers held on 10 May 1996 concerning the surrender of prohibited firearms.
"first continuity period" has the meaning given by section 165 - 120.
"first home super saver determination" has the meaning given by subsection 138 - 10(1) in Schedule 1 to the Taxation Administration Act 1953 .
"first home super saver scheme" means the scheme set out in:
(b) Division 138 in Schedule 1 to the Taxation Administration Act 1953 ;
and other provisions as they relate to those Divisions.
"first home super saver tax" means the tax imposed by the First Home Super Saver Tax Act 2017 .
"first use time" has the meaning given by section 41 - 30.
"FITO allocation amount" , of a particular character, has the meaning given by section 276 - 335.
(a) an entity has a fixed entitlement to a share of the income or capital of a company, partnership or trust if the entity has a fixed entitlement to that share within the meaning of Division 272 in Schedule 2F to the Income Tax Assessment Act 1936 ; and
(b) despite paragraph (a) of this definition, a * beneficiary of a * CCIV sub - fund trust is taken to have a fixed entitlement to a share of the income or capital of the trust as provided by section 195 - 120 of this Act.
Note: Section 165 - 245 of this Act affects when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.
"fixed trust" : a trust is a fixed trust if entities have * fixed entitlements to all of the income and capital of the trust.
Note: AMITs are treated as fixed trusts (see section 276 - 55).
"flexible care" has the same meaning as in the Aged Care Act 1997 .
(a) subsections 207 - 50(2), (3) and (4) set out the circumstances in which a * franked distribution flows indirectly to an entity; and
(b) subsection 207 - 50(5) sets out the circumstances in which a franked distribution flows indirectly through an entity; and
(c) section 208 - 175 sets out the circumstances in which a * distribution * franked with an exempting credit flows indirectly to an entity; and
(d) section 220 - 405 sets out the circumstances in which a supplementary dividend (as defined in section OB1 of the Income Tax Act 1994 of New Zealand) flows indirectly to an entity; and
(e) subsections 380 - 25(2), (3) and (4) set out the circumstances in which * NRAS rent flows indirectly to an entity; and
(f) subsection 380 - 25(5) sets out the circumstances in which NRAS rent flows indirectly through an entity.
"FMD provider" (short for farm management deposit provider) has the meaning given by subsection 393 - 20(3).
"fodder storage asset" has the meaning given by subsection 40 - 520(3).
"Foreign Affairs Minister" means the Minister administering the International Development Association Act 1960 .
"foreign bank" means an * ADI that is a * foreign entity.
"foreign controlled Australian company" has the meaning given by section 820 - 785.
"foreign controlled Australian entity" has the meaning given by section 820 - 780.
"foreign controlled Australian partnership" has the meaning given by section 820 - 795.
"foreign controlled Australian trust" has the meaning given by section 820 - 790.
"foreign currency" means a currency other than:
(a) Australian currency; or
(b) * digital currency; or
(c) anything prescribed by the regulations for the purposes of this paragraph.
"foreign currency hedge" has the meaning given by subsection 230 - 350(2).
"foreign entity" means an entity that is not an * Australian entity.
"foreign equity distribution" has the meaning given by section 768 - 10.
"foreign exchange retranslation election" has the meaning given by subsections 230 - 255(1) and (3).
"foreign general insurance company" means a company that is a foreign resident, and whose sole or principal business is * insurance business.
"foreign government agency" means:
(a) the government of a foreign country or of part of a foreign country; or
(b) an authority of the government of a foreign country; or
(c) an authority of the government of part of a foreign country.
"foreign hybrid" has the meaning given by section 830 - 5.
"foreign hybrid" company has the meaning given by section 830 - 15.
"foreign hybrid limited partnership" has the meaning given by section 830 - 10.
"foreign hybrid mismatch rules" means a * foreign law corresponding to any of Subdivisions 832 - C, 832 - D, 832 - E, 832 - F, 832 - G or 832 - H (which are about hybrid mismatches).
"foreign hybrid net capital loss amount" has the meaning given by section 830 - 55.
"foreign hybrid revenue loss amount" has the meaning given by paragraph 830 - 45(1)(a).
"foreign hybrid tax provisions" means:
(a) the Income Tax Assessment Act 1936 (other than Division 5A of Part III); and
(b) this Act (other than Subdivision 830 - A and 830 - B); and
(c) an Act that imposes any tax payable under the Income Tax Assessment Act 1936 or this Act; and
(d) the Income Tax Rates Act 1986 ; and
(e) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a), (b) or (c); and
(f) any other Act, so far as it relates to an Act covered by paragraph (a), (b), (c), (d) or (e); and
(g) regulations under an Act covered by any of the preceding paragraphs.
"foreign income tax" has the meaning given by section 770 - 15.
"foreign income tax deduction" has the meaning given by section 832 - 120.
"foreign law" means a law of a foreign country.
Note: Foreign country is defined in section 2B of the Acts Interpretation Act 1901 .
"foreign life insurance company" means a company that is a foreign resident, and whose sole or principal business is life insurance.
"foreign pension fund" has the meaning given by subsection 840 - 805(4B).
"foreign public official" has the same meaning as in section 70.1 of the Criminal Code .
"foreign resident" means a person who is not a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .
Note: Foreign resident is not asterisked in this Act.
"foreign resident life insurance policy" means a * life insurance policy that:
(a) was issued by a company in the course of carrying on a * business at or through the * permanent establishment of the company in a foreign country; and
(b) is held by an entity that is neither an * associate of the company nor a Part X Australian resident (within the meaning of Part X of the Income Tax Assessment Act 1936 ).
"foreign revenue claim" has the meaning given by section 263 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"foreign service of document request" has the meaning given by section 263 - 60 in Schedule 1 to the Taxation Administration Act 1953 .
"foreign superannuation fund" :
(a) a * superannuation fund is a foreign superannuation fund at a time if the fund is not an * Australian superannuation fund at that time; and
(b) a superannuation fund is a foreign superannuation fund for an income year if the fund is not an Australian superannuation fund for the income year.
"foreign tax period" , in relation to an entity, in relation to a foreign tax imposed by a tax law of a foreign country, means the accounting period used by the entity for the purposes of determining the tax base under that law.
"foreign trust for CGT purposes" means a trust that is not a * resident trust for CGT purposes.
"foreign venture capital fund of funds" has the meaning given by subsections 118 - 420(4) and (5).
"forestry interest" in a * forestry managed investment scheme has the meaning given by subsection 394 - 15(3).
"forestry managed investment scheme" has the meaning given by subsection 394 - 15(1).
"forestry manager" of a * forestry managed investment scheme has the meaning given by subsection 394 - 15(2).
"forestry road" has the meaning given by subsection section 43 - 72.
"forex cost base" has the meaning given by section 775 - 85.
"forex entitlement base" has the meaning given by section 775 - 90.
"forex realisation event" means any of the forex realisation events described in Division 775.
"forex realisation gain" : for each * forex realisation event a forex realisation gain is worked out in the way described in the event.
"forex realisation loss" : for each * forex realisation event a forex realisation loss is worked out in the way described in the event.
"forgive" a debt has the meaning given by sections 245 - 35, 245 - 36 and 245 - 37.
Note: Subdivisions 245 - C to 245 - G (about forgiveness of commercial debts) apply to certain arrangements as if the arrangements were forgiveness of debts: see section 245 - 45.
"forgiveness income year" , in relation to a debt that is * forgiven, means the income year in which the debt is forgiven.
"form approved by Industry Innovation and Science Australia" has the same meaning as in section 33 - 5 of the Venture Capital Act 2002 .
"former exempting entity" has the meaning given by section 208 - 50.
"fourth element expenditure" has the meaning given by section 104 - 185.
"frankable distribution" has the meaning given by section 202 - 40.
"frankable with a venture capital credit" has the meaning given by section 210 - 50.
"franked distribution" : a * distribution is franked if an entity * franks it in accordance with section 202 - 5.
"franked part" of a * distribution has the meaning given by section 976 - 1.
"franking account" means an account that arises under section 205 - 10.
Note 1: Section 205 - 15 sets out when a credit arises in that account.
Note 2: Section 205 - 30 sets out when a debit arises in that account.
"franking account balance" has the meaning given by section 214 - 30.
"franking assessment" has the meaning given by subsection 214 - 60(1) and affected by section 214 - 100.
"franking credit" has the meaning given by section 205 - 15.
"franking debit" has the meaning given by section 205 - 30.
"franking deficit" has the meaning given by subsection 205 - 40(2).
"franking deficit tax" means tax imposed under the New Business Tax System (Franking Deficit Tax) Act 2002 .
Note: That Act imposes tax where it is payable under section 205 - 45 of this Act.
"franking entity" has the meaning given by section 202 - 15.
"franking percentage" has the meaning given by section 203 - 35.
"franking period" has the meaning given by sections 203 - 40 and 203 - 45.
"franking return" means a return required under Subdivision 214 - A.
"franking surplus" has the meaning given by subsection 205 - 40(1).
"franking tax" has the meaning given by section 214 - 40.
"franks with an exempting credit" has the meaning given by section 208 - 60.
"frank with a venture capital credit" has the meaning given by section 210 - 30.
(a) a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or
(b) a body that is registered or incorporated as a friendly society under a * State law or a * Territory law; or
(c) a body that is permitted, by a * State law or a * Territory law, to assume or use the expression friendly society ; or
(d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a * State law or a * Territory law.
"friendly society dispensary" means an approved pharmacist (within the meaning of Part VII of the National Health Act 1953 ) that is:
(a) a * friendly society; or
(b) a body carrying on * business for the benefit of members of a * friendly society.
(a) a fringe benefit as defined by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 ; and
(b) a benefit that would be a fringe benefit (as defined by subsection 136(1) of that Act) if paragraphs (d) and (e) of the definition of employer in that subsection of that Act were omitted.
"fringe benefits taxable amount" has the meaning given by section 5B of the Fringe Benefits Tax Assessment Act 1986 .
"fringe benefits tax law" means a provision of an Act or regulations under which the extent of liability for tax imposed by the Fringe Benefits Tax Act 1986 is worked out.
"FS assessment debt" means an FS assessment debt under:
(a) subsection 19AB(2) of the Social Security Act 1991 ; or
(b) the Student Assistance Act 1973 as in force at a time on or after 1 July 1998.
"FTB amount" for an income year means an amount of family tax benefit (within the meaning of the A New Tax System (Family Assistance) (Administration) Act 1999 ) to which an individual is entitled in respect of the income year.
"fuel tax credit" has the meaning given by section 110 - 5 of the Fuel Tax Act 2006 .
"fuel tax law" has the meaning given by section 110 - 5 of the Fuel Tax Act 2006 .
"fuel tax return" means a return under the Fuel Tax Act 2006 .
"fuel tax return period" has the meaning given by section 61 - 20 of the Fuel Tax Act 2006 .
"full year amounts" has the meaning given by section 165 - 60.
"full year deductions" has the meaning given by subsections 165 - 55(5) and (6).
"fund payment" has the meaning given by sections 12 - 405 and 12A - 110 in Schedule 1 to the Taxation Administration Act 1953 .
"fund-raising event" has the meaning given by section 40 - 165 of the * GST Act, as modified by the omission of subparagraph 40 - 165(1)(b)(i) of that Act.
"funeral policy" means a * life insurance policy issued by a * friendly society for the sole purpose of providing benefits to pay for the funeral of the insured person.
"Future Fund Board" means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006 .
"gainfully employed" means employed or self - employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment.
"gaining entity" for an * indirect value shift has the meaning given by section 727 - 150.
"GDP-adjusted notional tax" has the meaning given by section 45 - 405 in Schedule 1 to the Taxation Administration Act 1953 .
"GDP amount" for a * quarter has the meaning given by section 45 - 405 in Schedule 1 to the Taxation Administration Act 1953 .
"general deduction" has the meaning given by section 8 - 1.
"general insurance company" means a body corporate that carries on * insurance business.
"general insurance policy" means a policy of insurance that is not a * life insurance policy or an * annuity instrument.
"general interest charge" means the charge worked out under Part IIA of the Taxation Administration Act 1953 .
"general partner" means a partner of a * limited partnership whose liability in relation to the partnership is not limited.
"general small business pool" has the meaning given by section 328 - 185.
"general transfer balance cap" has the meaning given by section 294 - 35.
"genuine redundancy payment" has the meaning given by section 83 - 175.
"geothermal energy extraction" has the meaning given by subsection 15 - 40(4).
"geothermal energy resources" means matter occurring naturally within the Earth and containing energy as heat.
"geothermal exploration information" has the meaning given by subsection 15 - 40(3).
"global financial statements" has the meaning given by section 960 - 570.
"global GST amount" has the meaning given by section 195 - 1 of the * GST Act.
(a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165 - 115E; and
(b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165 - 115U.
"global parent entity" has the meaning given by section 960 - 560.
"goes for at least 4 hours" , in relation to a * seminar, has the meaning given by subsection 32 - 65(2).
"government entity" has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 .
"granny flat interest" has the meaning given by subsection 137 - 10(1).
"greater" benefit from franking credits has a meaning affected by subsections 204 - 30(7) and (8).
(a) under an * indirect value shift, has the meaning given by subsection 727 - 150(3); and
(b) under a * presumed indirect value shift, has the meaning given by subsection 727 - 855(1).
"greenfields minerals expenditure" has the meaning given by section 418 - 80.
"greenfields minerals explorer" has the meaning given by section 418 - 75.
"gross averaging amount" has the meaning given by section 392 - 70.
"gross forgiven amount" has the meaning given by section 245 - 75.
"gross vehicle mass" of a vehicle means:
(a) the road weight specified by the manufacturer of the vehicle as the maximum design weight capacity of the vehicle; or
(b) in the absence of such a specification, the sum of:
(i) the weight of the vehicle; and
(ii) the weight of the maximum load for which the vehicle was designed (including the weight of the driver and a full tank of fuel, if applicable).
"group heading" has the meaning given by section 950 - 100.
"GST" has the meaning given by section 195 - 1 of the * GST Act.
"GST Act" means the A New Tax System (Goods and Services Tax) Act 1999.
"GST-free" has the meaning given by section 195 - 1 of the * GST Act.
"GST group" has the meaning given by section 195 - 1 of the * GST Act.
"GST inclusive market value" has the meaning given by section 195 - 1 of the * GST Act.
"GST joint venture" has the meaning given by section 51 - 5 of the * GST Act.
"GST law" has the meaning given by section 195 - 1 of the * GST Act.
"GST return" has the same meaning as in section 195 - 1 of the * GST Act.
"GST turnover" has the meaning given by section 195 - 1 of the * GST Act.
"guaranteed residual value" for an asset that is put to a tax preferred use has the meaning given by subsection 250 - 85(3).
"guarantee period" , for an annuity provided under a * structured settlement or a * structured order, has the meaning given by subsection 54 - 35(2).
"Guide" has the meaning given by section 950 - 150.
(a) in relation to a * consolidated group or * consolidatable group--has the meaning given by section 703 - 15; and
(b) of a * MEC group--has the meaning given by section 719 - 75.
"head entity" of a demerger group has the meaning given by section 125 - 65.
"Health Minister" means the Minister administering the National Health Act 1953 .
"Health Secretary" means the Secretary of the Department administered by the * Health Minister.
"hedged item" has the meaning given by subsections 230 - 335(10) and (11).
"hedging financial arrangement" has the meaning given by subsections 230 - 335(1) to (9) and sections 230 - 340 and 230 - 345.
"hedging financial arrangement election" has the meaning given by section 230 - 315.
"held" : see hold .
"Heritage Secretary" means the Secretary of the Department administered by the Minister administering the Australian Heritage Council Act 2003 .
"HIH company" has the meaning given by section 322 - 5.
"HIH Trust" has the meaning given by section 322 - 5.
"hire purchase agreement" means:
(a) a contract for the hire of goods where:
(i) the hirer has the right, obligation or contingent obligation to buy the goods; and
Note: An example of a contingent obligation is a put option.
(ii) the charge that is or may be made for the hire, together with any other amount payable under the contract (including an amount to buy the goods or to exercise an option to do so), exceeds the price of the goods; and
(iii) title in the goods does not pass to the hirer until the option referred to in subparagraph (a)(i) is exercised; or
(b) an agreement for the purchase of goods by instalments where title in the goods does not pass until the final instalment is paid.
(a) hold a car for the purposes of Division 28 has the meaning given by section 28 - 90; and
(b) hold a * depreciating asset has the meaning given by section 40 - 40; and
(c) hold a * registered emissions unit has the meaning given by section 420 - 12.
"horse opening value" has the meaning given by subsection 70 - 65(1).
"horse reduction amount" has the meaning given by subsection 70 - 65(2).
"horticultural plant" has the meaning given by section 40 - 520.
"horticulture" has the meaning given by section 40 - 535.
"hotel building" has the meaning given by section 43 - 95.
(a) residential accommodation; or
(b) health, education, recreation or similar facilities, or facilities for meals; or
(c) works carried out directly in connection with such accommodation or facilities, including works for providing water, light, power, access or communications.
"Housing Secretary" means the Secretary of the Department administered by the Minister administering the National Rental Affordability Scheme Act 2008 .
"hybrid financial instrument mismatch" has the meaning given by section 832 - 200.
"hybrid mismatch" has the meaning given by sections 832 - 215, 832 - 230, 832 - 310, 832 - 400, 832 - 475, 832 - 545 and 832 - 620.
"hybrid payer" has the meaning given by section 832 - 320.
"hybrid payer mismatch" has the meaning given by section 832 - 305.
"hypothetical tax position" has the meaning given by section 45 - 615 in Schedule 1 to the Taxation Administration Act 1953 .
"IGIS official" (short for Inspector - General of Intelligence and Security official) means:
(a) the Inspector - General of Intelligence and Security; or
(b) any other person covered by subsection 32(1) of the Inspector - General of Intelligence and Security Act 1986 .
"immediate annuity" means an * annuity that is presently payable.
"Immigration Department" means the Department administered by the Minister administering the Migration Act 1958 .
"Immigration Secretary" means the Secretary of the * Immigration Department.
"import" has the meaning given by section 195 - 1 of the * GST Act.
"import declaration" has the meaning given by the Customs Act 1901 .
"import declaration advice" has the meaning given by the Customs Act 1901 .
"imported hybrid mismatch" has the meaning given by section 832 - 615.
"importing payment" , in relation to an * offshore hybrid mismatch, has the meaning given by section 832 - 625.
"improvement threshold" has the meaning given by section 108 - 85.
"imputation benefit" has the meaning given by subsection 204 - 30(6).
"imputation system" means the rules in Part 3 - 6.
"IMR entity" has the meaning given by section 842 - 220.
"IMR financial arrangement" has the meaning given by section 842 - 225.
"IMR widely held entity" has the meaning given by sections 842 - 230 and 842 - 240.
"in a position to affect rights" has the meaning given by section 975 - 150.
"incapacitated entity" has the meaning given by section 195 - 1 of the * GST Act.
"incidental costs" has the meaning given by section 110 - 35.
"incidental forestry scheme receipts" has the meaning given by subsection 394 - 30(4).
"incidental shipping activities" has the meaning given by section 51 - 115.
"income bond" means a * life insurance policy issued by a * friendly society under which bonuses are regularly distributed.
"income company" has the meaning given by section 170 - 10.
"income for surcharge purposes" , for a person and an income year, means the sum of the following:
(a) the person's taxable income for the income year (disregarding the person's * assessable FHSS released amount for the income year and subsection 271 - 105(1) in Schedule 2F to the Income Tax Assessment Act 1936 );
(b) the person's * reportable fringe benefits total (if any) for the income year;
(c) the person's * reportable superannuation contributions for the income year;
(d) the person's * total net investment loss for the income year;
less the amount mentioned in subsection 301 - 20(3) for the person for the income year if the person is entitled to a tax offset under subsection 301 - 20(2) for the income year.
"income tax" means income tax imposed by any of these:
(a) the Income Tax Act 1986 ;
(b) the Income Tax (Diverted Income) Act 1981 ;
(c) the Income Tax (Former Complying Superannuation Funds) Act 1994 ;
(d) the Income Tax (Former Non - resident Superannuation Funds) Act 1994 ;
(e) the Income Tax (Fund Contributions) Act 1989 .
"income tax law" means a provision of an Act or regulations under which is worked out the extent of liability for:
(b) * Medicare levy; or
(c) * franking tax; or
(d) * withholding tax; or
(e) * mining withholding tax; or
(f) tax payable in accordance with subsection 276 - 340(2), 276 - 410(2), 276 - 425(2) or 276 - 820(6) (AMIT offset taxation).
"income tax liability" , of an entity for an income year, is the amount assessed as being the amount of income tax that the entity owes (as mentioned in step 4 of the method statement in subsection 4 - 10(3)) for the financial year applicable to the entity under subsection 4 - 10(2).
"income tax return" means a return under section 161, 162 or 163 of the Income Tax Assessment Act 1936 .
"income year" : the basic meaning is given by subsections 4 - 10(2) and 9 - 5(2). Some provisions refer to a particular income year. (They may describe it in different ways: for example, as the income year ending on 30 June 1998, or the 1997 - 98 income year.) For an entity that adopts an accounting period in place of the particular income year, the reference includes:
(a) the adopted accounting period; or
(b) if the adopted accounting period ends under section 18A of the Income Tax Assessment Act 1936 :
(i) in relation to the commencing of the income year--the adopted accounting period (as ending under that section); or
(ii) in relation to the ending of the income year--the accounting period ending under that section on the day on which the adopted accounting period would (but for that section) have ended.
Note 1: The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 .
Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 .
"in connection with" : an economic benefit is * provided in connection with a * scheme if at least one of the tests in section 727 - 160 is satisfied.
"increase time" for a * direct value shift has the meaning given by section 725 - 155.
"increasing adjustment" has the meaning given by section 195 - 1 of the * GST Act.
"independent Australian fund manager" has the meaning given by section 842 - 245.
"independent candidate" has the meaning given by section 30 - 244.
"independent member" has the meaning given by section 30 - 245.
(a) for an amount mentioned in a provision listed at items 8 to 12 in section 960 - 265-- indexation factor has the meaning given by section 960 - 285; or
(aa) for the amount mentioned in the provision listed at item 14 in section 960 - 265-- indexation factor has the meaning given by section 960 - 290; or
(b) for an amount mentioned in a provision listed at another item in section 960 - 265-- indexation factor has the meaning given by section 960 - 275.
(a) for an amount mentioned in a provision listed at items 8 to 12 in section 960 - 265-- index number has the meaning given by section 960 - 285; or
(b) for any other amount (other than the amount mentioned in the provision listed at item 14 in section 960 - 265)-- index number has the meaning given by section 960 - 280.
"Indigenous holding entity" has the meaning given by subsection 59 - 50(6).
"Indigenous land" means any estate or interest in land that, under an * Australian law relating to * Indigenous persons, is held for the use or benefit of Indigenous persons.
"Indigenous person" means an individual who is:
(a) a member of the Aboriginal race of Australia; or
(b) a descendant of an Indigenous inhabitant of the Torres Strait Islands.
"indirect Australian real property interest" has the meaning given by section 855 - 25.
"indirect equity interests" : an entity has indirect equity interests in a company if it has * shares or other interests in entities interposed between the entity and the company.
"indirect equity or loan interest" has the meaning given by section 727 - 525.
"indirectly" : entities have the right to receive * dividends or capital of a company indirectly for their own benefit if they would receive the dividends or capital for their own benefit if:
(a) the company were to pay or distribute the dividends or capital; and
(b) the dividends or capital were then successively paid or distributed by each entity interposed between the company and those entities.
An * ultimate owner indirectly has a beneficial interest in a * CGT asset of an entity, or in * ordinary income that may be * derived from a * CGT asset of an entity, as described in section 149 - 15.
"indirect participation interest" has the meaning given by section 960 - 185.
"indirect primary equity interest" has the meaning given by section 727 - 220.
"indirect roll-over replacement" has the meaning given by section 723 - 110.
"indirect small business participation percentage" has the meaning given by section 152 - 75.
"indirect SRWUIP payment" has the meaning given by subsection 59 - 67(4).
"indirect tax" means any of the following:
(b) * wine tax;
(c) * luxury car tax.
"indirect tax document" means a document that:
(a) was obtained by you in the course of:
(i) your appointment or employment by the Commonwealth; or
(ii) the performance of services by you for the Commonwealth; or
(iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and
(b) was made or given under, or for the purposes of, an * indirect tax law.
Example: A GST return is a document made for the purposes of an indirect tax law.
"indirect tax information" means information that:
(a) was obtained by you in the course of:
(i) your appointment or employment by the Commonwealth; or
(ii) the performance of services by you for the Commonwealth; or
(iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and
(b) was disclosed or obtained under an * indirect tax law; and
(c) relates to the affairs of an entity other than you.
"indirect tax law" means any of the following:
(a) the * GST law;
(b) the * wine tax law;
(c) the * luxury car tax law;
(d) the * fuel tax law.
"indirect tax or excise ruling" means a * public ruling or a * private ruling, to the extent that the ruling relates to:
(a) an * indirect tax law (other than the * fuel tax law); or
(b) an * excise law.
"indirect value shift" has the meaning given by Subdivision 727 - B.
"indirect voting percentage" in a company has the meaning given by section 768 - 555.
"individual" means a natural person.
(a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165 - 115E; and
(b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165 - 115U.
"individual superannuation guarantee shortfall" has the meaning given by section 19 of the Superannuation Guarantee (Administration) Act 1992 .
"industrial activities" has the meaning given by section 43 - 150.
"industrial instrument" means:
(a) an * Australian law; or
(b) an award, order, determination or industrial agreement in force under an * Australian law.
"Industry Department" means the Department administered by the Minister administering the Industry Research and Development Act 1986 .
"Industry Innovation and Science Australia" means the board established by section 6 of the Industry Research and Development Act 1986 .
"Industry Secretary" means the Secretary of the * Industry Department.
"information exchange country" has the meaning given by section 12 - 385 in Schedule 1 to the Taxation Administration Act 1953 .
"Infrastructure CEO" means the Chief Executive Officer of Infrastructure Australia appointed under section 29 of the Infrastructure Australia Act 2008 .
"infrastructure project capital expenditure" has the meaning given by subsection 415 - 75(4).
"infrastructure project designation rules" has the meaning given by section 415 - 100.
"in-house dining facility" has the meaning given by section 32 - 55.
"in-house software" is computer software, or a * right to use computer software, that you acquire, develop or have another entity develop:
(a) that is mainly for you to use in performing the functions for which the software was developed; and
(b) for which you cannot deduct amounts under a provision of this Act outside Divisions 40 and 328.
"initial head company instalment rate" , for a * head company of a * consolidated group, or a * provisional head company of a * MEC group, is an * instalment rate worked out on the basis of:
(a) for a group that comes into existence in an income year under section 703 - 50 or 719 - 50--the first * base assessment of a company as the head company of that group for which the * base year is that income year; and
(b) for a group (the later group ) for which either of the following conditions is satisfied:
(i) the later group is * created from a group (the first group ) that comes into existence under section 703 - 50 or 719 - 50;
(ii) starting from the first group, consolidated groups or MEC groups are successively created, ending in the creation of the later group;
the first base assessment of a company as the head company of the first group, the later group or any other group covered by subparagraph (ii), for which the base year is the income year in which the first group comes into existence.
Note: For example, subparagraph (b)(ii) covers a consolidated group that is created from a MEC group, which was in turn created from a consolidated group that came into existence under section 703 - 50.
"initial participant" in a * forestry managed investment scheme has the meaning given by subsection 394 - 15(5).
"injected amount" has the meaning given by sections 175 - 10, 175 - 20 and 175 - 85.
(a) in relation to a * structured settlement, has the meaning given by subparagraph 54 - 10(1)(a)(i); and
(b) in relation to a * structured order, has the meaning given by subparagraph 54 - 10(1A)(a)(i).
"input tax credit" has the meaning given by section 195 - 1 of the * GST Act.
"input taxed" has the meaning given by section 195 - 1 of the * GST Act.
"installed ready for use" means installed ready for use and held in reserve.
"instalment group" has the meaning given by section 45 - 145 in Schedule 1 to the Taxation Administration Act 1953 .
"instalment income" has the meaning given by sections 45 - 120, 45 - 260, 45 - 280, 45 - 285, 45 - 286 and 45 - 465 in Schedule 1 to the Taxation Administration Act 1953 .
"instalment month" has the meaning given by section 45 - 65 in Schedule 1 to the Taxation Administration Act 1953 .
"instalment of petroleum resource rent tax" is an instalment of tax payable under Division 2 of Part VIII of the Petroleum Resource Rent Tax Assessment Act 1987 .
"instalment quarter" has the meaning given by section 45 - 60 in Schedule 1 to the Taxation Administration Act 1953 .
"instalment trust" has the meaning given by section 235 - 825.
"instalment trust" asset has the meaning given by section 235 - 825.
"insurance business" has the same meaning as in the Insurance Act 1973 .
"intellectual property" : an item of intellectual property consists of the rights (including equitable rights) that an entity has under a * Commonwealth law as:
(a) the patentee, or a licensee, of a patent; or
(b) the owner, or a licensee, of a registered design; or
(c) the owner, or a licensee, of a copyright;
or of equivalent rights under a * foreign law.
"interest in membership interests" has the same meaning as in section 177EA of the Income Tax Assessment Act 1936.
"interest realignment adjustment" has the meaning given by subsection 40 - 364(7).
"interest realignment arrangement" has the meaning given by subsection 40 - 363(5).
"interest that will or may convert into another interest" has the meaning given by section 974 - 165.
"intermediate controller" has the meaning given by subsection 727 - 530(2).
"international tax agreement" means an agreement (within the meaning of the International Tax Agreements Act 1953 ) to which that Act gives the force of law.
"international tax sharing treaty" :
(a) means an agreement between Australia and another country under which Australia and the other country share tax revenues from activities undertaken in an area identified by or under the agreement; and
(b) does not include an agreement within the meaning of the International Tax Agreements Act 1953 .
"invalidity segment" , of an * employment termination payment, has the meaning given by section 82 - 150.
"investment body" for a * Part VA investment has the meaning given by section 202D of the Income Tax Assessment Act 1936 .
"investment commitment time" has the meaning given by section 41 - 25.
"investment registration requirement" :
(a) in relation to a * VCLP--has the meaning given by subsection 9 - 1(2) of the Venture Capital Act 2002 ; and
(ab) in relation to an * ESVCLP--has the meaning given by subsection 9 - 3(2) of the Venture Capital Act 2002 ; and
(b) in relation to an * AFOF--has the meaning given by subsection 9 - 5(2) of the Venture Capital Act 2002 .
"investor" for a * Part VA investment has the meaning given by section 202D of the Income Tax Assessment Act 1936 .
"invoice" means a document notifying an obligation to make a payment.
"involuntary roll-over superannuation benefit" has the meaning given by section 306 - 12.
"inward investing entity (ADI)" has the meaning given by sections 820 - 395 and 820 - 609.
Note: Section 820 - 430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases.
"inward investing entity (non-ADI)" has the meaning given by sections 820 - 185, 820 - 583, 820 - 609 and 820 - 610.
"inward investment vehicle (financial)" has the meaning given by sections 820 - 185, 820 - 583, 820 - 609 and 820 - 610.
Note: Section 820 - 430 allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases.
"inward investment vehicle (general)" has the meaning given by sections 820 - 185 and 820 - 583.
"inward investor (financial)" has the meaning given by section 820 - 185.
Note: Section 820 - 430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases.
"inward investor (general)" has the meaning given by section 820 - 185.
"irrigation water provider" has the meaning given by section 40 - 515.
"IRU" is an indefeasible * right to use a telecommunications cable system.
"issued" , in relation to a * debt interest, has the meaning given by paragraph 974 - 55(1)(d).
"issue pool" , for exploration investment made in an entity in an income year, has the meaning given by section 418 - 115.
"IVS period" has the meaning given by section 727 - 150.
"IVS time" has the meaning given by section 727 - 150.
"joint venture operator" for a * GST joint venture has the meaning given by section 195 - 1 of the * GST Act.
"JPDA" (short for Joint Petroleum Development Area) has the same meaning as it has in the Petroleum (Timor Sea Treaty) Act 2003 .
"KiwiSaver scheme" has the meaning given by the KiwiSaver Act 2006 of New Zealand.
"KiwiSaver scheme provider" means a provider (within the meaning of the KiwiSaver Act 2006 of New Zealand).
"Kyoto unit" has the same meaning as in the Australian National Registry of Emissions Units Act 2011 .
"labour hire notional withheld amount" has the meaning given by section 16 - 125 in Schedule 1 to the Taxation Administration Act 1953 .
labour mobility program withholding tax means income tax payable under Subdivision "840" - S.
Note: The tax is imposed by the Income Tax (Labour Mobility Program Withholding Tax) Act 2012 and the rate of the tax is set out in that Act.
"Laminaria and Corallina decommissioning levy" means levy imposed by the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022 .
"landcare operation" has the meaning given by section 40 - 635.
"large withholder" has the meaning given by section 16 - 95 in Schedule 1 to the Taxation Administration Act 1953 .
(a) if an individual's employment or office would have terminated when he or she reached a particular age or completed a particular period of service--the day he or she would reach the age or complete the period of service (as the case may be); or
(b) in any other case--the day on which he or she would turn 65.
"laundry expense" has the meaning given by section 900 - 40.
"law enforcement agency" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"legal personal representative" means:
(a) an executor or administrator of an estate of an individual who has died; or
(b) a trustee of an estate of an individual who is under a legal disability; or
(c) a person who holds a general power of attorney that was granted by another person.
"legal practitioner" means a person who is enrolled as a barrister, a solicitor or a barrister and solicitor of:
(b) a court of a State or Territory.
"leisure facility" has the meaning given by subsection 26 - 50(2).
(a) under an * indirect value shift, has the meaning given by paragraph 727 - 150(3)(a); and
(b) under a * presumed indirect value shift, has the meaning given by paragraph 727 - 855(1)(c).
"liability" , of a * sub - fund of a * CCIV, means any of the liabilities of the sub - fund, ascertained in accordance with Subdivision C of Division 3 of Part 8B.5 of the Corporations Act 2001 .
"liable entity" has the meaning given by section 832 - 325.
"LIC capital gain" has the meaning given by section 115 - 285.
"life benefit termination payment" has the meaning given by subsection 82 - 130(2).
"life events test" has the meaning given by subsection 118 - 110(5).
"life insurance business" means:
(a) a business to the extent that it consists of issuing * life insurance policies; and
(b) any business that relates to a business to which paragraph (a) applies.
"life insurance company" means a company registered under section 21 of the Life Insurance Act 1995 .
"life insurance policy" has the meaning given to the expression life policy in the Life Insurance Act 1995 but includes:
(a) a contract made in the course of carrying on business that is * life insurance business because of a declaration in force under section 12A or 12B of that Act; and
(b) a sinking fund policy within the meaning of that Act.
"life insurance premium" includes consideration received or receivable in respect of the grant of, or the undertaking of liabilities in respect of, an * annuity or a * personal injury lump sum.
Note: Certain other amounts are treated as life insurance premiums when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320 - 320.
"like customable goods" has the same meaning as in the Customs Act 1901 .
"limited partner" means a partner of a * limited partnership whose liability in relation to the partnership is limited.
(a) an association of persons (other than a company) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly, where the liability of at least one of those persons is limited; or
(b) an association of persons (other than one referred to in paragraph (a)) with legal personality separate from those persons that was formed solely for the purpose of becoming a * VCLP, an * ESVCLP, an * AFOF or a * VCMP and to carry on activities that are carried on by a body of that kind.
"limited recourse debt" has the meaning given by section 243 - 20.
"linked assets and liabilities" has the meaning given by subsection 705 - 59(2).
"linked group" has the meaning given by section 170 - 260.
"listed country" has the meaning given by section 320 of the Income Tax Assessment Act 1936 .
"listed investment company" has the meaning given by section 115 - 290.
"listed public company" means a company * shares in which (except shares that carry a right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange. However, a company is not a listed public company if:
(a) a person (who is not a company) controls, or is able to control, or up to 20 persons (none of them companies) between them control, or are able to control, 75% or more of the voting power in the company (whether directly, or indirectly through one or more interposed entities); or
(b) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any * dividends that the company may pay; or
(c) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any distribution of capital of the company.
"listed widely held trust" has the meaning given by section 272 - 115 in Schedule 2F to the Income Tax Assessment Act 1936 .
"live stock" does not include animals used as beasts of burden or working beasts in a * business other than a * primary production business.
"local governing body" means a local governing body established by or under a * State law or * Territory law.
"lodge electronically" : a document is lodged electronically if it is transmitted to the Commissioner in an electronic format approved by the Commissioner.
"long service leave employment period" has the meaning given by subsection 83 - 90(4).
"long term bond rate" , for a period, means:
(a) the average, expressed as a decimal fraction to 4 decimal places (rounding up if the fifth decimal place is 5 or more), of the daily assessed Australian Government bond capital market yields in respect of 10 - year non - rebate Treasury bonds published by the Reserve Bank in relation to the period; or
(b) if no such yields in respect of bonds of that kind were published by the Reserve Bank in relation to the period, the decimal fraction determined by the Minister by legislative instrument for the purposes of this definition in relation to the period.
"look-through earnout right" has the meaning given by subsection 118 - 565(1) or (4).
"losing entity" for an * indirect value shift has the meaning given by section 727 - 150.
"loss carry back choice" has the meaning given by section 160 - 15.
"loss carry back tax offset" has the meaning given by section 160 - 5.
"loss carry back tax offset component" has the meaning given by subsection 160 - 10(2).
(a) at a particular time, has the meaning given by section 165 - 115R or 165 - 115S; and
(b) in relation to a transfer of a * tax loss or a * net capital loss has the meaning given by section 170 - 10 or 170 - 110.
"loss denial balance" of a * loss denial pool of an entity has the meaning given by sections 715 - 60, 715 - 70, 715 - 110, 715 - 135, 715 - 355 and 715 - 360.
"loss denial pool" of an entity has the meaning given by sections 715 - 60, 715 - 70, 715 - 110, 715 - 135, 715 - 355 and 715 - 360.
"loss exposure amount" has the meaning given by section 830 - 60.
"loss-focussed basis" has the meaning given by section 727 - 780.
"loss year" has the meaning given by sections 36 - 10, 165 - 70 and 175 - 35.
Note: The meaning of loss year in sections 36 - 10, 165 - 70 and 175 - 35 is modified by section 36 - 55 for a corporate tax entity that has an amount of excess franking offsets.
"low-cost asset" has the meaning given by section 40 - 425.
"low rate cap amount" has the meaning given by section 307 - 345.
"low tax component" has the meaning given by section 295 - 545.
"low tax contributions" has the meaning given by sections 293 - 25 and 293 - 105.
"low-value asset" has the meaning given by section 40 - 425.
"luxury car" : a * car is a luxury car at a time if section 40 - 230 would reduce its * cost as a * depreciating asset if an entity acquired it at that time for its * market value.
Note 1: Division 242 treats a lease of a luxury car as a notional sale of the car by the lessor to the lessee financed by a notional loan by the lessor to the lessee.
Note 2: Section 242 - 10 of the Income Tax (Transitional Provisions) Act 1997 extends this definition to cover reductions of cost under former provisions corresponding to section 40 - 230.
"luxury car lease payment" , in relation to a * car to which Division 242 (about luxury car leases) applies, means an amount that the lessee under the lease is required to pay for the rental or hire of the car, but does not include:
(a) an amount in the nature of a penalty payable for failure to make a payment for rental or hire on time; or
(b) a * termination amount.
"luxury car lease payment period" means a period for which a * luxury car lease payment under the lease is allocated or expressed to be payable.
Note: If a luxury car lease payment period for a lease of a luxury car would otherwise be longer than 6 months, subsection 242 - 35(3) divides the original period into periods of no longer than 6 months.
"luxury car tax" has the meaning given by section 27 - 1 of the * Luxury Car Tax Act.
"Luxury Car Tax Act" means the A New Tax System (Luxury Car Tax) Act 1999 .
"luxury car tax law" has the meaning given by section 27 - 1 of the * Luxury Car Tax Act.
"majority control" has the meaning given by section 45 - 145 in Schedule 1 to the Taxation Administration Act 1953 .
"majority underlying interests" in a * CGT asset has the meaning given by section 149 - 15.
"make" , in relation to a * film, has the meaning given by section 376 - 125.
"managed investment scheme" means an entity, with more than 20 members, that is:
(a) a managed investment scheme for the purposes of the Corporations Act 2001 ; or
(b) an entity with a similar status to a managed investment scheme under a * foreign law relating to corporate regulation.
"managed investment trust" has the meaning given by section 275 - 10.
"managed investment trust withholding tax" means income tax payable under:
(a) Subdivision 840 - M of this Act; or
(b) Subdivision 840 - M of the Income Tax (Transitional Provisions) Act 1997 .
"margin scheme" has the same meaning as in the * GST Act.
"market integrity rules" means rules made under section 798G of the Corporations Act 2001 .
"market value" has a meaning affected by Subdivision 960 - S.
"market value method" of working out the * value of a * registered emissions unit has the meaning given by section 420 - 54.
(a) for an * outward investing entity (non - ADI)--has the meaning given by section 820 - 90 (or that section as applied by section 820 - 120); and
(b) for an * inward investing entity (non - ADI) covered by paragraph 820 - 185(1)(a) (or 820 - 225(1)(a))--has the meaning given by section 820 - 190 (or that section as applied by section 820 - 225).
"maximum available release amount" , for a * superannuation interest, has the meaning given by section 131 - 45 in Schedule 1 to the Taxation Administration Act 1953 .
"maximum exempt area" has the meaning given by section 118 - 255.
"maximum exploration credit amount" for an income year has the meaning given by subsection 418 - 85(2).
"maximum franking credit" for a distribution has the meaning given by subsection 202 - 60(2).
"MBL benefit" has the meaning given by section 117 - 15 in Schedule 1 to the Taxation Administration Act 1953 .
"MBL reporting day" , for a * quarter, has the meaning given by subsection 115 - 5(3) in Schedule 1 to the Taxation Administration Act 1953 .
"MDO" has the meaning given by section 5 of the Medical Indemnity Act 2002 .
"meal allowance" has the meaning given by section 900 - 30.
"meal allowance expense" has the meaning given by section 900 - 30.
"MEC group" has the meaning given by section 719 - 5.
Note 1: Part 3 - 90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719 - 2).
Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3 - 90) referring only to consolidated groups do not apply to MEC groups.
"Medicare levy" has the meaning given by the Income Tax Assessment Act 1936 .
"Medicare levy (fringe benefits) surcharge" means Medicare levy surcharge imposed by the A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999 .
"Medicare levy surcharge" means:
(a) an amount (other than a nil amount) of * Medicare levy that is payable by you only because of section 8B, 8C, 8D, 8E, 8F or 8G of the Medicare Levy Act 1986 ; or
(b) * Medicare levy (fringe benefits) surcharge.
"medium withholder" has the meaning given by section 16 - 100 in Schedule 1 to the Taxation Administration Act 1953 .
(a) in relation to a * GST group--has the meaning given by section 195 - 1 of the * GST Act; and
(b) in relation to a * consolidated group or * consolidatable group--has the meaning given by section 703 - 15; and
(ba) in relation to a * MEC group--has the meaning given by section 719 - 25; and
(bb) in relation to a * potential MEC group--has the meaning given by section 719 - 10; and
(bc) in relation to a * country by country reporting group--has the meaning given by section 815 - 380; and
(bd) in relation to a * notional listed company group--has the meaning given by section 960 - 575; and
(be) in relation to a * sovereign entity group--has the meaning given by section 880 - 20; and
(c) in relation to an entity--has the meaning given by section 960 - 130; and
(d) in relation to a * copyright collecting society, means:
(i) any entity that has been admitted as a member under the society's * constitution; or
(ii) any entity that has authorised the society to license the use of his or her copyright material; and
(e) in relation to an * NRAS consortium--means:
(i) an entity (other than in the capacity as a partner of a partnership) that is a party to the contractual * arrangement, or to one of the contractual arrangements, that established the NRAS consortium (whether or not the entity was a party to the arrangement when the NRAS consortium was established); or
(ii) a partnership, if all of the partners of the partnership are parties to the contractual arrangement, or to one of the contractual arrangements, that established the NRAS consortium (whether or not the partners were parties to the arrangement when the NRAS consortium was established); and
(f) in relation to a * sub - fund of a * CCIV--means a person who is, under subsection 1222Q(3) of the Corporations Act 2001 , a member of the sub - fund.
"member component" has the meaning given by section 276 - 210.
"member of the Forces" has the meaning given by section 52 - 105.
"member of the tax preferred end user group" has the meaning given by paragraph 250 - 60(4)(a).
"member of the tax preferred sector" has the meaning given by paragraph 250 - 60(4)(b).
"membership interest" in an entity has the meaning given by section 960 - 135.
"member spouse" means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"metering point" on land has the meaning given by section 40 - 655.
"minerals" has a meaning affected by subsection 40 - 730(5).
"minerals treatment" has the meaning given by section 40 - 875.
(a) for an * outward investing entity (ADI)--has the meaning given by section 820 - 305 (or that section as applied by section 820 - 330); and
(b) for an * inward investing entity (ADI)--has the meaning given by section 820 - 400 (or that section as applied by section 820 - 420).
"minimum holding period" , for an * ESS interest, has the meaning given by subsection 83A - 45(5).
"mining and quarrying operations" has the meaning given by section 40 - 730.
"mining building site" has the meaning given by section 40 - 740.
"mining capital expenditure" has the meaning given by section 40 - 860.
"mining entitlement" has the meaning given by subsection 124 - 710(2).
"mining payment" has the meaning given by section 128U of the Income Tax Assessment Act 1936 .
"mining, quarrying or prospecting information" has the meaning given by subsection 40 - 730(8).
"mining, quarrying or prospecting right" is:
(a) an authority, licence, permit or right under an * Australian law to mine, quarry or prospect for * minerals, * petroleum or quarry materials; or
(b) a lease of land that allows the lessee to mine, quarry or prospect for minerals, petroleum or quarry materials on the land; or
(c) an interest in such an authority, licence, permit, right or lease; or
(i) are in respect of buildings or other improvements (including anything covered by the definition of housing and welfare ) that are on the land concerned or are used in connection with operations on it; and
(ii) are acquired with such an authority, licence, permit, right, lease or interest.
However, a right in respect of anything covered by the definition of housing and welfare in relation to a quarrying site is not a mining, quarrying or prospecting right .
"mining site rehabilitation" has the meaning given by section 40 - 735.
"mining withholding tax" means income tax payable under section 128V of the Income Tax Assessment Act 1936 .
"MIT agricultural income" has the meaning given by sections 12 - 448 and 12 - 449 in Schedule 1 to the Taxation Administration Act 1953 .
"MIT cross staple arrangement income" has the meaning given by sections 12 - 437 and 12 - 440 in Schedule 1 to the Taxation Administration Act 1953 .
"MIT participation interest" has the meaning given by section 275 - 40.
"MIT residential housing income" has the meaning given by sections 12 - 450 and 12 - 451 in Schedule 1 to the Taxation Administration Act 1953 .
"MIT trading trust income" has the meaning given by sections 12 - 446 and 12 - 447 in Schedule 1 to the Taxation Administration Act 1953 .
"MLS lump sums" has the meaning given by section 61 - 590.
"modified market value" of an entity has the meaning given by section 707 - 325.
"money" , in relation to the * consideration for a * taxable supply, has the same meaning as in the * GST Act.
(a) a right to receive money or something that is a * money equivalent under this definition; or
(b) a * financial arrangement (within the meaning of section 230 - 45).
"moneylending debt" means a debt resulting from a loan of money in the ordinary course of a * business of lending money carried on by the creditor.
"monthly payer" has the meaning given by section 45 - 136 in Schedule 1 to the Taxation Administration Act 1953 .
"more than 50% of the company's capital distributions" has the meaning given by section 165 - 160.
"more than 50% of the company's dividends" has the meaning given by section 165 - 155.
"more than 50% of the voting power" has the meaning given by section 165 - 150.
(a) more than a 50% stake in a company has the meaning given by section 165 - 37; and
(b) more than a 50% stake in the income or capital of a trust has the meaning given by section 269 - 50 in Schedule 2F to the Income Tax Assessment Act 1936 .
"motor vehicle" means any motor - powered road vehicle (including a 4 wheel drive vehicle).
"MPR test day" has the meaning given by subsection 45 - 138(4) in Schedule 1 to the Taxation Administration Act 1953 .
"multi-rate trustee" has the meaning given by section 45 - 455 in Schedule 1 to the Taxation Administration Act 1953 .
"mutual affiliate company" has the meaning given by section 121AC of the Income Tax Assessment Act 1936 .
"mutual insurance company" has the meaning given by section 121AB of the Income Tax Assessment Act 1936 .
"MySuper product" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"National Rental Affordability Scheme" has the same meaning as in the National Rental Affordability Scheme Act 2008 .
"native title" has the same meaning as in the Native Title Act 1993 .
"native title benefit" has the meaning given by subsection 59 - 50(5).
"natural resource" means * minerals or any other non - living resource of the land, sea - bed or sea.
"NDIS amount" has the meaning given by the National Disability Insurance Scheme Act 2013 .
"net amount" has the same meaning as in section 195 - 1 of the * GST Act.
"net assessable film income" for an income year is your * assessable film income for that year reduced by your * film deductions for that year.
"net asset amount" has the meaning given by section 104 - 95.
"net capital gain" has the meaning given by sections 102 - 5 and 165 - 111.
Note: For income years before 1998 - 99, net capital gain has the meaning given by section 102 - 20 of the Income Tax (Transitional Provisions) Act 1997 .
"net capital loss" has the meaning given by sections 102 - 10 and 165 - 114 and affected by section 701 - 30.
"net current termination value" of a * life insurance policy means so much of the * current termination value of the policy as relates to the part of the policy that is not reinsured under a * contract of reinsurance.
"net exempt film income" for an income year is your * exempt film income for that year reduced by:
(a) any taxes payable in respect of that income in a country or place outside Australia; and
(b) any expenses (not of a capital nature) so far as you incurred them during that year in deriving that income.
"net exempt income" has the meaning given by section 36 - 20.
"net forgiven amount" , of a debt, has the meaning given by sections 245 - 85 and 245 - 90.
"net fuel amount" has the meaning given by section 60 - 5 of the Fuel Tax Act 2006 .
"net GST" : Your net GST for a * supply, is:
(a) the * GST payable by you on the supply; plus
(b) the sum of any * increasing adjustments that you have relating to the supply; minus
(c) the sum of any * decreasing adjustments that you have relating to the supply.
(a) of a partnership--has the same meaning as in Division 5 of Part III of the Income Tax Assessment Act 1936 ; and
(b) of a trust (other than a * public trading trust or an * AMIT)--has the same meaning as in Division 6 of Part III of that Act; and
(c) of a public trading trust--has the same meaning as in Division 6C of Part III of that Act; and
(d) of an AMIT--means the AMIT's total assessable income, reduced by all deductions of the AMIT.
"net input tax credit" : Your net input tax credit for an * acquisition or * importation is:
(a) the amount of any * input tax credit to which you are entitled for the acquisition or * importation; minus
(b) the sum of any * increasing adjustments that you have relating to the acquisition or * importation; plus
(c) the sum of any * decreasing adjustments that you have relating to the acquisition or * importation.
"net investment component of ordinary life insurance policies" has the meaning given by subsection 713 - 515(4).
"net overstated amount" has the meaning given by subsection 104 - 525(3).
"net premium" for a * life insurance policy means the amount of the * life insurance premium for the policy less the part (if any) of that premium that is reinsured under a * contract of reinsurance.
"net risk component" of a * life insurance policy means so much of the policy's risk component as:
(a) is not reinsured under a * contract of reinsurance; or
(b) is reinsured under a contract of reinsurance to which subsection 148(1) of the Income Tax Assessment Act 1936 applies.
"net small business income" , of a * small business entity, has the meaning given by section 328 - 365.
"net understated amount" has the meaning given by subsection 104 - 525(3).
"net value" of an entity means the amount by which the sum of the * market values of the assets of the entity exceeds the sum of its liabilities.
"net value of the CGT assets" of an entity has the meaning given by section 152 - 20.
(a) for a * hybrid payer mismatch--has the meaning given by section 832 - 330; and
(b) for a * deducting hybrid mismatch--has the meaning given by section 832 - 560.
"new investment threshold" has the meaning given by section 41 - 35.
"new residential premises" has the same meaning as in the * GST Act.
"New Zealand-sourced amount" has the meaning given by the regulations mentioned in section 312 - 5 (about trans - Tasman portability of retirement savings).
"non-ADI financial institution" has the meaning given by subsection 128A(1) of the Income Tax Assessment Act 1936 .
"non-arm's length component" has the meaning given by section 295 - 545.
"non-arm's length income" has the meaning given by sections 295 - 550 and 275 - 610.
"non-arm's length limited recourse debt" has the meaning given by subsection 243 - 20(7).
"non-assessable non-exempt income" has the meaning given by section 6 - 23.
"non-cash benefit" is property or services in any form except money. If a non - cash benefit is dealt with on behalf of an entity, or is provided or dealt with as an entity directs, the benefit is taken to be provided to the entity.
"non-complying approved deposit fund" means an * approved deposit fund that is not a * complying approved deposit fund.
"non-complying superannuation fund" means a * superannuation fund that:
(b) is not a * complying superannuation fund.
"non-compulsory" , in relation to a * uniform, has the meaning given by subsection 34 - 15(2).
"non-concessional contributions" has the meaning given by section 292 - 90.
"non-concessional contributions cap" has the meaning given by section 292 - 85.
"non-concessional MIT income" has the meaning given by section 12 - 435 in Schedule 1 to the Taxation Administration Act 1953 .
"non-debt liabilities" , of an entity and at a particular time, means liabilities that the entity has at that time, other than:
(a) any * debt capital of the entity; or
(b) any * equity interest in the entity; or
(c) if the entity is a * corporate tax entity--a provision for a * distribution of profit; or
(ca) if paragraph (c) does not apply--a provision for a distribution to the entity's * members; or
(d) any liability of the entity under a securities loan arrangement if, as at that time, the entity:
(i) has received amounts for the sale of securities (other than any fees associated with the sale) under the arrangement; and
(ii) has not repurchased the securities under the arrangement; or
(e) a liability of the entity, to the extent that it meets the conditions for being taken into account in working out the * borrowed securities amount of the entity as at that time.
"non-entity joint venture" means an arrangement that the Commissioner is satisfied is a contractual arrangement:
(a) under which 2 or more parties undertake an economic activity that is subject to the joint control of the parties; and
(b) that is entered into to obtain individual benefits for the parties, in the form of a share of the output of the arrangement rather than joint or collective profits for all the parties.
"non-equity share" means a * share that is not an * equity interest in the company.
Note: A share will not be an equity interest if it is characterised as, or forms part of a larger interest that is characterised as, a debt interest under Subdivision 974 - B.
"non-fixed trust" means a trust that is not a * fixed trust.
"non-membership equity interest" : an interest in an entity is a non-membership equity interest in the entity at a time to the extent that it is not an accounting liability (within the meaning of subsection 705 - 70(1)) of the entity at that time, if:
(a) the interest is not a * membership interest in the entity at that time; and
(b) the interest is not a * debt interest in the entity at that time.
In determining the extent to which the interest is not an accounting liability at that time:
(c) treat each reference in subsection 705 - 70(1) to the joining entity as instead being a reference to the entity; and
(d) treat the reference in that subsection to the joining time as instead being a reference to that time.
"non-member spouse" means a non - member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"non-portfolio interest test" : an interest held by an entity in another entity passes the non-portfolio interest test in the circumstances set out in section 960 - 195.
"non-primary production deductions" has the meaning given by subsection 392 - 85(3).
"non-primary production shade-out amount" has the meaning given by subsections 392 - 90(2) and (3).
"non-profit company" has the meaning given by section 3 of the Income Tax Act 1986.
"non-profit sub-entity" has the meaning given by section 195 - 1 of the * GST Act.
"non-quotation withholding payment" means a * withholding payment covered by Subdivision 12 - E in Schedule 1 to the Taxation Administration Act 1953 .
Note: Subdivision 12 - E and Division 14 in that Schedule deal with collecting amounts on account of income tax payable by recipients of certain payments or non - cash benefits who have not quoted their tax file number or ABN, as appropriate.
"non-share capital account" means the account provided for by section 164 - 10.
"non-share capital return" has the meaning given by section 974 - 125.
"non-share distribution" has the meaning given by section 974 - 115.
"non-share dividend" has the meaning given by section 974 - 120.
"non-share equity interest" in a company means an * equity interest in the company that is not solely a * share.
"no-TFN contributions income" has the meaning given by section 295 - 610.
"notional buyer" has the meaning given by section 240 - 17.
"notional depreciation" for a lease period has the meaning given by section 20 - 120.
"notional employer" has the meaning given by section 28 - 185.
"notional interest" has the meaning given by section 240 - 60.
"notional listed company group" has the meaning given by section 960 - 575.
(a) of a company--has the meaning given by sections 165 - 50 and 165 - 75; and
(b) of a partnership--has the meaning given by sections 165 - 80 and 165 - 85.
"notional net capital gain" has the meaning given by section 165 - 108.
"notional net capital loss" has the meaning given by section 165 - 108.
"notional net income" of a partnership has the meaning given by sections 165 - 80 and 165 - 85.
"notional seller" has the meaning given by section 240 - 17.
"notional tax" has the meaning given by sections 45 - 325 and 45 - 475 in Schedule 1 to the Taxation Administration Act 1953 .
"notional taxable income" has the meaning given by sections 165 - 50 and 165 - 75.
"notional taxed contributions" has the meaning given by section 291 - 170.
"notional written down value" of a * depreciating asset has the meaning given by section 58 - 75.
"NRAS approved participant" (short for National Rental Affordability Scheme approved participant), of an * NRAS consortium, means a * member of the NRAS consortium who is the approved participant (within the meaning of the regulations made for the purposes of the National Rental Affordability Scheme Act 2008 ) for the NRAS consortium.
"NRAS certificate" (short for National Rental Affordability Scheme certificate) means a certificate issued by the * Housing Secretary under the * National Rental Affordability Scheme.
"NRAS consortium" (short for National Rental Affordability Scheme consortium) means a consortium, joint venture or * non - entity joint venture:
(a) established by one or more contractual * arrangements, the purpose of which are to facilitate the leasing of * NRAS dwellings; and
(b) that is not a * corporate tax entity, a * superannuation fund, a trust or a partnership.
"NRAS dwelling" (short for National Rental Affordability Scheme dwelling) means an approved rental dwelling (within the meaning of the regulations made for the purposes of the National Rental Affordability Scheme Act 2008 ).
"NRAS rent" (short for National Rental Affordability Scheme rent) means rent * derived from a * NRAS dwelling under the * National Rental Affordability Scheme for an income year.
"NRAS year" has the same meaning as in the National Rental Affordability Scheme Act 2008 .
"NZ franking choice" has the meaning given by section 220 - 35.
"NZ franking company" has the meaning given by section 220 - 30.
"NZ resident" has the meaning given by section 220 - 20.
"OB activity" has the meaning given by section 121D of the Income Tax Assessment Act 1936 .
"occupation specific clothing" has the meaning given by subsection 34 - 20(1).
"officially quoted price" has the meaning given by subsections 124 - 784A(6) and (7).
"off-market buy-back" means a purchase that is a buy - back and an off - market purchase for the purposes of Division 16K of Part III of the Income Tax Assessment Act 1936 .
"off-market purchase" has the meaning given by section 159GZZZJ of the Income Tax Assessment Act 1936 .
"offshore banking unit" has the meaning given by section 128AE of the Income Tax Assessment Act 1936 .
"offshore document" has the meaning given by section 353 - 25 in Schedule 1 to the Taxation Administration Act 1953 .
"offshore hybrid mismatch" has the meaning given by sections 832 - 195, 832 - 300, 832 - 390, 832 - 465 and 832 - 540.
"offshore information" has the meaning given by section 353 - 25 in Schedule 1 to the Taxation Administration Act 1953 .
"ongoing development" , in relation to a * digital game, has the meaning given by subsection 378 - 25(6).
(a) a * debt interest is on issue as provided in paragraph 974 - 55(1)(e); and
(b) an * equity interest in an entity:
(i) is on issue from when it is issued until it stops being on issue because of subparagraph (ii); and
(ii) stops being on issue when, for reasons other than the economic performance of the entity (or of a * connected entity of the entity), there is no longer a reasonable likelihood that a substantial * financial benefit will be provided in respect of the interest under the * scheme, or under any of the schemes, that give rise to the interest.
"on-lent amount" , of an entity and at a particular time, means the value, as at that time, of:
(a) all the assets of the entity that are comprised by * debt interests issued by other entities; and
(b) all the assets of the entity that are comprised by leases for the hire of goods that are not covered by paragraph (a) and in relation to which the following subparagraphs are satisfied:
(i) each of the leases is for a term of 6 months or more;
(ii) the leases are part of the * business of hiring goods that the entity carries on;
(iii) the entity's business of hiring goods is not carried on predominantly for the purposes of hiring goods to the entity's * associates; and
(c) all the securities that were held by the entity that:
(i) have been sold by the entity under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell - buyback arrangement or securities loan arrangement; but
(ii) have not yet been repurchased by the entity under the agreement or arrangement; and
(d) if the entity:
(i) carries on a * business of dealing in securities; and
(ii) does not carry on that business predominantly for the purposes of dealing in securities with, or on behalf of, the entity's * associates;
all * shares that:
(iii) the entity holds at that time; and
(iv) are listed at that time for quotation in the official list of an * approved stock exchange; and
(v) are not shares in an * associate entity at that time of the entity.
"on-market buy-back" means a purchase that is a buy - back and an on - market purchase for the purposes of Division 16K of Part III of the Income Tax Assessment Act 1936 .
"opening adjustable value" of a * depreciating asset has the meaning given by section 40 - 85.
"opening pool balance" has the meaning given by section 328 - 195.
"operating entity" has the meaning given by section 12 - 436 in Schedule 1 to the Taxation Administration Act 1953 .
"oral ruling" has the meaning given by section 360 - 5 in Schedule 1 to the Taxation Administration Act 1953 .
"ordinary capital gain" has the meaning given by section 124ZW of the Income Tax Assessment Act 1936 .
"ordinary class" for a taxable income of a * life insurance company has the meaning given by section 320 - 139.
"ordinary class" for a * tax loss of a * life insurance company has the meaning given by section 320 - 143.
"ordinary debt interest" has the meaning given by section 974 - 140.
"ordinary income" has the meaning given by section 6 - 5.
"ordinary investment policy" means a * life insurance policy that is not:
(a) a * complying superannuation life insurance policy; or
(b) an * exempt life insurance policy; or
(c) a policy that provides for * participating benefits or * discretionary benefits; or
(d) a policy (other than a * funeral policy) under which amounts are to be paid only on the death or disability of a person.
"ordinary payment" is defined as set out in this table:
Item | Ordinary payment , in relation to this kind of a payment: | has the meaning given by: |
1 | subsection 52 - 131(8) | |
2 | Payment under the Military Rehabilitation and Compensation Act 2004 | subsection 52 - 114(3) |
3 | Social security payment | subsection 52 - 10(3) |
4 | Veterans' affairs payment | subsection 52 - 65(4) |
"original excess non-concessional contributions tax assessment day" has the meaning given by section 292 - 305.
"original franking assessment day" has the meaning given by subsection 214 - 95(2).
"outstanding" , within the context of * franking returns, has the meaning given by subsection 214 - 45(3).
"outstanding claims" at the end of an income year (the current income year ) under * general insurance policies means claims under the policies that:
(a) the * general insurance company concerned is liable to pay; and
(b) arose from insured events that occurred in the current income year or an earlier income year; and
(c) were not paid in full before the end of the current income year.
"outstanding foreign hybrid net capital loss amount" has the meaning given by section 830 - 70.
"outstanding foreign hybrid revenue loss amount" has the meaning given by section 830 - 65.
"outstanding tax-related liability" of an entity at a particular time means a * tax - related liability of the entity:
(a) that has arisen at or before that time (whether or not it is due and payable at that time); and
(b) an amount of which has not been paid before that time.
"outward investing entity (ADI)" has the meaning given by sections 820 - 300, 820 - 583 and 820 - 609.
• allows an outward investor (financial) to be treated as an outward investing entity (ADI) in certain cases; and
• allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases.
"outward investing entity (non-ADI)" has the meaning given by sections 820 - 85, 820 - 583, 820 - 609 and 820 - 610.
"outward investor (financial)" has the meaning given by sections 820 - 85, 820 - 583, 820 - 609 and 820 - 610.
Note: Section 820 - 430 allows an outward investor (financial) to be treated as an outward investing entity (ADI) in certain cases.
"outward investor (general)" has the meaning given by sections 820 - 85 and 820 - 583.
"over" , of a particular character, has the meaning given by section 276 - 345.
"over-franking tax" means tax imposed under the New Business Tax System (Over - franking Tax) Act 2002 .
Note: The Act imposes tax where it is payable under section 203 - 50 of this Act.
"overseas fund" has the meaning given by section 74 of the Life Insurance Act 1995 .
"overseas permanent establishment" , of an entity, means a * permanent establishment of the entity that is in a country other than Australia.
"owner" of a * farm management deposit has the meaning given by subsection 393 - 25(1).
"ownership interest" : an ownership interest :
(a) in land or a * dwelling--has the meaning given by section 118 - 130; and
(b) in a company or trust--has the meaning given by section 125 - 60.
"ownership period" of a * dwelling has the meaning given by section 118 - 125.
"ownership test period" has the meaning given by sections 165 - 12, 165 - 37 and 165 - 123, and affected by sections 415 - 35 and 415 - 40.
"ownership test time" has the meaning given by section 166 - 145.
"paid-up share capital" of a company means the amount standing to the credit of the company's * share capital account reduced by the amount (if any) that represents amounts unpaid on shares.
"parent" : an individual is the parent of anyone who is the individual's * child.
"parental leave pay" has the meaning given by the Paid Parental Leave Act 2010 .
"part" of the * spectrum specified in a * spectrum licence has the meaning given by section 5 of the Radiocommunications Act 1992 .
"partial interest" in a * corporate tax entity has the meaning given by subsection 208 - 25(3).
(a) participant , in relation to a * GST joint venture, has the meaning given by section 195 - 1 of the * GST Act; and
(a) participant in a * forestry managed investment scheme has the meaning given by subsection 394 - 15(4).
"participating benefit" has the meaning given by section 15 of the Life Insurance Act 1995 .
"participating PDF" has the meaning given by section 210 - 40.
(a) an association of persons (other than a company or a * limited partnership) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly; or
(b) a limited partnership.
Note 1: Division 830 treats foreign hybrid companies as partnerships.
Note 2: A reference to a partnership does not include a reference to a corporate limited partnership: see section 94K of the Income Tax Assessment Act 1936 .
"partnership cost setting interest" , in a partnership, has the meaning given by section 713 - 210.
"partnership loss" has the same meaning as in Division 5 of Part III of the Income Tax Assessment Act 1936 .
"partner's proportion" has the meaning given by subsection 355 - 505(2).
"part of a distribution that is franked with an exempting credit" has the meaning given by section 976 - 10.
"part of a distribution that is franked with a venture capital credit" has the meaning given by section 976 - 15.
"Part VA investment" means an investment of a kind mentioned in section 202D of the Income Tax Assessment Act 1936 .
"party" , in relation to a * structured arrangement, has the meaning given by subsection 832 - 210(3).
"passes" : a * CGT asset passes to a beneficiary in an individual's estate in the way described in section 128 - 20.
"PAYG instalment" means an instalment payable under Division 45 in Schedule 1 to the Taxation Administration Act 1953 .
"PAYG instalment period" means:
(a) for a * quarterly payer--an * instalment quarter in relation to which a * PAYG instalment is paid; and
(b) for an * annual payer--an income year in relation to which a PAYG instalment is paid.
"PAYG instalment variation credit" means a credit under section 45 - 215 or 45 - 420 in Schedule 1 to the Taxation Administration Act 1953 .
(a) for a * personal services entity that is a * small withholder--any * quarter; or
(b) for any other personal services entity--any month.
"PAYG withholding branch" has the meaning given by section 16 - 142 in Schedule 1 to the Taxation Administration Act 1953 .
"PAYG withholding non-compliance tax" means the Pay as you go withholding non - compliance tax imposed under the Pay As You Go Withholding Non - compliance Tax Act 2012 .
"payment" , of a * carried interest, includes the meanings given in subsection 104 - 255(7).
"payment split" means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"payment summary" has the meaning given by section 16 - 170 in Schedule 1 to the Taxation Administration Act 1953 .
"pays a PAYG instalment" has the meaning given by subsection 205 - 20(1).
"pays diverted profits tax" has the meaning given by subsection 205 - 20(3A).
"pays income tax" has the meaning given by subsection 205 - 20(3).
"PDF" (pooled development fund) means a company that is a PDF within the meaning of the Pooled Development Funds Act 1992 .
"PE" : see permanent establishment .
"pension age" has the meaning given by subsection 23(1) of the Social Security Act 1991 .
Note: In Subdivision 52 - E, pension age has the meaning given by subsection 52 - 131(9).
"performing artist" has the meaning given by subsections 405 - 25(2) and (3).
"periodic aggregate tax information" has the meaning given by subsection 355 - 47(2) in Schedule 1 to the Taxation Administration Act 1953 .
"period of review" , for an assessment of an * assessable amount, has the meaning given by section 155 - 35 in Schedule 1 to the Taxation Administration Act 1953 .
Note 1: For the purposes of diverted profits tax, this definition is modified in respect of a DPT assessment (see section 145 - 15 in Schedule 1 to the Taxation Administration Act 1953 ).
Note 2: For the purposes of Laminaria and Corallina decommissioning levy, this definition is modified in respect of an amount of that levy (see section 125 - 15 in Schedule 1 to the Taxation Administration Act 1953) .
"period of the loan" has the meaning given by subsection 25 - 25(5).
"permanent establishment" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"permanent establishment article" has the meaning given by section 855 - 16.
"permitted entity value" has the meaning given by section 118 - 440.
"permitted loan" has the same meaning as in section 9 - 10 of the Venture Capital Act 2002 .
"person" includes a company.
"personal injury annuity" has the meaning given by section 54 - 5.
"personal injury lump sum" has the meaning given by section 54 - 5.
"personal services business" has the meanings given by subsection 87 - 15(1) and section 87 - 55.
"personal services business determination" means a determination under section 87 - 60 or 87 - 65.
"personal services business test" has the meaning given by subsection 87 - 15(2).
"personal services entity" has the meaning given by subsection 86 - 15(2).
"personal services income" has the meaning given by section 84 - 5.
"personal services payment remitter" has the meaning given by section 13 - 15 in Schedule 1 to the Taxation Administration Act 1953 .
"personal use asset" has the meaning given by section 108 - 20.
"petroleum" has the meaning given by subsection 40 - 730(6).
"Petroleum Exploration Permit WA-523-P permit area" has the meaning given by subsection 417 - 10(2).
"petroleum resource rent tax" means tax imposed by any of the following:
(a) the Petroleum Resource Rent Tax (Imposition--General) Act 2012 ;
(b) the Petroleum Resource Rent Tax (Imposition--Customs) Act 2012 ;
(c) the Petroleum Resource Rent Tax (Imposition--Excise) Act 2012 ;
as assessed under the Petroleum Resource Rent Tax Assessment Act 1987 .
"petroleum resource rent tax amount" means any debt or credit that arises directly under the * petroleum resource rent tax provisions.
"petroleum resource rent tax law" means:
(a) the Petroleum Resource Rent Tax Assessment Act 1987 ; and
(b) any Act that imposes * petroleum resource rent tax; and
(c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and
(d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and
(e) regulations under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered).
"petroleum resource rent tax provisions" means the * petroleum resource rent tax law, other than * BAS provisions.
"PHIIB" (short for private health insurance incentive beneficiary ) has the meaning given by the Private Health Insurance Act 2007 .
"plant" has the meaning given by section 45 - 40.
"policy owners' retained profits" for * life insurance policies means Australian policy owners' retained profits, or overseas policy owners' retained profits, as defined by section 61 of the Life Insurance Act 1995 , in relation to the statutory fund (within the meaning of section 29 of that Act) to which the business of issuing the policies relates.
"policy termination value" , in relation to a * life insurance policy at a particular time, means the amount that is, within the meaning of prudential standards made under section 230A of the Life Insurance Act 1995 , the termination value of that policy at that time.
"pooled development fund" means a * PDF.
"pooled interest" in an * eligible tier - 1 company that is a member of a * MEC group has the meaning given by section 719 - 560.
"pooled superannuation trust" means a pooled superannuation trust within the meaning of section 48 of the Superannuation Industry (Supervision) Act 1993 .
"pool of construction expenditure" has the meaning given by section 43 - 85.
"ported" , in relation to a * digital game, has the meaning given by subsection 378 - 25(4).
"position to affect rights" has the meaning given by section 975 - 150.
"post-17/8/93 period" has the meaning given by subsection 83 - 90(3).
"post-AMMA actual payment" has the meaning given by section 12A - 210 in Schedule 1 to the Taxation Administration Act 1953 .
"post-CGT asset" means a * CGT asset that is not a * pre - CGT asset.
"post-choice NZ franking company" has the meaning given by section 220 - 300.
"post, digital and visual effects production" for a * film has the meaning given by section 376 - 35.
"potential MEC group" has the meaning given by section 719 - 10.
"potential residential land" has the same meaning as in the * GST Act.
"pre-16/8/78 period" has the meaning given by subsection 83 - 90(1).
"pre-18/8/93 period" has the meaning given by subsection 83 - 90(2).
"pre-AMMA actual payment" has the meaning given by section 12A - 210 in Schedule 1 to the Taxation Administration Act 1953 .
"pre-CGT asset" has the meaning given by section 149 - 10.
"pre-CGT proportion" has the meaning given by section 705 - 125.
"precious metal" has the same meaning as in the * GST Act.
"precluded asset" has the meaning given by subsection 122 - 25(3).
"predominant economic interest" in an asset has the meaning given by sections 250 - 110 to 250 - 140.
"predominantly-services indirect value shift" has the meaning given by section 727 - 725.
"pre-existing audited book value" of a * depreciating asset has the meaning given by section 58 - 85.
"pre-July 83 segment" , of an * employment termination payment, has the meaning given by section 82 - 155.
"pre-owned" has the meaning given by subsection 118 - 428(2).
"pre-school course" has the same meaning as in the * GST Act.
"prescribed dual resident" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"prescribed excluded STB" means an * excluded STB that is prescribed by the regulations for the purposes of Division 1AB of Part III of the Income Tax Assessment Act 1936 .
"present value" of a * financial benefit has a meaning affected by section 250 - 100.
"preservation age" has the meaning given by Part 6 of the Superannuation Industry (Supervision) Regulations 1994 .
"pre-shift gain" has the meaning given by section 725 - 210.
"pre-shift loss" has the meaning given by section 725 - 210.
"presumed indirect value shift" has the meaning given by section 727 - 855.
"previous recoupment law" has the meaning given by section 20 - 55.
"price" , for a * taxable supply, has the same meaning as in the * GST Act.
"primary course" has the same meaning as in the * GST Act.
"primary equity interest" in an entity has the meaning given by section 727 - 520.
"primary interest" in an entity has the meaning given by section 727 - 520.
"primary loan interest" in an entity has the meaning given by section 727 - 520.
"primary producer registered emissions unit" has the meaning given by section 420 - 13.
"primary production business" : you carry on a primary production business if you carry on a * business of:
(a) cultivating or propagating plants, fungi or their products or parts (including seeds, spores, bulbs and similar things), in any physical environment; or
(b) maintaining animals for the purpose of selling them or their bodily produce (including natural increase); or
(c) manufacturing dairy produce from raw material that you produced; or
(d) conducting operations relating directly to taking or catching fish, turtles, dugong, bêche - de - mer, crustaceans or aquatic molluscs; or
(e) conducting operations relating directly to taking or culturing pearls or pearl shell; or
(f) planting or tending trees in a plantation or forest that are intended to be felled; or
(g) felling trees in a plantation or forest; or
(h) transporting trees, or parts of trees, that you felled in a plantation or forest to the place:
(i) where they are first to be milled or processed; or
(ii) from which they are to be transported to the place where they are first to be milled or processed.
"primary production deductions" has the meaning given by subsection 392 - 80(3).
"prime cost method" has the meaning given by section 40 - 75.
"principal beneficiary" of a * special disability trust has the meaning given by:
(a) for a special disability trust within the meaning of the Social Security Act 1991 --subsection 1209M(1) of that Act; or
(b) for a special disability trust within the meaning of the Veterans' Entitlements Act 1986 --subsection 52ZZZWA(1) of that Act.
"principal class of shares" in a company means:
(a) those ordinary or common shares of the company that represent the majority of the voting power and value of the company; or
(b) if no single class of ordinary or common shares represents the majority of the voting power and value of the company--those classes of ordinary or common shares that represent the majority of the voting power and value of the company.
"private ancillary fund" has the meaning given by section 426 - 105 in Schedule 1 to the Taxation Administration Act 1953 .
"private ancillary fund guidelines" has the meaning given by section 426 - 110 in Schedule 1 to the Taxation Administration Act 1953 .
"private company" means a company that is not a * public company for the income year.
"private ruling" has the meaning given by sections 359 - 5 and 362 - 25 in Schedule 1 to the Taxation Administration Act 1953 .
"private use" , of a * car, has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"privatised asset" has the meaning given by section 58 - 5.
"proceeds of crime order" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"proceeds of the disposal or death" has the meaning given by subsection 385 - 100(2).
"proceeds of the sale of 2 wool clips" has the meaning given by subsection 385 - 135(3).
"processed minerals" has the meaning given by section 40 - 875.
"production associate" has the meaning given by subsection 405 - 25(4).
"production expenditure" has the meaning given by Subdivision 376 - C.
"production sharing contract" has the meaning given by the * Timor Sea Maritime Boundaries Treaty.
"product ruling" means a public ruling under the Taxation Administration Act 1953 that states that it is a product ruling.
"professional arts business" has the meaning given by section 35 - 10.
"professional year 1" has the meaning given by subsection 405 - 50(3).
"professional year 2" has the meaning given by subsection 405 - 50(4).
"professional year 3" has the meaning given by subsection 405 - 50(4).
"professional year 4" has the meaning given by subsection 405 - 50(4).
"profit" on the disposal of a leased * car has the meaning given by section 20 - 115.
"project amount" has the meaning given by section 40 - 840.
"project life" has the meaning given by section 40 - 845.
"Project Wickenby officer" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"Project Wickenby taskforce agency" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"Project Wickenby taskforce supporting agency" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"promoter" has the meaning given by section 290 - 60 in Schedule 1 to the Taxation Administration Act 1953 .
"property right or interest" has the meaning given by subsection 354 - 5(2) in Schedule 1 to the Taxation Administration Act 1953 .
"property subdivision plan" has the same meaning as in the * GST Act.
"prospecting entitlement" has the meaning given by subsection 124 - 710(1).
"prospective gaining entity" for a * scheme has the meaning given by section 727 - 860.
"prospective losing entity" for a * scheme has the meaning given by section 727 - 850.
"protected information" has the meaning given by section 355 - 30 in Schedule 1 to the Taxation Administration Act 1953 .
"protective clothing" has the meaning given by subsection 34 - 20(2).
"provide" a * fringe benefit or economic benefit includes allow, confer, give, grant or perform the benefit.
Note: This is based on the definition of provide in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"provide affordable housing" has the meaning given by section 980 - 5.
"provided in relation to a tax preferred use of an asset" , in relation to a * financial benefit, has a meaning affected by section 250 - 85.
"provides medical indemnity cover" has the meaning given by section 5 of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 .
"provisional head company" of a * MEC group means the company that holds an appointment in force under section 719 - 60 as the provisional head company of the group.
"provisionally designated infrastructure project" means an infrastructure project designated provisionally under section 415 - 65.
"prudential capital deduction" , for an entity and at a particular time, means the total amounts that must be deducted in calculating the following in accordance with the * prudential standards as in force at that time:
(a) the eligible tier 1 capital of the entity at that time (within the meaning of those standards);
(b) the sum of the eligible tier 1 and tier 2 capital of the entity at that time (within the meaning of those standards).
"prudential standards" means the prudential standards determined by * APRA and in force under section 11AF of the Banking Act 1959 .
"public ancillary fund" has the meaning given by section 426 - 102 in Schedule 1 to the Taxation Administration Act 1953 .
"public ancillary fund guidelines" has the meaning given by section 426 - 103 in Schedule 1 to the Taxation Administration Act 1953 .
"public company" means a company that is a public company (as defined by section 103A of the Income Tax Assessment Act 1936 ) for the income year.
"public financial entity" has the meaning given by section 880 - 130.
"publicly traded unit trust" has the meaning given by section 149 - 50.
"public non-financial entity" has the meaning given by section 880 - 130.
"public official" means an employee or official of an * Australian government agency or of a * local governing body.
"public ruling" has the meaning given by sections 358 - 5 and 362 - 5 in Schedule 1 to the Taxation Administration Act 1953 .
"public sector superannuation scheme" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"public trading trust" has the meaning given by section 102R of the Income Tax Assessment Act 1936 .
"purpose of producing assessable income" : something is done for the purpose of producing assessable income if it is done:
(a) for the purpose of gaining or producing assessable income; or
(b) in carrying on a * business for the purpose of gaining or producing assessable income.
Note: Sections 26 - 19 (about using property in gaining or producing rebatable benefits) and 32 - 15 (about using property in providing entertainment) treat use of property as not being for the purpose of producing assessable income.
"purposes of the Project Wickenby taskforce" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"put to a tax preferred use" , in relation to an asset, has the meaning given by section 250 - 60.
"qualifying Australian development expenditure" has the meaning given by section 378 - 40.
"qualifying Australian production expenditure" has the meaning given by Subdivision 376 - C.
"qualifying forex account" means an account that:
(a) is denominated in a particular * foreign currency; and
(i) has the primary purpose of facilitating transactions; or
(ii) is a credit card account.
"qualifying investor" has the meaning given by section 43 - 220.
"qualifying security" has the same meaning as in Division 16E of Part III of the Income Tax Assessment Act 1936 .
"qualifying SME investment" means an * SME investment that is made in accordance with Division 1 of Part 4 of the Pooled Development Funds Act 1997.
"quarter" means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December.
"quarterly instalment component" has the meaning given by section 45 - 610 in Schedule 1 to the Taxation Administration Act 1953 .
"quarterly payer" means an entity that is liable to pay * PAYG instalments and is not an * annual payer or * monthly payer.
"quarterly payer who pays 2 instalments annually on the basis of GDP-adjusted notional tax" has the meaning given by section 45 - 134 in Schedule 1 to the Taxation Administration Act 1953 .
"quarterly payer who pays 4 instalments annually on the basis of GDP-adjusted notional tax" has the meaning given by section 45 - 132 in Schedule 1 to the Taxation Administration Act 1953 .
"quarterly payer who pays on the basis of GDP-adjusted notional tax" has the meaning given by section 45 - 130 in Schedule 1 to the Taxation Administration Act 1953 .
"quarterly payer who pays on the basis of instalment income" has the meaning given by section 45 - 125 in Schedule 1 to the Taxation Administration Act 1953 .
"quasi-ownership right" over land means:
(b) an easement in connection with the land; or
(c) any other right, power or privilege over the land, or in connection with the land.
(a) quote an entity's * ABN means quote in a form and manner approved by the Commissioner;
(b) quote a * tax file number in connection with a * Part VA investment: you quote your tax file number in connection with the investment if you are taken, for the purposes of Part VA of the Income Tax Assessment Act 1936 , to have quoted the number in connection with the investment;
(c) quote a tax file number to a trustee: the beneficiary of a trust quotes the beneficiary's tax file number to the trustee of the trust if:
(i) Division 4B of Part VA of the Income Tax Assessment Act 1936 applies to the trustee and to the beneficiary; and
(ii) the beneficiary is taken, for the purposes of that Part, to have quoted the beneficiary's tax file number to the trustee.
"quoted (for superannuation purposes)" has the meaning given by section 295 - 615.
"RBA" has the same meaning as in Part IIB of the Taxation Administration Act 1953 .
"RBA surplus" has the same meaning as in Part IIB of the Taxation Administration Act 1953 .
"R&D activities" has the meaning given by section 355 - 20.
"R&D entity" has the meaning given by section 355 - 35.
"R&D partnership" has the meaning given by subsection 355 - 505(1).
"realisation event" has the meaning given by sections 977 - 5, 977 - 20 and 977 - 55.
"realisation-time method" means the method (for determining the effect of * indirect value shifts) for which Subdivision 727 - G provides.
"realised for income tax purposes" :
(a) a gain is realised for income tax purposes as provided in sections 977 - 15, 977 - 35, 977 - 40 and 977 - 55; and
(b) a loss is realised for income tax purposes as provided in sections 977 - 10, 977 - 25, 977 - 30 and 977 - 55.
"reasonably arguable" has the meaning given by section 284 - 15 in Schedule 1 to the Taxation Administration Act 1953 .
"reasonably arguable threshold" for an income year has the meaning given by subsection 284 - 90(3) in Schedule 1 to the Taxation Administration Act 1953 .
"receives a refund of diverted profits tax" has the meaning given by subsection 205 - 35(1A).
"receives a refund of income tax" has the meaning given by section 205 - 35.
"recognised company accounts" , for a period, of a company that is a foreign resident means:
(a) accounts that are prepared in relation to the company for the period in accordance with standards covered by subsection 820 - 960(1C) or (1D); or
(b) if there are no such accounts for the period--accounts that:
(i) are prepared in relation to the company for the period in accordance with commercially accepted accounting principles; and
(ii) give a true and fair view of the financial position of the company.
"recognised consolidated accounts" , for a period, of 2 or more companies that are foreign residents means:
(a) consolidated accounts that are prepared in relation to those companies for the period in accordance with standards covered by subsection 820 - 960(1C) or (1D); or
(b) if there are no such accounts for the period--consolidated accounts that:
(i) are prepared in relation to those companies for the period in accordance with commercially accepted accounting principles; and
(ii) give a true and fair view of the financial position of the companies on a consolidated basis.
"recognised new investment amount" has the meaning given by section 41 - 20.
"recognised tax adviser" means:
(a) a * registered tax agent; or
(b) a registered BAS agent (within the meaning of the Tax Agent Services Act 2009 ); or
(c) a qualified tax relevant provider (within the meaning of the Corporations Act 2001 ); or
(d) a legal practitioner.
"recoupment" has the meaning given by section 20 - 25.
"recreation" includes amusement, sport or similar leisure - time pursuits.
"recreational club" has the meaning given by subsection 26 - 45(2).
(a) * shares that are liable to be redeemed; or
(b) shares that, at the option of the company that issued them, are liable to be redeemed.
"reduce a franking assessment" has the meaning given by subsection 214 - 125(2).
"reduced beneficiary's share" of a trust's net income for an income year has the meaning given by section 45 - 483 in Schedule 1 to the Taxation Administration Act 1953 .
"reduced cost base" of a * CGT asset has the meaning given by Subdivision 110 - B.
"reduced net asset amount" has the meaning given by section 104 - 100.
"reduced no beneficiary's share" of a trust's net income for an income year has the meaning given by section 45 - 483 in Schedule 1 to the Taxation Administration Act 1953 .
"reduction amount" has the meaning given by subsections 385 - 120(2) and (3).
"referable" : a * share in a * CCIV is referable to a * sub - fund of the CCIV if it is so referable under subsection 1230(1) of the Corporations Act 2001 .
"registered auditor" , in relation to an entity, means:
(a) a person registered as an auditor under a law in force in a State or a Territory; or
(b) if the entity is not an Australian resident--a person registered as an auditor under a law in force in the country of which the entity is a resident.
"registered charity" means an entity that is registered under the Australian Charities and Not - for - profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25 - 5(5) of that Act.
"registered emissions unit" has the meaning given by section 420 - 10.
"registered health promotion charity" means an institution that is:
(a) a * registered charity; and
(b) registered under the Australian Charities and Not - for - profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 13 of the table in subsection 25 - 5(5) of that Act.
"registered public benevolent institution" means an institution that is:
(a) a * registered charity; and
(b) registered under the Australian Charities and Not - for - profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 14 of the table in subsection 25 - 5(5) of that Act.
"registered scheme" has the same meaning as in the Corporations Act 2001 .
"registered tax agent" has the meaning given by subsection 90 - 1(1) of the Tax Agent Services Act 2009 .
"registration requirements of an AFOF" has the meaning given by subsection 9 - 5(1) of the Venture Capital Act 2002 .
"registration requirements of an ESVCLP" has the meaning given by subsection 9 - 3(1) of the Venture Capital Act 2002 .
"registration requirements of a VCLP" has the meaning given by subsection 9 - 1(1) of the Venture Capital Act 2002 .
"regulated superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"related entity" has the meaning given by subsections 26 - 35(2) and (3).
"related scheme" has the meaning given by section 974 - 155.
"related spousal interest" has the meaning given by subsection 292 - 102(4).
"relative" of a person means:
(b) the * parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or * adopted child of that person, or of that person's spouse; or
(c) the spouse of a person referred to in paragraph (b).
Note: Section 960 - 255 may be relevant to determining relationships for the purposes of paragraph (b) of the definition of relative .
"release entitlement" has the meaning given by section 135 - 10 in Schedule 1 to the Taxation Administration Act 1953 .
"relevant interest" has the same meaning as in the Corporations Act 2001 .
"religious practitioner" means:
(a) a minister of religion; or
(b) a student at an institution who is undertaking a course of instruction in the duties of a minister of religion; or
(c) a full - time member of a religious order; or
(d) a student at a college conducted solely for training persons to become members of religious orders.
"remaining effective life" of a * depreciating asset:
(a) has the meaning given by section 40 - 75; and
(b) if the asset is a vessel to which subsection 40 - 103(2) applies--includes the meaning given by that subsection.
"rent from land investment" means rent that is derived or received from investments in Division 6C land.
"replacement asset period" has the meaning given by section 104 - 190.
"replacement-asset roll-over" : a replacement-asset roll-over allows you to defer the making of a * capital gain or a * capital loss from one * CGT event until a later CGT event happens where your ownership of one CGT asset ends and you * acquire another one. The replacement-asset roll-overs are listed in section 112 - 115.
"reportable employer superannuation contribution" has the meaning given by section 16 - 182 in Schedule 1 to the Taxation Administration Act 1953 .
"reportable fringe benefits amount" for an income year in respect of an employee's employment by an employer has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 (as it applies of its own force or because of the Fringe Benefits Tax (Application to the Commonwealth) Act 1986 ).
"reportable fringe benefits total" has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .
"reportable superannuation contributions" , for an individual and an income year, means the sum of:
(a) the individual's * reportable employer superannuation contributions (if any) for the income year; and
(b) the individual's deductions (if any) under Subdivision 290 - C for the income year;
reduced (but not below zero) by the amount of any * excess concessional contributions the individual has for the * financial year corresponding to the income year.
"representative" of an * incapacitated entity has the meaning given by section 195 - 1 of the * GST Act.
"representative member" for a * GST group has the meaning given by section 195 - 1 of the * GST Act.
"required to be registered" has the meaning given by the * GST Act.
"resale royalty" means resale royalty under the Resale Royalty Right for Visual Artists Act 2009 .
"resale royalty collecting society" means the collecting society, within the meaning given by the Resale Royalty Right for Visual Artists Act 2009 .
"resale royalty right" has the meaning given by the Resale Royalty Right for Visual Artists Act 2009 .
"residence article" has the meaning given by subsection 815 - 120(6).
(a) for an entity making a * distribution--has the meaning given by section 202 - 20 (as affected by section 220 - 100, if relevant); and
(b) for an income year that is one in which, or in relation to which, an event specified in a table in one of the following sections occurs:
(i) section 205 - 15 (general table of * franking credits);
(ii) section 205 - 30 (general table of * franking debits);
(iii) section 208 - 115 (table of * exempting credits);
(iv) section 208 - 120 (table of * exempting debits);
(v) section 208 - 130 (table of franking credits that arise because of an entity's status as a * former exempting entity or * exempting entity);
(vi) section 208 - 145 (table of franking debits that arise because of an entity's status as a former exempting entity or exempting entity);
or an income year that is described in section 205 - 70 or 220 - 205--has the meaning given by section 205 - 25; and
(c) for an entity receiving a distribution--has the meaning given by section 207 - 75; and
(d) for the purposes of determining whether an entity is an exempt institution that is eligible for a refund at the time a * franked distribution is made--has the meaning given by section 207 - 117.
"residential care" has the same meaning as in the Aged Care Act 1997 .
"residential dwelling asset" has the meaning given by section 12 - 452 in Schedule 1 to the Taxation Administration Act 1953 .
"residential premises" has the same meaning as in the * GST Act.
"resident investment vehicle" has the meaning given by section 118 - 510.
"resident trust for CGT purposes" : a trust is a resident trust for CGT purposes for an income year if, at any time during the income year:
(a) for a trust that is not a unit trust, a trustee is an Australian resident or the central management and control of the trust is in Australia; or
(b) for a unit trust, one of the requirements in column 2 and one of the requirements in column 3 of this table are satisfied.
Requirements for unit trust | ||
| One of these requirements is satisfied |
|
1 | Any property of the trust is situated in Australia | The central management and control of the trust is in Australia |
2 | Australian residents held more than 50% of the beneficial interests in the income or property of the trust | |
"resident unit trust" has the meaning given by section 102Q of the Income Tax Assessment Act 1936 .
"residual unrealised net loss" for a * changeover time has the meaning given by section 165 - 115BB.
"responsible entity" , of a * registered scheme, has the same meaning as in the Corporations Act 2001 .
"restricted DPT evidence" has the meaning given by subsection 145 - 25(2) in Schedule 1 to the Taxation Administration Act 1953 .
"retail CCIV" has the meaning given by subsection 1222J(1) of the Corporations Act 2001 .
"retail fuel" means taxable fuel, within the meaning of the Fuel Tax Act 2006 , that is sold by retail.
"retained cost base asset" has the meaning given by subsections 705 - 25(5), 713 - 515(1) and 713 - 705(2).
"retention period" has the meaning given by sections 28 - 150, 900 - 25, 900 - 75 and 900 - 90.
(a) section 307 - 80 sets out when a * superannuation income stream is in the retirement phase ; and
(b) a * superannuation interest is in the retirement phase at a time if it supports a superannuation income stream that is in the retirement phase at that time.
"retirement phase recipient" of a * superannuation income stream has the meaning given by section 294 - 20.
"retirement phase superannuation income stream benefit" (or RP superannuation income stream benefit ) has the meaning given by section 307 - 75.
"retirement village" has the same meaning as in the * GST Act.
"retirement village residence contract" has the meaning given by paragraph 230 - 475(4)(a).
"retirement village services contract" has the meaning given by paragraph 230 - 475(4)(b).
"return" on a * debt interest or * equity interest does not include a return of an amount invested in the interest.
"returning New Zealand-sourced amount" has the meaning given by the regulations mentioned in section 312 - 5 (about trans - Tasman portability of retirement savings).
"revenue asset" has the meaning given by section 977 - 50.
"reverse hybrid" has the meaning given by section 832 - 410.
"reverse hybrid mismatch" has the meaning given by section 832 - 395.
"reviewable fuel tax decision" has the meaning given by subsection 112 - 50(2) in Schedule 1 to the Taxation Administration Act 1953 .
"reviewable GST decision" has the meaning given by subsection 110 - 50(2) in Schedule 1 to the Taxation Administration Act 1953 .
"reviewable GST transitional decision" has the meaning given by subsection 110 - 50(3) in Schedule 1 to the Taxation Administration Act 1953 .
"reviewable wine tax decision" has the meaning given by subsection 111 - 50(2) in Schedule 1 to the Taxation Administration Act 1953 .
"revive" : a * 170 - D deferred loss revives as mentioned in section 715 - 310.
"right to future income" has the meaning given by subsection 701 - 63(5).
"right to use" includes the right to possess.
(a) the risk component of a premium for a * life insurance policy has the meaning given by subsection 26 - 85(2); and
(b) the risk component of a claim paid under a life insurance policy has the meaning given by section 320 - 80.
"risk-weighted assets" , of an entity and at a particular time, means the sum of the entity's risk exposures that the entity has at that time, as is determined in accordance with:
(a) if the entity is an * Australian entity that is not a * foreign controlled Australian entity--the * prudential standards; or
(b) in any other case--either of the following:
(i) the prudential standards;
(ii) the prudential standards determined by the prudential regulator in the country of which the entity, or the * foreign bank that has * TC control interests of at least 40% in the entity, is a resident.
"roll-over cost" has the meaning given by subsection 328 - 455(2).
"roll-over superannuation benefit" has the meaning given by section 306 - 10.
"rounding adjustment deficit" has the meaning given by section 276 - 310.
"rounding adjustment surplus" has the meaning given by section 276 - 315.
"rounding amount" has the meaning given by section 960 - 285.
"royalty" has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"RSA" has the meaning given by the Retirement Savings Accounts Act 1997 .
"RSA component" has the meaning given by section 295 - 555.
"RSA payment" has the meaning given by section 307 - 5.
"RSA provider" has the same meaning as in the Retirement Savings Accounts Act 1997 .
"rural land irrigation water provider" has the meaning given by section 40 - 630.
"safeguard mechanism credit unit" has the same meaning as in the National Greenhouse and Energy Reporting Act 2007 .
"safe harbour capital amount" :
(a) for an * outward investing entity (ADI)--has the meaning given by section 820 - 310; and
(b) for an * inward investing entity (ADI)--has the meaning given by section 820 - 405 or 820 - 615.
(a) for an * outward investor (general)--has the meaning given by section 820 - 95; and
(b) for an * outward investor (financial)--has the meaning given by section 820 - 100; and
(c) for an * inward investment vehicle (general)--has the meaning given by section 820 - 195; and
(d) for an * inward investment vehicle (financial)--has the meaning given by section 820 - 200; and
(e) for an * inward investor (general)--has the meaning given by section 820 - 205; and
(f) for an * inward investor (financial)--has the meaning given by section 820 - 210.
"same-asset roll" -over : a same asset roll-over allows you to disregard a * capital gain or * capital loss you make from:
(a) * disposing of a * CGT asset to another entity; or
(b) entering into an agreement with another entity that constitutes CGT event B1; or
(c) creating a CGT asset in another entity.
The same - asset roll - overs are listed in section 112 - 150.
(a) any * arrangement; or
(b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.
Note: The Commissioner may determine that, for the purposes of the debt and equity interest rules in Division 974, what would otherwise be a single scheme is to be treated as 2 or more separate schemes, and that the schemes are not related: see section 974 - 150.
"scheme benefit" has the meaning given by section 284 - 150 in Schedule 1 to the Taxation Administration Act 1953 .
"scheme for a disposition" , in relation to * membership interests or an * interest in membership interests, has the same meaning as in section 177EA of the Income Tax Assessment Act 1936.
"scheme period" for a * direct value shift has the meaning given by section 725 - 55.
"scheme shortfall amount" has the meaning given by section 284 - 150 in Schedule 1 to the Taxation Administration Act 1953 .
"scholarship plan" means a * life insurance policy that:
(a) is issued by a * friendly society for the sole purpose of providing benefits to help in the education of nominated beneficiaries; and
(b) is not being used, and has never been used, as security for borrowing or raising money; and
(c) if it is issued on or after 1 January 2003--contains a provision prohibiting use of the policy as security for borrowing or raising money.
"secondary course" has the same meaning as in the * GST Act.
"secondary equity interest" has the meaning given by section 727 - 520.
"secondary interest" has the meaning given by section 727 - 520.
"secondary loan interest" has the meaning given by section 727 - 520.
"Second Commissioner" means a Second Commissioner of Taxation.
"second continuity period" has the meaning given by section 165 - 120.
"section 124ZZB SME assessable income" for a * PDF for an income year is the assessable income allocated to the PDF's SME assessable income for the income year under section 124ZZB of the Income Tax Assessment Act 1936 .
"securities dealer" means a person who, for the purposes of the Corporations Act 2001 or for the purposes of a law of a State or Territory that corresponds to that Act, deals in securities.
"securitisation vehicle" has the meaning given by section 820 - 942.
"securitised asset" has the meaning given by section 820 - 942.
"segregated current pension assets" has the meaning given by section 295 - 385.
"segregated exempt assets" of a * life insurance company means assets from time to time segregated by the company under Subdivision 320 - H, whether segregated at the time of the initial segregation or included at a later time.
"segregated non-current assets" has the meaning given by section 295 - 395.
"self-assessed clearance declaration advice" has the meaning given by the Customs Act 1901 .
"self assessment" means an assessment:
(a) for the making of which the Commissioner wholly accepts statements of the taxpayer; or
(b) that, under section 166A of the Income Tax Assessment Act 1936 or a provision of another law, is taken to have been made by the Commissioner.
"self-assessment entity" means a full self - assessment taxpayer (within the meaning of subsection 6(1) of the Income Tax Assessment Act 1936 ).
"self managed superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"seminar" has the meaning given by subsection 32 - 65(1).
"Senior Executive Service office" means a position occupied by an SES employee or acting SES employee.
"serious offence" has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
"service period" has the meaning given by section 307 - 400.
(a) in a company means a share in the capital of the company, and includes stock; and
(aa) of a * capital gain has the meaning given by section 115 - 227; and
(b) of an * exempting credit has the meaning given by section 208 - 180; and
(c) of a * franked distribution has the meaning given by section 207 - 55; and
(d) of a * franking credit has the meaning given by section 207 - 57; and
(e) of * NRAS rent has the meaning given by section 380 - 30.
"share capital account" has the meaning given by section 975 - 300.
"shareholders' ratio" for an income year of a * life insurance company has the meaning given by section 219 - 50.
"shareholders' share" of the * income tax liability of a * life insurance company for an income year has the meaning given by section 219 - 50.
"shareholding interest" has the meaning given by section 175 - 95.
"share of the PHII benefit" (short for share of the private health insurance incentive benefit ) has the meaning given by the Private Health Insurance Act 2007 .
"shift proceeds" has the meaning given by sections 140 - 55 and 140 - 90.
"shipping activities" has the meaning given by section 51 - 105.
"shipping cargo" has the same meaning as in the Shipping Reform (Tax Incentives) Act 2012 .
"shipping exempt income certificate" has the same meaning as in the Shipping Reform (Tax Incentives) Act 2012 .
"shipping passenger" has the same meaning as in the Shipping Reform (Tax Incentives) Act 2012 .
"shortfall amount" has the meaning given by section 284 - 80 in Schedule 1 to the Taxation Administration Act 1953 .
"shortfall interest charge" means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953 .
"short-term hire agreement" : a short-term hire agreement is an agreement for the intermittent hire of an asset on an hourly, daily, weekly or monthly basis. However, an agreement for the hire of an asset is not a short-term hire agreement if, having regard to any other agreements for the hire of the same asset to the same entity or an * associate of that entity, there is a substantial continuity of hiring so that the agreements together are for longer than a short - term basis.
"sickness policy" means a * life insurance policy issued by a * friendly society for the sole purpose of providing:
(a) benefits in respect of a sickness of the insured person; or
(b) benefits covered by paragraph (a) and benefits to pay for the funeral of the insured person.
"significant global entity" has the meaning given by section 960 - 555.
"significant individual" has the meaning given by section 152 - 55.
"significant stake" has the meaning given by sections 124 - 783 and 124 - 783A.
"significant stakeholder" has the meaning given by section 124 - 783.
"single-rate trustee" has the meaning given by section 45 - 450 in Schedule 1 to the Taxation Administration Act 1953 .
"SIS dependant" means a dependant within the meaning of the Superannuation Industry (Supervision) Act 1993 .
"small business entity" has the meaning given by section 328 - 110.
"small business participation percentage" has the meaning given by section 152 - 65.
"small superannuation account" means an account within the meaning of the Small Superannuation Accounts Act 1995 .
"small superannuation account payment" has the meaning given by section 307 - 5.
"small superannuation fund" means a * complying superannuation fund with no more than 6 members.
"small withholder" has the meaning given by section 16 - 105 in Schedule 1 to the Taxation Administration Act 1953 .
"SME income component" has the same meaning as in section 124ZU of the Income Tax Assessment Act 1936 .
"SME investment" has the meaning given by section 124ZW of the Income Tax Assessment Act 1936 .
"sort" of loss has the meaning given by section 701 - 1.
"sovereign entity" has the meaning given by section 880 - 15.
"sovereign entity group" has the meaning given by section 880 - 20.
"special accrual amount" means an amount that is included in assessable income, or an amount that can be deducted from assessable income, under any of the following:
(a) Division 230 (about taxation of financial arrangements), other than Subdivision 230 - B;
(i) the accruals method provided for in Subdivision 230 - B is applied to take account of the gain or loss concerned; and
(ii) all the * financial benefits provided and received under the * financial arrangement concerned are denominated in a particular * foreign currency;
(c) Division 240 (about arrangements treated as a sale and loan);
(d) Division 242 (about luxury car leases);
(da) Subdivision 250 - E of this Act if all the financial benefits provided and received under the financial arrangement concerned are denominated in a particular foreign currency;
(e) Division 16D of Part III of the Income Tax Assessment Act 1936 (about certain arrangements relating to the use of property);
(f) Division 16E of Part III of the Income Tax Assessment Act 1936 (about accruals assessability in respect of certain security payments).
(a) a * mutual affiliate company; or
(b) a * mutual insurance company; or
(c) a trade union registered under an * Australian law; or
(d) a * sporting club; or
(e) a company that is prescribed by the regulations.
"special conversion event" , in relation to a * potential MEC group, has the meaning given by section 719 - 40.
"special disability trust" means:
(a) a special disability trust within the meaning of the Social Security Act 1991 ; or
(b) a special disability trust within the meaning of the Veterans' Entitlements Act 1986 .
"specialist credit card institution" has the meaning given by section 820 - 588.
"special professional" has the meaning given by subsection 405 - 25(1).
"special value" , of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream, has the meaning given by section 294 - 135.
(a) specifically entitled to a * capital gain has the meaning given by section 115 - 228; and
Note: A trustee of a trust estate that makes a choice under section 115 - 230 is taken to be specifically entitled to a capital gain.
(b) specifically entitled to a * franked distribution has the meaning given by section 207 - 58.
"specific deduction" has the meaning given by section 8 - 5.
"specified roll-over amount" of a * life insurance company means so much of an amount paid to the company as constitutes the * element untaxed in the fund of a * superannuation benefit that is a * roll - over superannuation benefit because of subparagraph 306 - 10(d)(ii).
"spectrum" has the meaning given by section 5 of the Radiocommunications Act 1992 .
"spectrum" licence has the meaning given by section 5 of the Radiocommunications Act 1992 .
"splittable payment" means a splittable payment within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 .
"sporting club" means a society, association or club that:
(a) is established for the encouragement of sport or a game; and
(b) is not carried on for profit to its members.
"sporting competition" has the meaning given by subsection 405 - 25(7).
"sportsperson" has the meaning given by subsection 405 - 25(6).
"spouse" of an individual includes:
(a) another individual (whether of the same sex or a different sex) with whom the individual is in a relationship that is registered under a * State law or * Territory law prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and
(b) another individual who, although not legally married to the individual, lives with the individual on a genuine domestic basis in a relationship as a couple.
"spread entity" , in relation to a * consolidated group or * MEC group, means a * member of the group that is not a * stick entity in relation to the group.
"spreading period" for an amount has the meaning given by sections 716 - 15, 716 - 25, 716 - 70 and 716 - 100.
Note: Those sections deal with assessable income and deductions spread over several periods of membership or non - membership of a consolidated group or MEC group.
"SRWUIP expenditure" has the meaning given by subsections 26 - 100(2) and (3).
"SRWUIP payment" has the meaning given by subsection 59 - 67(2).
"SRWUIP program" has the meaning given by subsection 59 - 67(1).
"stake interest" has the meaning given by subsection 124 - 783A(3).
"stake option" has the meaning given by subsection 124 - 783A(3).
"standard component" has the meaning given by section 295 - 555.
(a) in relation to a * cross staple arrangement--has the meaning given by section 12 - 436 in Schedule 1 to the Taxation Administration Act 1953 ; or
(b) otherwise--has the meaning given by section 124 - 1045.
"starting day" has the meaning given by section 149 - 60.
"starting instalment quarter" has the meaning given by subsection 45 - 125(2) in Schedule 1 to the Taxation Administration Act 1953 .
"start time" of a * depreciating asset has the meaning given by section 40 - 60.
"State insurer" means a body that carries on State insurance (within the meaning of paragraph 51(xiv) of the Constitution).
"State law" means a law of a State.
"statement worldwide assets" of an entity for a period has the meaning given by subsection 820 - 933(3).
"statement worldwide debt" of an entity for a period has the meaning given by subsection 820 - 933(1).
"statement worldwide equity" of an entity for a period has the meaning given by subsection 820 - 933(2).
"statutory accounting period" has the meaning given by Part X of the Income Tax Assessment Act 1936 .
"statutory demand" has the same meaning as in the Corporations Act 2001 .
"statutory income" has the meaning given by section 6 - 10.
"statutory licence" has the meaning given by section 124 - 140.
(a) in relation to a * consolidated group--means a * member of the group that is:
(i) the * head company of the group; or
(ii) a chosen transitional entity (within the meaning of Division 701 of the Income Tax (Transitional Provisions) Act 1997 ); or
(iii) a transitional foreign - held subsidiary (within the meaning of Division 701C of the Income Tax (Transitional Provisions) Act 1997 ); or
(b) in relation to a * MEC group--means a member of the group that is:
(i) the head company of the group; or
(ii) a chosen transitional entity (within the meaning of Division 701 of the Income Tax (Transitional Provisions) Act 1997 ); or
(iii) a transitional foreign - held subsidiary (within the meaning of Division 701C of the Income Tax (Transitional Provisions) Act 1997 ); or
(iv) an * eligible tier - 1 company.
"stratum unit" has the meaning given by section 124 - 190.
"structured arrangement" has the meaning given by section 832 - 210.
"structured order" has the meaning given by section 54 - 10.
"structured settlement" has the meaning given by section 54 - 10.
"structured settlement contribution" has the meaning given by section 294 - 80.
"Student Assistance Minister" means the Minister administering the Student Assistance Act 1973 .
"Student Assistance Secretary" means the Secretary of the Department administered by the * Student Assistance Minister.
"Subdivision 230-G assessable gain" from a * financial arrangement means an amount that is taken, as a balancing adjustment under Subdivision 230 - G, to be a gain you make from the arrangement for the purposes of Division 230.
"Subdivision 230-G loss" from a * financial arrangement means an amount that is taken, as a balancing adjustment under Subdivision 230 - G, to be a loss you make from the arrangement for the purposes of Division 230.
"sub-fund" , of a * CCIV, has the meaning given by subsection 1222Q(1) of the Corporations Act 2001 .
"subject to Australian income tax" has the meaning given by section 832 - 125.
"subject to deemed loan treatment" , in relation to a * financial benefit, has the meaning given by section 250 - 160.
"subject to foreign income tax" has the meaning given by section 832 - 130.
"subject to foreign tax" has the meaning given to the expression "subject to tax" by Part X of the Income Tax Assessment Act 1936 .
"subordinated debt interest" means a * debt interest issued to:
(b) a secured creditor who, in the event of the liquidation of the entity issuing the interest, can only make a claim regarding that interest after the claims of other secured creditors regarding other debt interests issued by that entity have been met.
"subsidiary" : the question whether a company is a subsidiary of another company is to be determined in the same way as the question whether a corporation is a subsidiary of another corporation is determined under the Corporations Act 2001 .
Note: The expression 100% subsidiary has the meaning given by section 975 - 505.
(a) of a * consolidated group or a * consolidatable group--has the meaning given by section 703 - 15; and
(b) of a * MEC group--has the meaning given by section 719 - 25.
"substantial continuity of ownership" has the meaning given by section 166 - 145.
"substantial renovations" has the same meaning as in the * GST Act.
"substantial shareholding" : see part of a substantial shareholding .
"successor fund" , in relation to a transfer of a * superannuation interest of:
(a) a member of a * superannuation fund; or
(b) a depositor with an * approved deposit fund; or
(c) a holder of an * RSA;
means another superannuation fund, approved deposit fund or RSA if the following conditions are met:
(d) that other fund or RSA confers on that member, depositor or holder equivalent rights to the rights he or she had under the first - mentioned fund or RSA in respect of the interest;
(e) the conferral of these equivalent rights was agreed, before the transfer, between:
(i) the * superannuation provider of that other fund or RSA; and
(ii) the superannuation provider of the first - mentioned fund or RSA.
"superannuation annuity" has the meaning given by the regulations.
"superannuation annuity payment" has the meaning given by section 307 - 5.
"superannuation benefit" has the meaning given by section 307 - 5.
Note: Sections 307 - 10 and 307 - 15 affect the meaning of superannuation benefit .
"superannuation co-contribution benefit payment" has the meaning given by section 307 - 5.
"superannuation death benefit" has the meaning given by section 307 - 5.
"superannuation fund" has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993 .
"superannuation fund for foreign residents" has the meaning given by section 118 - 520.
"superannuation fund payment" has the meaning given by section 307 - 5.
"superannuation guarantee education direction" means a direction given under subsection 384 - 10(1) in Schedule 1 to the Taxation Administration Act 1953 .
"superannuation guarantee payment" has the meaning given by section 307 - 5.
"superannuation guarantee shortfall" has the meaning given by section 17 of the Superannuation Guarantee (Administration) Act 1992 .
"superannuation income stream" has the meaning given by section 307 - 70.
"superannuation income stream benefit" has the meaning given by section 307 - 70.
"superannuation income stream provider" for a * superannuation income stream means:
(a) for a superannuation income stream provided by a * superannuation fund--the trustee of the fund; or
(b) for a superannuation income stream that is a pension for the purposes of the Retirement Savings Accounts Act 1997 --the * RSA provider; or
(c) for a superannuation income stream provided by an * approved deposit fund--the trustee of the fund; or
(d) for a superannuation income stream provided by a * life insurance company -- the life insurance company.
"superannuation interest" means:
(a) an interest in a * superannuation fund; or
(b) an interest in an * approved deposit fund; or
(d) an interest in a * superannuation annuity.
Note: The meaning of superannuation interest may be affected by regulations made for the purposes of section 307 - 200.
"superannuation lump sum" has the meaning given by section 307 - 65.
"superannuation member benefit" has the meaning given by section 307 - 5.
(a) a * superannuation fund; or
(b) an * approved deposit fund; or
"superannuation provider" , in relation to a * superannuation plan, means:
(a) for a * superannuation fund--the trustee of the fund; or
(b) for an * approved deposit fund--the trustee of the fund; or
(c) for an * RSA--the * RSA provider.
"supplementary amount" of a payment is defined as set out in this table:
Item | Supplementary amount of this kind of payment: | has the meaning given by: |
1 | section 52 - 140 | |
2A | section 52 - 132 | |
3 | Payment made because of the Veterans' Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 | section 52 - 105 |
4 | Social security payment | section 52 - 15 |
5 | Veterans' affairs payment | section 52 - 70 |
"supply" has the meaning given by section 9 - 10 of the * GST Act.
"supporting R&D activities" has the meaning given by section 355 - 30.
(a) section 205 - 40 sets out when a * franking account is in surplus; and
(b) section 208 - 125 sets out when an * exempting account is in surplus; and
(c) section 210 - 130 sets out when a * venture capital sub - account is in surplus.
"tainted" : for when a company's * share capital account is tainted , see subsections 197 - 50(1) and (2).
"tainting amount" has the meaning given by subsection 197 - 50(3).
"takeover bid" means a takeover bid under Chapter 6 of the Corporations Act 2001 , or under a * foreign law relating to corporate regulation.
"taskforce officer" of a prescribed taskforce has the meaning given by section 355 - 70 in Schedule 1 to the Taxation Administration Act 1953 .
(a) income tax imposed by the Income Tax Act 1986 , as assessed under this Act; or
(b) income tax imposed as such by any other Act, as assessed under this Act.
"taxable Australian property" has the meaning given by section 855 - 15.
"taxable Australian real property" has the meaning given by section 855 - 20.
(a) the taxable component of an * employment termination payment has the meaning given by section 82 - 145; and
(b) the taxable component of a * superannuation benefit has the meaning given by section 307 - 120; and
(c) the taxable component of a * superannuation interest has the meaning given by section 307 - 215.
"taxable contributions" has the meaning given by section 293 - 20.
"taxable dealing" , in relation to * wine, has the meaning given by section 33 - 1 of the * Wine Tax Act.
"taxable fuel" has the meaning given by section 110 - 5 of the Fuel Tax Act 2006 .
"taxable importation" has the meaning given by section 195 - 1 of the * GST Act.
"taxable importation of a luxury car" has the meaning given by section 27 - 1 of the * Luxury Car Tax Act.
"taxable income" has the meaning given by section 4 - 15.
Note: For a list of cases where taxable income is worked out in a special way, see subsection 4 - 15(2).
"taxable non-primary production income" has the meaning given by subsection 392 - 85(1).
"taxable primary production income" has the meaning given by subsection 392 - 80(1).
"taxable professional income" has the meaning given by subsection 405 - 45(1).
"taxable purpose" has the meaning given by section 40 - 25.
Note: Subsection 417 - 30(1) provides that certain uses etc. of assets (connected with Timor Sea petroleum) are taken to be for a taxable purpose.
"taxable purpose proportion" has the meaning given by section 328 - 205.
"taxable supply" has the meaning given by section 195 - 1 of the * GST Act.
"taxable supply of a luxury car" has the meaning given by section 27 - 1 of the * Luxury Car Tax Act.
"tax accounting period" has the meaning given by Part X of the Income Tax Assessment Act 1936 .
"tax affairs" means affairs relating to * tax.
(a) an Act of which the Commissioner has the general administration (including a part of an Act to the extent to which the Commissioner has the general administration of the Act); or
(b) legislative instruments made under such an Act (including such a part of an Act); or
(c) the Tax Agent Services Act 2009 or regulations made under that Act.
"taxation officer" has the meaning given by section 355 - 30 in Schedule 1 to the Taxation Administration Act 1953 .
"tax audit" means an examination by the Commissioner of an entity's financial affairs for the purposes of a * taxation law.
"tax benefit" has the meaning given by section 45 - 605 in Schedule 1 to the Taxation Administration Act 1953 .
"tax cost" has the meaning given by section 830 - 100.
"tax cost is set" has the meaning given by section 701 - 55 or 830 - 90.
"tax cost setting amount" has the meaning given by section 701 - 60 or 830 - 95.
"tax debt" has the same meaning as in section 8AAZA of the Taxation Administration Act 1953 .
"tax detriment" has the meaning given by section 45 - 624 in Schedule 1 to the Taxation Administration Act 1953 .
"tax-exempt bonus share" has the meaning given by subsections 204 - 25(4) and (5).
"tax-exempt foreign resident" has the meaning given by subsection 118 - 420(3).
"tax exempt vendor" has the meaning given by section 58 - 5.
"tax exploitation scheme" has the meaning given by section 290 - 65 in Schedule 1 to the Taxation Administration Act 1953 .
"tax file number" means a tax file number as defined in section 202A of the Income Tax Assessment Act 1936.
"tax-free amount" of a payment is defined as set out in this table:
| ||
1 | Social security payment | |
2 | sections 52 - 133 and 52 - 134 | |
(a) the tax free component of an * employment termination payment has the meaning given by section 82 - 140; and
(b) the tax free component of a * superannuation benefit has the meaning given by section 307 - 120; and
(c) the tax free component of a * superannuation interest has the meaning given by section 307 - 210; and
(d) the tax free component of an * Australian - sourced amount has the meaning given by the regulations mentioned in section 312 - 5 (about trans - Tasman portability of retirement savings).
"taxing event generating a gain" has the meaning given by sections 725 - 245 and 725 - 335.
"tax invoice" has the meaning given by section 195 - 1 of the * GST Act.
(a) a tax loss worked out under section 36 - 10, 165 - 70, 175 - 35 or 701 - 30 of this Act (including such a tax loss as increased under section 415 - 15 or reduced under section 418 - 95); or
Note 1: The meaning of tax loss in section 36 - 10 is affected by section 268 - 60 in Schedule 2F to the Income Tax Assessment Act 1936 .
Note 2: The meaning of tax loss in sections 36 - 10, 165 - 70, 175 - 35 and 701 - 30 is modified by section 36 - 55 for a corporate tax entity that has an amount of excess franking offsets.
Note 3: A life insurance company can have a tax loss of the complying superannuation class and/or a tax loss of the ordinary class for the purposes of working out its income tax for an income year: see Subdivision 320 - D.
(b) a tax loss as defined by section 36 - 105 (Tax losses for 1989 - 90 to 1996 - 97 income years) of the Income Tax (Transitional Provisions) Act 1997 ; or
(c) a tax loss as defined by section 36 - 110 (Tax losses for 1957 - 58 to 1988 - 89 income years) of the Income Tax (Transitional Provisions) Act 1997 ; or
(d) a tax loss determined under section 24 of the International Tax Agreements Act 1953 (about relief from double taxation where profits are adjusted) (including such a tax loss as increased under section 415 - 15 of this Act).
"tax offset" has the meaning given by section 4 - 10.
"tax offset refund" , of yours for an income year, means a refund you can get as mentioned in item 40 of the table in subsection 63 - 10(1) (refundable tax offsets) for the income year.
"tax period" has the meaning given by section 195 - 1 of the * GST Act.
"tax position" has the meaning given by section 45 - 610 in Schedule 1 to the Taxation Administration Act 1953 .
"tax preferred end user" has the meaning given by section 250 - 55.
(a) an * exempt entity; or
(b) an * exempt Australian government agency; or
(c) an * associated government entity of an exempt Australian government agency; or
(d) a * prescribed excluded STB; or
(e) an * exempt foreign government agency.
"tax preferred use" of an asset has the meaning given by sections 250 - 60(1) and (2).
"tax profit on the disposal or death" has the meaning given by subsection 385 - 105(3).
"tax receipt" means a receipt given to you under subsection 70 - 5(1) of Schedule 1 to the Taxation Administration Act 1953 .
"tax-records education direction" means a direction given under subsection 384 - 12(1) in Schedule 1 to the Taxation Administration Act 1953 .
"tax-related liability" has the meaning given by section 255 - 1 in Schedule 1 to the Taxation Administration Act 1953 .
"TC control interest" has the meaning given by section 820 - 815 (which is affected by sections 820 - 820 to 820 - 835).
"TC control tracing interest" has the meaning given by section 820 - 875.
"TC direct control interest" :
(a) for a company--has the meaning given by section 820 - 855; and
(b) for a trust--has the meaning given by section 820 - 860; and
(c) for a partnership--has the meaning given by section 820 - 865.
"TC indirect control interest" has the meaning given by section 820 - 870.
"telecommunications site access right" means a right (except an * IRU) of a carrier (as defined in the Telecommunications Act 1997 ):
(a) to share a facility (as defined in section 7 of that Act); or
(b) to install such a facility at a particular location or on a particular structure; or
(c) to enter or cross premises for the purposes of installing or maintaining such a facility that is on the premises, or is at a location, or on a structure, that is accessible by way of the premises.
"telephone signature" of an entity is a unique identification of the entity that can be given by telephone and that is approved by the Commissioner.
"temporary resident" : you are a temporary resident if:
(a) you hold a temporary visa granted under the Migration Act 1958 ; and
(b) you are not an Australian resident within the meaning of the Social Security Act 1991 ; and
(c) your * spouse is not an Australian resident within the meaning of the Social Security Act 1991 .
However, you are not a temporary resident if you have been an Australian resident (within the meaning of this Act), and any of paragraphs (a), (b) and (c) are not satisfied, at any time after the commencement of this definition.
Note: The tests in paragraphs (b) and (c) are applied to ensure that holders of temporary visas who nonetheless have a significant connection with Australia are not treated as temporary residents for the purposes of this Act.
"terminal medical condition" has the meaning given by the regulations.
"terminating value" has the meaning given by sections 705 - 30, 711 - 30 and 713 - 575.
"termination amount" means an amount payable because an * arrangement in relation to property ends and includes:
(a) if, at the end of the arrangement, one party to the arrangement acquires the property from the other party--an amount payable for the acquisition; or
(b) if, at the end of the arrangement, the property is lost or destroyed--any amounts paid to the owner of the property as a result of the loss or destruction; or
(c) otherwise--the * market value of the property at the end of the arrangement.
"termination value" has the meaning given by section 40 - 300.
"Territory law" means a law of a Territory.
"tertiary course" has the same meaning as in the * GST Act.
"test day" has the meaning given by section 149 - 55.
"test period" has the meaning given by sections 165 - 165, 166 - 5, 166 - 20, 166 - 40 and 166 - 80, and affected by sections 415 - 35 and 415 - 40.
"test time" for the purposes of applying the * business continuity test has the meaning given by sections 165 - 13, 165 - 15, 165 - 35, 165 - 40, 165 - 45, 165 - 115B, 165 - 115BA, 165 - 126, 165 - 129, 166 - 5, 166 - 20, 166 - 40, 166 - 80, 707 - 125, 707 - 135, 709 - 215, 715 - 50, 715 - 55, 715 - 60, 715 - 70, 715 - 90, 715 - 95, 715 - 355 and 715 - 360, and affected by sections 415 - 35 and 415 - 40.
"TFN declaration" means a declaration made for the purposes of section 202C of the Income Tax Assessment Act 1936 on or after 1 July 2000.
"TFN withholding tax" means tax payable in accordance with section 14 - 55 in Schedule 1 to the Taxation Administration Act 1953 .
Note: The tax is imposed by the Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991 .
"TFN withholding tax (ESS)" means tax payable in accordance with section 14 - 155 in Schedule 1 to the Taxation Administration Act 1953 .
Note: ESS is short for employee share scheme.
(a) the Income Tax Assessment Act 1936 ; and
(b) Part IVC of the Taxation Administration Act 1953 , so far as that Part relates to:
(i) this Act or the Income Tax Assessment Act 1936 ; or
(ii) Schedule 1 to the Taxation Administration Act 1953 ; and
(c) Schedule 1 to the Taxation Administration Act 1953 ;
except in Division 950 (Rules for interpreting this Act).
Note: Subsection (2) of this section prevents definitions in the Income Tax Assessment Act 1997 from affecting the interpretation of the Income Tax Assessment Act 1936 .
"tier-1 company" has the meaning given by section 719 - 20.
"tier 1 prudential capital deduction" , for an entity and at a particular time, means the amounts that must be deducted in the calculation of the eligible tier 1 capital (within the meaning of the * prudential standards) of the entity at that time in accordance with the prudential standards as in force at that time.
"timber mill building" has the meaning given by section 43 - 72.
"timber operation" has the meaning given by section 43 - 72.
"Timor Sea Maritime Boundaries Treaty" means the Treaty between Australia and the Democratic Republic of Timor - Leste Establishing their Maritime Boundaries in the Timor Sea done at New York on 6 March 2018, as in force from time to time.
Note: The Treaty could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
"top company" has the meaning given by section 719 - 20.
"total debt amount" has the meaning given by sections 820 - 100, 820 - 200 and 820 - 210.
"total film expenditure" has the meaning given by section 376 - 170.
"total forestry scheme deductions" has the meaning given by subsection 394 - 30(3).
"total net forgiven amount" has the meaning given by subsection 245 - 105(1).
"total net investment loss" of an individual for an income year means the sum of:
(a) the amount (if any) by which the individual's deductions for the income year that are attributable to * financial investments exceed the individual's gross income for that year from those investments; and
(b) the amount (if any) by which the individual's deductions for the income year that are attributable to rental property exceed the individual's gross income for that year from rental property.
"total participation interest" has the meaning given by section 960 - 180.
"total release amount" , in relation to an * excess non - concessional contributions determination, has the meaning given by paragraph 97 - 25(1)(c) in Schedule 1 to the Taxation Administration Act 1953 .
"total superannuation balance" has the meaning given by section 307 - 230.
"total voting percentage" in a company has the meaning given by section 768 - 560.
"tracing rule" means a rule in one of the following sections:
(a) section 166 - 225;
(b) section 166 - 230;
(c) section 166 - 240;
(d) section 166 - 245;
(e) section 166 - 255;
"trading" in * shares in a * listed public company, or in units in a unit trust, has the meaning given by section 960 - 220.
"trading stock" has the meaning given by section 70 - 10, as modified by section 70 - 12 of this Act and sections 124ZO and 124ZQ of the Income Tax Assessment Act 1936 .
"trading stock loss" has the meaning given by subsection 165 - 115A(1D).
"traditional security" has the meaning given by section 26BB of the Income Tax Assessment Act 1936 .
"transfer balance" has the meaning given by section 294 - 30.
"transfer balance account" means an account that arises under section 294 - 15.
"transfer balance cap" has the meaning given by section 294 - 35 and modified by section 294 - 185.
"transfer balance credit" has the meaning given by section 294 - 25.
"transfer balance debit" has the meaning given by section 294 - 80.
"transferor trust" has the meaning given by section 960 - 75.
"transfer pricing benefit" has the meaning given by sections 815 - 15, 815 - 120 and 815 - 220.
"transfer value" of an asset means the amount that could be expected to be received from the disposal of the asset in an open market after deducting any costs expected to be incurred in respect of the disposal.
"transitioned petroleum activitie" s has the meaning given by section 417 - 10.
"transition entity" has the meaning given by section 58 - 5.
"transition time" has the meaning given by section 58 - 5.
"transition year" has the meaning given by section 58 - 5.
"transport capital expenditure" has the meaning given by section 40 - 865.
"transport expense" has the meaning given by section 900 - 220.
"transport facility" has the meaning given by section 40 - 870.
"transport payment" has the meaning given by section 900 - 220.
"travel allowance" has the meaning given by section 900 - 30.
"travel allowance expense" has the meaning given by section 900 - 30.
"travel between workplaces" has the meaning given by section 25 - 100.
"travel expense" has the meaning given by section 900 - 95.
"trial year" has the meaning given by section 707 - 120.
"trust component" , of a particular character, has the meaning given by sections 276 - 260.
"trust component deficit" , of a particular character, has the meaning given by sections 276 - 320.
(a) of a * superannuation fund, an * approved deposit fund or a * pooled superannuation trust--means:
(i) if there is a trustee (within the ordinary meaning of that expression) of the fund or trust--the trustee; or
(ii) in any other case--the person who manages the fund or trust; and
(b) otherwise--has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 .
"trust restructuring period" has the meaning given by section 124 - 860.
"trust share amount" has the meaning given by subsection 207 - 120(4).
"trust voting interest" has the meaning given by section 124 - 781.
"ultimate controller" has the meaning given by section 727 - 350.
"ultimate holding company" of a * wholly - owned group has the meaning given by section 124 - 780.
"ultimate owner" has the meaning given by section 149 - 15.
"ultimate stake" of a particular percentage has the meaning given by sections 727 - 405, 727 - 410 and 727 - 415.
"unclaimed money payment" has the meaning given by section 307 - 5.
"unconditionally registered" : a * VCLP, * ESVCLP or * AFOF is unconditionally registered if:
(a) its registration under the Venture Capital Act 2002 is not based, or is no longer based, on its conditional registration under section 13 - 5 of that Act; or
(b) it is taken to be unconditionally registered under subsection 13 - 10(2) of that Act.
"undeducted construction expenditure" has the meaning given by section 43 - 235 and 43 - 240.
"undeducted pre-existing audited book value" of a * depreciating asset has the meaning given by section 58 - 80.
"under" , of a particular character, has the meaning given by section 276 - 345.
"under-assessment" , in the context of a * franking assessment, has the meaning given by subsection 214 - 115(2).
"under common ownership" : 2 companies are under common ownership if, and only if:
(a) they are members of the same * wholly - owned group; or
(b) after tracing the direct and indirect ownership of the * shares in each of the companies (through any interposed companies and trusts) to the individuals who ultimately hold it, that ownership is held by the same individuals in the same proportions.
In doing the tracing, ignore * shares whose * dividends can reasonably be regarded as being equivalent to the payment of interest on a loan having regard to:
(c) how the dividends are calculated; and
(d) the conditions applying to the payment of the dividends; and
(e) any other relevant matters.
"unequal share structure" has the meaning given by subsection 167 - 10(3).
"unfrankable" has the meaning given by section 202 - 45.
"unfranked part" of a * distribution has the meaning given by section 976 - 5.
"uniform" has the meaning given by subsection 34 - 15(1).
"unitary tax" has the meaning given by section 770 - 15.
"United Nations Convention on the Law of the Sea" means the United Nations Convention on the Law of the Sea, done at Montego Bay on 10 December 1982.
Note: The text of the United Nations Convention on the Law of the Sea is in Australian Treaty Series 1994 No. 31 ([1994] ATS 31) and could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).
"unlisted country" has the meaning given by section 320 of the Income Tax Assessment Act 1936 .
"unrecouped FMD deduction" (short for unrecouped farm management deposit deduction) has the meaning given by subsections 393 - 10(2), 393 - 16(3) and 393 - 55(6) and (7).
"untainting tax" has the meaning given by subsection 197 - 60(2).
"untaxable Commonwealth entity" means an untaxable Commonwealth entity as defined by section 195 - 1 of the * GST Act.
"untaxed plan cap amount" has the meaning given in section 307 - 350.
"unused allocation of exploration credits" from an income year has the meaning given by section 418 - 82.
"unused annual leave payment" has the meaning given by section 83 - 10.
"unused concessional contributions cap" has the meaning given by section 291 - 20.
"unused long service leave payment" has the meaning given by section 83 - 75.
"unused tax profit on the disposal or death" has the meaning given by subsection 385 - 110(3).
"unutilised" means not * utilised.
"up interest" has the meaning given by section 725 - 155.
"utilise" , a * tax loss, a * net capital loss or * net exempt income, has the meaning given by section 960 - 20.
"valuation days" , in relation to the calculation of the average value of a matter for an entity under Division 820, means the particular days at which the value of that matter is measured under Subdivision 820 - G for the purposes of that calculation.
"Valuation Standard" means any prudential standard made under section 230A of the Life Insurance Act 1995 that:
(a) provides for a valuation of the policy liabilities mentioned in subsection 114(2) of the Life Insurance Act 1995 ; and
(b) is in force under that Act.
"valuation time" for a * life insurance company has the meaning given by sections 320 - 175 and 320 - 230.
Note: This definition is affected by section 713 - 525.
(a) the value of the liabilities of a * life insurance company under the * risk components of * life insurance policies means the value worked out under section 320 - 85; and
(b) the value of an item of * trading stock has the meaning given by Subdivision 70 - C; and
(c) the value of a * registered emissions unit has the meaning given by Subdivision 420 - D; and
(d) the value of a * superannuation interest has the meaning given by subsection 307 - 205(1).
"variation credit component" has the meaning given by section 45 - 610 in Schedule 1 to the Taxation Administration Act 1953 .
"variation GIC component" has the meaning given by section 45 - 610 in Schedule 1 to the Taxation Administration Act 1953 .
"VBIF" (short for value of business in force) has the meaning given by section 820 - 310.
"VCLP" means a * venture capital limited partnership.
"VCMP" means a venture capital management partnership within the meaning of subsection 94D(3) of the Income Tax Assessment Act 1936 .
"venture capital credit" has the meaning given by section 210 - 105.
"venture capital debit" has the meaning given by section 210 - 120.
"venture capital deficit" has the meaning given by section 210 - 130.
"venture capital deficit tax" means tax imposed under the New Business Tax System (Venture Capital Deficit Tax) Act 2003 .
"venture capital entity" has the meaning given by section 118 - 515.
"venture capital equity" has the meaning given by section 118 - 525.
"venture capital limited partnership" has the meaning given by subsection 118 - 405(2).
"venture capital sub-account" means a sub - account that arises under section 210 - 100.
"venture capital sub-account balance" has the meaning given by section 214 - 35.
"venture capital surplus" has the meaning given by section 210 - 130.
"visiting force" has the meaning given by section 5 of the Defence (Visiting Forces) Act 1963 .
"voting share" in a company means:
(a) if the company is a body corporate--a voting share as defined by section 9 of the Corporations Act 2001 ; and
(b) otherwise--a share that would be a voting share as defined by that section if the company were a body corporate.
"voting stake" has the meaning given by section 166 - 235.
"Water Department" means the Department administered by the * Water Minister.
"water entitlement" has the meaning given by section 124 - 1105.
"water facility" has the meaning given by section 40 - 520.
"Water Minister" means the Minister administering the Water Act 2007 .
"Water Secretary" means the Secretary of the * Water Department.
"whole of life policy" has the meaning given by section 295 - 480.
"wholly-owned group" has the meaning given by section 975 - 500.
"wholly-owned subsidiary" of an entity has the meaning given by section 703 - 30.
(a) a company, * shares in which (except shares that carry a right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange; or
(b) a company with more than 50 members, other than a company where at least one of the following conditions is met during an income year:
(i) no more than 20 persons held, or had the right to acquire or become the holders of, shares representing at least 75% of the value of the shares in the company (other than shares that only carry a right to a fixed rate of dividend);
(ii) at least 75% of the voting power in the company was capable of being exercised by no more than 20 persons;
(iii) at least 75% of the amount of any dividend paid by the company during the year was paid to no more than 20 persons;
(iv) if no dividend was paid by the company during the year--the Commissioner is of the opinion that, if a dividend had been paid by the company during the year, at least 75% of the amount of the dividend would have been paid to no more than 20 persons.
"widely held entity" has the meaning given by subsection 842 - 230(2).
"widely held foreign venture capital fund of funds" has the meaning given by subsection 118 - 420(6).
"wine" has the meaning given by Subdivision 31 - A of the * Wine Tax Act.
"wine tax" has the meaning given by section 33 - 1 of the * Wine Tax Act.
"Wine Tax Act" means the A New Tax System (Wine Equalisation Tax) Act 1999 .
"wine tax credit" has the meaning given by section 33 - 1 of the * Wine Tax Act.
"wine tax law" has the meaning given by section 33 - 1 of the * Wine Tax Act.
"WIP amount asset" has the meaning given by subsection 701 - 63(6).
"withholder" means a * large withholder, a * medium withholder or a * small withholder.
"withholding MIT" has the meaning given by section 12 - 383 in Schedule 1 to the Taxation Administration Act 1953 .
(a) a payment from which an amount must be withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or
(aa) a payment that arises because of the operation of section 12A - 205 in that Schedule (deemed payments) in respect of which Subdivision 12A - C in that Schedule requires an amount to be paid to the Commissioner; or
(b) an * alienated personal services payment in respect of which Division 13 in that Schedule requires an amount to be paid to the Commissioner; or
(c) a * non - cash benefit, the * capital proceeds or a * taxable supply, in respect of which Division 14 in that Schedule requires an amount to be paid to the Commissioner.
Note 1: A withholding payment that consists of a non - cash benefit is made when the benefit is provided. The amount of the withholding payment is taken to be the market value of the benefit at that time.
Note 2: Divisions 12, 13 and 14 in Schedule 1 to the Taxation Administration Act 1953 deal with collecting amounts on account of income tax payable by the recipient of the payment, alienated personal services payment, non - cash benefit or capital proceeds.
"withholding payment" covered by a particular provision in Schedule 1 to the Taxation Administration Act 1953 means a * withholding payment consisting of:
(a) a payment from which an amount must be withheld under that provision (even if the amount is not withheld); or
(aa) a payment that arises because of the operation of section 12A - 205 in that Schedule (deemed payments) in respect of which that provision requires an amount to be paid to the Commissioner; or
(b) a * non - cash benefit provided by an entity if that provision would have required the entity to withhold an amount if, instead of providing the benefit, the entity had paid the * market value of the benefit; or
(c) a non - cash benefit provided to an entity if that provision would have required the entity to withhold an amount if the benefit had been a payment of an amount equal to the market value of the benefit; or
(d) the * capital proceeds in respect of which Subdivision 14 - D in that Schedule requires an amount to be paid to the Commissioner; or
(e) the * taxable supply in respect of which Subdivision 14 - E in that Schedule requires an amount to be paid to the Commissioner.
"withholding tax" means income tax payable under:
(a) section 301 - 175 (departing Australia superannuation payments); or
(b) section 306 - 15 (excess untaxed roll - over amounts); or
(c) Division 840 (withholding taxes); or
(d) Subdivision 840 - M of the Income Tax (Transitional Provisions) Act 1997 (managed investment trust amounts); or
(e) section 128B of the Income Tax Assessment Act 1936 (dividends, interest and royalties).
"work and income support withholding payments" means work and income support related withholding payments and benefits, within the meaning given by the Income Tax Assessment Act 1936 .
"workers' compensation law" has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 .
"work expense" has the meaning given by section 900 - 30.
"working holiday maker" has the meaning given by subsection 3A(1) of the Income Tax Rates Act 1986 .
"working holiday taxable income" has the meaning given by subsections 3A(2) and (3) of the Income Tax Rates Act 1986 .
"work in progress amount" has the meaning given by section 25 - 95.
"worldwide capital amount" , for an * outward investing entity (ADI), has the meaning given by section 820 - 320.
"worldwide debt" of an entity and at a particular time has the meaning given by subsection 820 - 932(1).
"worldwide equity" of an entity and at a particular time has the meaning given by subsection 820 - 932(2).
"worldwide gearing debt amount" :
(a) for an * outward investing entity (non - ADI)--has the meaning given by sections 820 - 110 and 820 - 111; and
(b) for an inward investment vehicle (general)--has the meaning given by section 820 - 216; and
(c) for an inward investment vehicle (financial)--has the meaning given by section 820 - 217; and
(d) for an * inward investor (general)--has the meaning given by section 820 - 218; and
(e) for an * inward investor (financial)--has the meaning given by section 820 - 219.
"written down value" of a * depreciating asset has the meaning given by section 45 - 40.
"you" has the meaning given by section 4 - 5.
"your area" has the meaning given by sections 43 - 115 and 43 - 120.
"your construction expenditure" has the meaning given by sections 43 - 115 and 43 - 120.
"your earning activity" has the meaning given by section 40 - 755.
"zero-capital amount" has the meaning given by section 820 - 942.
(2) So far as a provision of the Income Tax Assessment Act 1997 gives an expression a particular meaning, the provision:
(a) does not also have effect for the purposes of the Income Tax Assessment Act 1936 (the 1936 Act ), except as provided in the 1936 Act; and
(b) does not also have effect for the purposes of Part IVC of the Taxation Administration Act 1953 , except as provided in that Part.
(a) an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ;
(b) a permanent establishment;
(c) an offshore banking unit;
(d) a controlled foreign company (CFC);
(e) a transferor trust.
This Subdivision has 2 principles for defining family relationships.
The first principle is to treat an unmarried couple (whether of the same sex or different sexes) in the same way as a married couple if:
(a) their relationship is registered under particular State or Territory laws; or
(b) they live together on a genuine domestic basis.
The second principle is to treat anyone who is defined to be an individual's child in the same way as the individual's natural child would be treated.
Both principles extend to tracing other family relationships, including beyond couples and children and their parents.
There are a number of provisions that require amounts to be indexed. This Subdivision shows you:
• how to index those amounts; and
• how to calculate the indexation factor.
The expression "market value" is often used in this Act with its ordinary meaning.
However, in some cases that expression has a meaning affected by this Subdivision.
The Commissioner may approve methods to use for working out the market value of assets or non - cash benefits.
This Subdivision includes rules about the meaning of Australia when used in a geographical sense.
The ordinary meaning of Australia includes each State and internal Territory of Australia and their internal waters and any islands that are part of those State and Territories.
This Subdivision extends the ordinary meaning of Australia to include each external Territory of Australia (other than the Australian Antarctic Territory) and certain offshore areas and certain offshore installations.
Generally speaking, a significant global entity is:
(a) a global parent entity with an annual global income of $1 billion or more; or
(b) any member of such a global parent entity's group.
This Division tells you whether an interest is a debt interest, or an equity interest, for tax purposes. An interest that could be characterised as both a debt interest and an equity interest will be treated as a debt interest for tax purposes (except for certain interests that fund returns on equity interests).
Whether an interest is a debt interest or an equity interest matters because returns on debt interests are not frankable but may be deductible while returns on equity interests are not deductible but may be frankable.
This Division extends beyond shares the range of interests that are recognised as equity in a company. An interest that is an equity interest in a company but is not a share will be treated in the same way as a share for some tax purposes (particularly in relation to the determination of the tax treatment of returns on the interest).
This Division also tells you how to work out which distributions made in respect of a non - share equity interest in a company will be non - share dividends and which will be non - share capital returns. Those that are non - share dividends will be treated, for most tax purposes, in the same way as dividends.
Method statement
Step 1. Work out, for each of the entities, the total value of the * financial benefits that the entity is under an * effectively non - contingent obligation to provide under the * scheme or schemes: this is the entity's obligation value .
Step 2. The * debt interest is taken to be a debt interest in the entity with the greatest obligation value.
Step 3. If it is not possible to determine which entity has the greatest obligation value (whether because of an equality of, or uncertainty as to, obligation values or otherwise), the * debt interest is taken to be a debt interest in the entity agreed on by all the entities.
Step 4. If the entities do not agree, the interest is taken to be a * debt interest in the entity determined by the Commissioner.
Income Tax Assessment Act 1997
No. 38, 1997
Compilation No. 248
Compilation date: 1 January 2024
Includes amendments: Act No. 40, 2023, Act No. 61, 2023, Act No. 69, 2023, Act No. 101, 2023 and Act No. 103, 2023
Registered: 15 January 2024
This compilation is in 12 volumes
Volume 1: sections 1 - 1 to 36 12 pt">- 55
Volume 2: sections 40 - 1 to 67 - 30
Volume 3: sections 70 - 1 to 121 12 pt">- 35
Volume 4: sections 122 - 1 to 197 12 pt">- 85
Volume 5: sections 200 - 1 to 253 - 15
Volume 6: sections 275 - 1 to 313 12 pt">- 85
Volume 7: sections 315 - 1 to 420 - 70
Volume 8: sections 615 - 1 to 721 - 40
Volume 9: sections 723 - 1 to 880 12p t">- 205
Volume 10: sections 900 - 1 to 995 - 1
Volume 11: Endnotes 1 to 3
Volume 12: Endnote 4
Each volume has its own contents
About this compilation
This compilation
This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 January 2024 (the compilation date ).
The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law.
Uncommenced amendments
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Editorial changes
For more information about any editorial changes made in this compilation, see the endnotes.
Modifications
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law.
Self - repealing provisions
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Endnote 3--Legislation history